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

Mutual Fund Review: Taurus Tax Shield

    Taurus Tax Shield has seen a turnaround in performance since 2007, but still remains a volatile offering… The fund has seen a turnaround in its performance since 2007 and has delivered impressively during market rallies since then. The portfolio is also more diversified. It contained its downfall to an average level in 2008 but is still one of the most volatile offerings in this category. Bold investors can look at this fund.   Strategy The fund manager invests across the market capitalisation and sectors. The selection of stocks is made on the basis of long-term business prospects and value creation. Fund Insight Launched in March 1996, the fund was a laggard with just two annual outperformances. Concentrated stock bets and high exposure to mid and small caps led to it being hit harder during market downturns. The number of stocks in the portfolio never exceeded 20 and it was not rare to see the top 5 holdings account for around 60 per cent of the portfolio. After b...
Read more

Use Mutual Fund SWPs for getting fixed payments

Invest In Tax Saving Mutual Funds Online Download Tax Saving Mutual Fund Application Forms Buy Gold Mutual Funds Call 0 94 8300 8300 (India)   Investors time withdrawals optimally to save on tax The systematic withdrawal plan, or SWP, could be called the lesser known cousin of the much talked about and publicised systematic investment plan (SIP). There's yet another cousin — the Systematic Transfer Plan ( STP ). In SIP, you invest a fixed sum of money at regular intervals (monthly/ quarterly) to buy some units of a mutual fund scheme. In SWP, as the name suggests, you do the opposite: You redeem some mutual fund units from your portfolio to get a fixed sum of money at regular intervals (monthly/quarterly/half year/yearly). In SIP, you get a higher numbers of units when the markets are down, and lesser in a buoyant market. In SWP, going by the product logic, you redeem higher number of units when the markets are do...
Read more

AXIS Long Term Equity Fund - The Best Tax Saver Fund for 2016

  AXIS Long Term Equity Fund - Invest Online   History:   The open ended mutual fund was launched on December 21 in the year 2009. It is benchmarked against BSE 200 and managed by the fund manager JINESH GOPANI. Initially the scheme was called as Axis tax saver fund but later it was renamed as Axis long term equity fund with effect from September 2, 2011. Nature of investment: As far as asset allocation is concerned, 97.52% of the stocks are equity and 0.02% is debt based. The primary focus of the fund is to invest in diversified equity stocks that have higher growth potential. Total asset size of the fund is in the tune of 4,996 CRORE as of June 30, 2015. Performance: The performance of the fund for one year, 3 years and 5 years are 23.6%, 29.9% and 19.1 respectively which are far greater than 6.4%, 14% and 5.6% benchmark figures. It has also preformed fairly well against SBI magnum Tax Gain (G) and HDFC tax saver (G). The growth comparison is enumerated below;                        ...
Read more

IDFC Classic Equity Fund

Invest In Tax Saving Mutual Funds Online Download Tax Saving Mutual Fund Application Forms Buy Gold Mutual Funds Call 0 94 8300 8300 (India)   IDFC Classic Equity Fund IDFC Classic Equity is a large-cap equity fund which currently has assets under management worth Rs. 158.52 crore. It was launched in August 2005. The fund is benchmarked against the BSE-200 Index. Performance YTD 1-Year 3-Year 5-Year Since Inception IDFC Classic Equity 0.93 26.61 6.30 1.01 11.65 BSE 200 1.52 17.31 6.00 1.99 12.98 All figures in % as on January 31, 2013; Returns above one-year in CAGR terms ...
Read more

10 year NSC launched, all set to give 8.7 per cent

Invest in Mutual Funds Online Download Mutual Fund Application Forms THE government introduced a 10-year National Savings Certificate ( NSC ), which will earn an interest rate of 8.7 per cent per annum. The notification for the launch of the new savings instrument, 10-year National Savings Certificate (IX-Issue), 2011, has been issued, an official statement said. The scheme will come into effect from December 1, it added. Investments in NSC will earn interest at the rate of 8.7 per cent compounded semi-annually, it said, adding that on an investment of Rs 100, the depositor will get Rs 234.35 on maturity of the NSC. There is no upper limit for investment in the certificate, it added. The new scheme will give better returns along with tax benefit to savers. At present, the maturity period of NSC is six years and it qualifies for tax relief for investment up to Rs 1,00,000 under Section 80C. The decision to raise the maturity period of NSC has been taken on the b...
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