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Home >> News >> Do You Know Bank will Pay Rs100 Daily if ATM Transaction Failed

Do You Know Bank will Pay Rs100 Daily if ATM Transaction Failed

Posted on: 29 Nov, 2017 Tags   ATM Cash Transaction RBI Penallty

IndiaNewsonWeb: 29 Nov, 2017, Regardless of the technique, our banking has become easy, but in spite of this, many times customers have to face many problems. Many times it is seen that the bank customer tries to withdraw money from an ATM, money is debited from his account, but the money does not come out. In such a situation, the customer has nothing to do except waiting. But, the rules related to it entitle you to get compensation from the bank. The RBI has made a rule in this case. According to the rules, the number of days in which money will come, the bank will give you 100 rupees additional as daily compensation.

What is the remedy?

As a bank customer, you should complain to the bank issuing your debit card. Whether your transaction has failed on your bank's ATM or at another bank's ATM, you can request your money back by complaining to your bank. Also, they can also get compensation on it.

What is the RBI instructions?

Since this money you did not get, you should get this money back in your account. For this, the RBI has fixed a deadline. According to the instructions issued by RBI in May 2011, within seven working days of receiving such a complaint, the bank will have to refund the money to that customer's account. This period was 12 days before the directive of May 2011.

What to do

To get a penalty from the bank, you will have to file a complaint within 30 days after the transaction failure.
You will have to enter the above complaint in the bank with a transaction slip or account statement.
You will have to tell the details of your ATM card to the authorized employee of the bank.
If your money does not come back within 7 days, then you have to fill Annexure-5 form.
The day you fill out this form your penalties will start on that day.

Fines with money back

The Reserve Bank of India has clear instructions that banks will have to pay the penalty themselves in the customer's account. There will be no need to claim on behalf of the customer. The special thing is that the day the failed transaction money will be returned. On the same day, the amount of the fine will also be included in the account.

100 fine per day

According to the rule, if the bank does not pay within 7 days of complaining, then every day the penalty will be payable to the customer. If the bank does not return your money back on time, then you are entitled to a penalty from the bank.

Complaints will be done in 30 days only

You will get the right to charge money or penalties from the bank only if the complaint is filed within 30 days of the transaction. If you do not file a complaint within 30 days of the failure of the transaction, then you will not be entitled to a penalty. 

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