Generally speaking, you should not worry about a failed NEFT (National Electronic Funds Transfer) or RTGS (Real Time Gross Settlement) transaction. If such a transaction has failed, i.e., the account of the beneficiary is not credited, whether or not your own account is debited, then you should get the amount back in your account after some time if it was debited to your account in the first instance. However, there may be some delay in the amounted being returned to your account.
As per the website of State Bank of India:
- If an RTGS transaction is not credited to a beneficiary account for any reason, the beneficiary’s bank will return the money to the remitting bank within 1 hour. Once the amount is received by the remitting bank, it is credited to the remitters account by the branch concerned.
- If an NEFT transaction is not credited to a beneficiary account, for any reason, the beneficiary’s bank has to return the money within next two batches i.e. (B+2) to the remitting bank. Once this amount is received back by the remitting bank, the amount is credited to the Remitter’s account by the remitting bank.
The SBI website further states that in case of non-credit or delay in credit to the beneficiary account for NEFT transaction, you may contact your bank/branch or the receiver bank/branch or the Customer Facilitation Service center of the banks. The Customer Facilitation Service details for NEFT can be downloaded from here.
Therefore, if you have a failed NEFT / RTGS transaction, the amount debited to your account shall be returned to your account after some. In case of delay, you may contact the above authorities along with details of the failed transaction.
Dr. Ashok Dhamija is a New Delhi based Supreme Court Advocate and author of law books. Read more about him by clicking here. List of his Forum Replies. List of his other articles. List of his Quora Answers. List of his YouTube Videos.
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