ATM Transaction: If you’ve ever experienced an ATM transaction failure and found that money was deducted from your account, you’re likely aware of the frustration it causes. The most important question here is, where did your money go, and when will you get it back? But don’t worry, there’s no need to panic. According to some simple rules from the Reserve Bank of India (RBI), you can get your money back and claim compensation if there is any delay.
What to do if you don’t get money from ATM?
If the ATM fails and your account is debited, don’t panic. As per RBI guidelines, it is the bank’s responsibility to return the deducted amount. All you need to do is follow a few simple steps.
Bank’s responsibility to refund within 7 days
As per RBI rules, if an ATM transaction fails and your account is debited, the bank is required to refund the amount within 7 days. If the refund is delayed beyond 7 days, the bank is liable to pay a penalty of Rs. 100 per day.
How to lodge a complaint?
- First, you must contact the customer care service of your bank.
- The complaint must be filed within 30 days to be eligible for the penalty.
Documents required
After filing the complaint, you will need to show the transaction receipt or bank statement, which should prove that the money was deducted from your account but the ATM did not dispense cash.
Form and Penalty Process
If your money is not refunded within 7 days, you will need to fill out the Annexure-5 form. Once you submit this form, the penalty process will begin immediately. If the money is still not refunded within 10 days of filing the form, you will receive a penalty of Rs. 1000 from the bank.
RBI’s Regulations
The Reserve Bank of India has made it mandatory that when ATM transactions fail, the bank must refund the amount within 7 days. Previously, this period was 12 days, but it was reduced to 7 days in May 2011.
Will the bank pay the penalty?
According to RBI, the penalty will be credited directly to your account by the bank. You don’t need to make any additional claims for the penalty. The penalty will be credited to your account on the same day the refund is made.
Your Right
So, the next time your ATM transaction fails and money is deducted from your account, there’s no need to panic. Just contact customer care immediately and claim both your money and the compensation from the bank.
Therefore, always keep in mind that if any ATM transaction fails, you have the right to get your money back as per the RBI rules.
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