Money has been transferred to another account by mistake? Know how to get it back.

HIGHLIGHTS: For the slightest omission, for example, money can be transferred to another account due to the increase of a zero and the feeding of an incorrect number. In such a situation, there are some important things to remember while transferring funds.

Sometimes NetBanking, sometimes money transfer from mobile wallet, nowadays it has become quite common. We mostly use these to send funds to our friends or relatives. This facility of sending money to anyone in real time is completed in easy and short time. But, the easier this facility is, the greater the risk.

For the slightest omission, for example, money can be transferred to another account due to the increase of a zero and the feeding of an incorrect number. In such a situation, there are some important things to remember while transferring funds. But what to do if money has been transferred to someone else's account by mistake? How to get your money back?

You can get money in two ways

If money is transferred to another's account by mistake, money can be recovered in two ways. The first way is to immediately inform the bank if money is transferred to another person's account. On the basis of your information, the bank will inform the bank of the person whose money has been transferred in the account by mistake. The bank will ask the person for permission to return the wrongly transferred money.

Right to file a case

Another way to get your money back is legal. If the person in whose account money was transferred by mistake, he refuses to return, then a case can also be filed against him in court. However, in the event of non-refund of money, this right is in the context of violation of RBI rules.

When to complain

Notify the bank immediately after transfer of money to the wrong person or account. The process is faster when you and the beneficiary's account are in the same bank. Money will come to your account in a day or two.

What is the guideline of RBI

According to the guidelines of the Reserve Bank of India, it is the responsibility of the linker to give the correct information of the beneficiary's account. If, for some reason, there is a mistake with the bus linker, then the bank will not be responsible.

Online money transfer process

If you have an internet account in any bank, then you can transfer money online under NEFT and RTGS. For this, enter the password and the user name number received by the bank into the online banking system and log in. After this, by going to the option of third party transfer or same bank account holder, fill the details of the money to which to be sent. Within half an hour, the bank verifies and links your account to the respective account. However, the rules of private and private banks are different. 

Source: Web