Failed Transaction Refund: If money is deducted from your account on a failed transaction, then the bank has to reverse that debit, if it does not do so, then you get a penalty of Rs 100 per day.
Failed Transaction Refund: If for some reason any of our money transaction fails, but money is deducted from our account, then only the one with whom this incident has happened can understand how big a headache it is. But do you know that if you do not get the refund from the bank in a limited time period, then the bank will give you a penalty? Yes, if money is deducted from your account on a failed transaction, then the bank has to reverse that debit, if it does not do so, then you get a penalty of Rs. 100 per day. Banking regulator Reserve Bank of India (RBI) has a rule on this, about which we are telling you here.
What is RBI’s TAT ​​Harmonization rule regarding refund?
In 2019, on September 20, RBI issued a circular, in which instructions were given to equalize TAT i.e. Turn Around Time and give compensation to the customers. According to this, if the bank does not reverse the debited money back to your account within a time limit in case of a transaction failure, then it will have to pay you a fine. And for the number of days the bank will delay, the penalty will increase on daily basis.
When do I get the penalty amount?
Looking at the nature of your transaction i.e. which type of transaction has failed, the bank gives you penalty. And the bank will give you penalty only when there was some reason behind the failure of the transaction, on which you had no control. If you know the time of reversal of your transaction, you can contact the bank and ask for penalty.
Under what circumstances is a penalty awarded?
For example, if you did a transaction in an ATM and money was deducted from your account, but the cash did not come out, then the bank will have to reverse it within the next 5 days from the day of the transaction, failing which you will be charged Rs 100 per day. Will get as penalty.
If you have done card to card transfer or if money is deducted from your account on transaction but not credited to the beneficiary’s account, then the bank will have to reverse the debit within a total of two days including T+1 i.e. the day of transaction and the next day, otherwise you will have to pay Rs 100. Per day penalty of Rs.
You can read in detail what are the penalty rules for failure of money transaction by many other methods including PoS, Card Transaction, IMPS, UPI, click here– Harmonization of Turn Around Time (TAT) and customer compensation for failed transactions using authorized payment systems
