What are the RBI rules?
According to RBI, “The responsibility for providing the correct entries in the payment instructions, especially the payee account number information, rests with the sender / originator. Although the name of the beneficiary must be mentioned in the request for instructions and included in the funds transfer message, the account number will only be used for the purpose of granting credit. This applies to both branch transaction requests and those from the online / internet delivery channel. The name field in message formats, however, will be a parameter to be used by the destination bank depending on the perceived risk and / or use for post-credit or other verification.
This means that it is the responsibility of the money sender to ensure that the correct account number is entered.
If the payee details required to make a transfer (such as MMID, mobile phone number) are wrong, there is a strong possibility that the transaction will be rejected. If you are paying money using an account number, check the account number you are transferring the money to, as the amount will be credited based on the account number only, the State Bank website said. of India (SBI).
But mistakes tend to happen, we are human after all. If you transferred the amount to the wrong account and the account details are not valid, your money will automatically come back to your account.
But what if the account number is valid and the transaction is successful?
“Banks should display appropriate disclaimers on the online / internet banking platform’s money transfer screens and on money transfer request forms, advising customers that credit will only be effected on the basis of the information relating to the beneficiary’s account number and that the details of the beneficiary’s name will not be used for this purpose ”according to the RBI notification cited above.
The RBI notification further states that “banks are generally expected to match the name and account number of the payee before extending credit to the account.”
So if you accidentally transfer money to the wrong bank account, you can request a refund from your bank by informing them of the RBI guideline of October 2010. However, it depends on the recipient to provide the authorization to. cancellation of the transaction.
How to get your money back
Here are the steps to follow if you transferred the amount to the wrong account.
Immediately notify your bank that you transferred the money to the wrong beneficiary account, call the customer service number. Write down the date and time of the transaction, as well as your account number and the account to which the funds were transferred in error. You may be asked to go to a branch.
Go to your bank branch, submit a written request for wrong transfer with details. Attach the screenshot if necessary.
The bank will act as a facilitator and provide you with the details of the bank and branch of the account where the money was transferred. If it’s in the same bank, you can check directly with the recipient and request a reversal.
If it is a different bank, it is best to visit the recipient’s branch and discuss it with written communications, email, and screenshots. In such circumstances, the recipient’s agency may call the wrong recipient and request that the incorrect credit be re-transferred to the sender.
Can a bank transfer be made without the authorization of the wrong beneficiary?
Without the authorization of the wrong beneficiary, it is not possible to recover the funds. The procedure is complicated, but he has to admit that an error has been made on his account and that the bank must cancel the transaction and return the funds to the sender.
In cases where the wrong recipient refuses to return the funds, legal action can be taken. It is therefore important to ensure that all written documents and acknowledgments received from the bank are kept during the process.
It is essential to double-check the beneficiary’s account number and IFSC code before making any payment. This can help to avoid any kind of mistake of sending money to the wrong account.