Skip to main content

Money Transferred to Wrong Account? 2 Ways to Get Back

 

Imagine a scenario – you hold an account with State bank of India (SBI) and make an online transfer to two different persons with account in SBI and HDFC respectively. But after sometime you realize that the account number you'd entered was wrong i.e. you had entered additional zero in the end during SBI transfer and the same in the beginning in case of HDFC. What will you do in such a tense situation, will you get your money back?

With e-transfers methods such as NEFT, RTGS, NECS and ECS becoming the most preferred as they are easy to do, time saver, secured and fast, more and more users are using this method of payment instead of visiting the bank personally and standing in long queues. But with the ease of payment, comes a small risk as mentioned above when money is accidentally transferred to an unintended recipient.

There are two ways to get money back when it is transferred to wrong account irrespective of the bank where the sender/recipient hold an account – SBI, HDFC, ICICI bank etc.

    1. Intimating Bank: When money transferred to wrong account but within the same bank as yours, then the first action to be taken is informing the bank as soon as possible. Do this via E-mail and carry out all the future communications on E-mail only because this can help you as a proof whenever required. On your behalf, bank will then inform the recipient requesting reversal of the transaction. If the beneficiary accepts bank's request then money will get credited into your account in 3-5 working days. But this is fine with the intra-bank transfer i.e. both the sender and a receiver hold account in the same bank (SBI to SBI or HDFC to HDFC). But what if the beneficiary holds account at some other bank: In such case, you should personally visit your bank and contact the branch manager to look into the matter. The manager on your behalf will then contact the other bank and request them to carry out further communication with the beneficiary. In this case, if the beneficiary is a good person and allows the bank to reverse the transaction then you should get your money back in 7-10 working days. If your bank manager does not co-operate then you should visit the beneficiary's bank along with all the transaction statement, your ID and address proof. And the bank manager will take the further action.
    2. Legal Case: If in both the above cases, the receiver denies the reversal then sender has to take a legal route which is a time consuming process involving many formalities which includes lawyer's fees etc. Also the beneficiary might also claim that the sender owes him money which has been returned this time. And it is you who will be required to prove that the money was transferred accidentally.

RBI guideline on money transferred to wrong account:

According to the Reserve bank of India, it is the remitter's responsibility to link and transfer money correctly by cross checking the account number and name of the beneficiary and banks will not be held responsible. Also, the bank account number is what matters and other details such as beneficiary's name and the bank's IFSC code is just additional information. Verification of these two details should be done by the bank but it is not a rule.

So while making any online money transfer spend a minute more before clicking on the final submit button. Extra precaution taken today will ease you off from the future trouble.

Invest Rs 1,50,000 and Save Tax under Section 80C. Get Great Returns by Investing in Best Performing ELSS Mutual Funds

Top 10 Tax Saving Mutual Funds to invest in India for 2016 or Best 10 ELSS Mutual Funds in india for 2016

1. BNP Paribas Long Term Equity Fund

2. Axis Tax Saver Fund

3. Franklin India TaxShield

4. ICICI Prudential Long Term Equity Fund

5. IDFC Tax Advantage (ELSS) Fund

6. Birla Sun Life Tax Relief 96

7. DSP BlackRock Tax Saver Fund

8. Reliance Tax Saver (ELSS) Fund

9. Religare Tax Plan

10. Birla Sun Life Tax Plan

Invest in Best Performing 2016 Tax Saver Mutual Funds Online

Invest Online

Download Application Forms

For further information contact Prajna Capital on 94 8300 8300 by leaving a missed call

