If the money did not come out of the ATM and was deducted from the account, how to get the refund, know

October 9, 2020October 9, 2020

Read Time:1 Minute, 12 Second

Many times the transaction fails due to lack of money in the ATM or due to a malfunction in the ATM. There is no need to worry or panic, because the bank will deposit the amount in your account within a specified time. According to a public awareness initiative of the Reserve Bank of India (RBI), ‘If your ATM transaction is unsuccessful and your bank does not reverse the money debited from your account within a specified time period, you will get the compensation .

Key things to know about transaction failure:

1) RBI has said that banks should reverse such transactions on their own.

2) The central bank said that customers should file a complaint at the bank or ATM as soon as possible if the transaction is unsuccessful.

3) According to RBI, in case of a failed ATM transaction, banks will have to credit the money to the customer’s account within 5 calendar days from the date of the failed transaction.

4) The card issuing bank has to pay the customer 100 rupees per day if it is more than 5 calendar days from the date of the failed ATM transaction.

5) The customer can approach their bank in this matter and take up the matter with them.

6) Customer can take the matter to the Banking Ombudsman within 30 days of receipt of reply from the bank or in case of non-reply from the bank within 30 days.