RBI Guidelines: Money not withdrawn from ATM and deducted from bank account, know how to get it back..

It may happen that when you are using a bank ATM to withdraw cash, money is deducted from your bank account, but the money is not withdrawn from the ATM. In such a situation, how much time does it take for the money to be returned to your bank account? Do you know?

As per Reserve Bank of India (RBI) regulations, if a cash withdrawal transaction from an ATM has failed despite being debited from the bank account, banks are required to deduct the same within a maximum of T+5 (within 5 days from the date of transaction) days. The money spent will have to be returned automatically.

However, if the bank does not auto-reverse the money for the failed transaction within T+5 days, it will have to pay compensation. A compensation of Rs 100 per day is payable for default in auto-reversal of debited money. Compensation is calculated from T+5 days till the money is credited back to the account.
At the same time, a person should inform the bank about the money wrongly deducted from the account to avoid any problems in future.

What to do first?
One of the first things that a person should do is to note down the ATM machine number (it is given on the front of the ATM) and keep the ATM transaction slip (if given) safely.

After that, the person should contact the customer care of his bank and tell them the details about the incident. In such a situation, immediate information should be given to the bank. You can also lodge a complaint by visiting your bank branch (domestic or non-domestic).

If the bank does not agree to your request?
It is possible that the bank may not accept that you have not received money from the ATM. So in such a situation, there is a three-tier authority that the person can contact to get his money back.

If the bank does not return the wrongly debited amount within the stipulated time, then the person must first contact the internal ombudsman of the bank. Every bank has an internal ombudsman office and a dedicated officer. To lodge a complaint against the bank, a person can contact the nodal officer of the internal ombudsman of his bank.

RBI Ombudsman
If the individual is not satisfied with the responses of the bank's internal ombudsman, they can approach the RBI ombudsman system. RBI has a dedicated online ombudsman website and has also appointed RBI ombudsman officers whom individuals can contact personally. Individuals can file a complaint using any of these options.

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