---------------------------------------------

Leave your comment with mail ID and we will answer them

OR

You can write to us at

PrajnaCapital [at] Gmail [dot] Com

OR

Leave a missed Call on 94 8300 8300

Popular posts from this blog

ICICI Prudential Balanced Fund

 ICICI Prudential Balanced Fund scheme seeks to generate long-term capital appreciation and current income by investing in a portfolio that is investing in equities and related securities as well as fixed income and money market securities. The approximate allocation to equity would be in the range of 60-80 per cent with a minimum of 51 per cent, and the approximate debt allocation is 40-49 per cent, with a minimum of 20 per cent. An impressive show in the last couple of years has propelled this fund from a three-star to a four-star rating. The fund has traditionally featured a high equity allocation, hovering at well over 70 per cent, which is higher than the allocations of the peers. But in the last one year, the allocation has been moderated from 78-79 per cent levels to 66-67 per cent of the portfolio. ICICI Prudential Balanced Fund appears to practise some degree of tactical allocation based on market valuations. Within equities, well over two-thirds of the allocation is parked i...
Read more

Mutual Fund Review: Religare Tax Plan

Tax Plan is one of the better performing schemes from Religare Asset Management. Existing investors can redeem their investment after three years. But given the scheme's performance, they can continue to stay invested   Given the mandated lock-in period of three years, tax saving schemes give the fund manager the leeway to invest in ideas that may take time to nurture. Religare Tax Plan's investment ideas revolve around 'High Growth', which the fund manager has aimed to achieve by digging out promising stories/businesses in the mid-cap segment. Within the space, consumer staples has been the centre of attention for the last couple of years and can be seen as one of the key reasons for the scheme's outperformance as compared to the broader market. It has, however, tweaked its focus and reduced exposure in midcaps as they were commanding a high premium. The strategy seems to have worked as it returned a 22% gain last year. Religare Tax Plan has outperformed BSE 100...
Read more

Stock Dividend Yields

During a bull run, it’s very easy to ignore stocks with high dividend yields. After all, what could be more enticing than a growth stock? But in times of crisis, these boring ones tend to be the most sought after. The reason being that not only do dividends provide a cushion when the market is in the doldrums but such stocks also tend to fall less. The lure of dividend yield stocks is not easy to ignore. These stocks offer capital appreciation as well as cash payments. But logically, any company that pays a substantial portion of its earnings in dividends is reinvesting less and, therefore, would grow at a slower pace. So the trade-off is between higher dividend yields for lower earnings growth. On the other hand, companies with high growth potential and volatile earnings tend to pay less by way of dividends, if at all. Such companies would rather reinvest their earnings to sustain their growth. The capital appreciation of growth stocks is obviously higher than in dividend yield ones. ...
Read more

Women need to plan for Retirement

Plan for Retirement Online       Higher life expectancy, lower pay and fewer work years necessitate thorough planning.   Women have raced ahead of men in various fields but, when it comes to retirement planning, they tend to lag behind. Despite saving a higher proportion of their salary, compared to men, women generally do not take retirement planning seriously. Below are some of the reasons why they should: According to the United Nations Department of Economic and Social Affairs, in India, the life expectancy of women is 69 years and, of men, it's 66 years. Due to this, a woman will need an additional `55 lakh to manage her living expenses (see table).Besides, usually, women work fewer years compared to men to take care of children and family.Further, a recent study by Korn Ferry Hay Group shows that women in India earn 18.8% less than men. Not to mention, a higher life expectancy can also mean higher medical expenses as the likelihood of health ailments such as diabetes, high...
Read more

Tax Planning: Income tax and Section 80C

In order to encourage savings, the government gives tax breaks on certain financial products under Section 80C of the Income Tax Act. Investments made under such schemes are referred to as 80C investments. Under this section, you can invest a maximum of Rs l lakh and if you are in the highest tax bracket of 30%, you save a tax of Rs 30,000. The various investment options under this section include:   Provident Fund (PF) & Voluntary Provident Fund (VPF) Provident Fund is deducted directly from your salary by your employer. The deducted amount goes into a retirement account along with your employer's contribution. While employer's contribution is exempt from tax, your contribution (i.e., employee's contribution) is counted towards section 80C investments. You can also contribute additional amount through voluntary contributions (VPF). The current rate of interest is 8.5% per annum and interest earned is tax-free. Public Provident Fund (PPF) An account can be opened wi...
Read more
Related Posts Plugin for WordPress, Blogger...
Invest in Tax Saving Mutual Funds Download Any Applications
Transact Mutual Funds Online Invest Online
Buy Gold Mutual Funds Invest Now