How to recover money sent to a wrong account number? What are RBI guidelines on wrong NEFT transfer

Here’s what to do if you accidentally transfer money to the wrong bank account.

Transferred money to the wrong bank account

Transferring money to the wrong bank account can put you in a fix, especially if it’s a big amount. The Reserve Bank of India (RBI) states that the responsibility to ensure that all details, such as the beneficiary account number, beneficiary name, and IFSC code, are correctly entered lies on the remitter. However, you can make an error due to a number of reasons, like impatience, incorrect information shared by the receiver, mistake in typing, not verifying the details before the transfer, etc. In in case you make a mistake, there is no need to panic yet. There are ways to retrieve your funds as per RBI guidelines on wrong NEFT transfer.

Let’s discuss the steps to take in such a situation.

There can be two scenarios if you enter the wrong bank account number:

If you enter the wrong account number and the account turns out to be invalid, the transaction will fail, and the bank will automatically reverse the transaction.
If you enter the wrong account number and the account turns out to be valid, the transaction will go to the wrong beneficiary. In this case, you can take some immediate actions to stop or reverse the wrong account money transfer.

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How to recover money sent to a wrong number?

Here are some immediate steps to take:

1. Inform the bank about your mistake

To get your money back, you must contact your bank’s customer service as soon as possible and inform them of the online transfer. It is vital to provide them with all the details of the banking transaction, such as the date and time of the transfer, the account number of the beneficiary, the beneficiary’s name, and the IFSC code of the bank branch. 

If the transfer has been made to an account within the same branch or bank as yours, it may be easier for the bank to retrieve the funds. In this case, you can visit the bank branch in person and ask them for help. If the transfer has been made to another bank, you can ask your bank for the beneficiary’s name and bank branch. You can then get in touch with the concerned bank or beneficiary and ask for a refund. 

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2. File a complaint against the wrong beneficiary

It can be impossible to get your funds back without the permission of the wrong beneficiary. So, if the beneficiary does not acknowledge the mistake and refuses to refund the transfer amount, you can resort to legal recourse and file a case against them. 

RBI rules for banks in case of a wrong online transfer

As per the October 2010 RBI guidelines on wrong NEFT transfer, banks have to check if the name and account number of the beneficiary match before crediting the money. Only then can they transfer funds to another account. So, in case the account number and name do not match and the money is transferred to the wrong account number, you can hold the bank responsible for not verifying the information. In this case, it would be the bank’s responsibility to rectify the security lapse.

Also Read: NEFT, IMPS, RTGS: Which mode should you choose to transfer your money?

Conclusion

Sending money to the wrong account by mistake is something that can happen to the most diligent of us. However, being careful to double-check the account details and not hurrying things up can help you avoid this mistake and the hassles it brings. 

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