You’ll Get 100 Rs Compensation Daily If Your Money Debited From the Account But Cash Not Dispensed
New Delhi : It often happens that cash does not come out of the ATM and money gets deducted from the account. On contacting the bank customer care, the bank assures you that the money will come into your account within 24 hours, but it has been seen many times that the money still does not come back. But do not worry, you can get your money back soon and that too with damages because according to RBI rules, it is the responsibility of the bank to deposit the deducted money back in your account if the transaction fails. The rules were implemented in September 2019 by the Reserve Bank after a number of complaints of transactions failing and money being deducted, in which the bank was entrusted with the responsibility of ATM security, arrangement and account security.
Understand these rules-
– If the transaction fails and the money is deducted from the account, the deducted amount has to be returned to the bank immediately.
– Money should arrive in the customer’s account within 7 days of filing the complaint
– If the money does not come even after seven days, then the bank will have to pay a compensation of Rs 100 daily.
– To get the penalty from the bank, the customer has to file a complaint within 30 days. If you complain after this, you will not get compensation. Transaction slip or account statement has to be given to the bank.
– If the money is not returned within 7 days, the customer has to fill the Annexure-5 form
– On the day you fill this form, the customer’s penalty will start from the same day, that is, if the money is not returned for 10 days after filling the form, then the bank will give you 1000 rupees as Rs 100 according to 10 days.
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