Do you know you will get Rs 100 compensation daily if your transaction fails and money is not refunded; here’s how

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Has it ever happened to you that the online transaction failed but your money did not come back? If so, there is no need to panic. This problem is not just with you. Such complaints come to the banks daily. However, you need not to be worried as there is a good piece of information for you. Read on to know about it.

In such cases, the bank has to return the deducted amount to the bank immediately. If the money does not come to the customer’s account within seven days of the filing of the complaint, then the card issuing bank has to pay the compensation of Rs 100 daily. These rules of RBI are applicable from September 20, 2019 in the case of failed transactions.

According to the money control news, these rules are applicable to banks as well as NBFCs. These rules are applicable even if the communication link fails, there is no cash in the ATM, there is a time out session. The RBI rules regarding card transaction failure in ATMs are very clear. These are also applicable in case of failure of transactions in other banks’ ATMs.

  1. If you have used the card in your bank’s ATM or in another bank’s ATM and if the cash is not deducted from the account, then the card issuing bank should immediately file a complaint with the bank.
  2. As per the rules, it is necessary for banks to display the name and telephone number / toll free number / health desk number of the concerned officer on the ATM box.
  3. If the transaction fails, but the money is deducted from the account, then the card issuing banks have to credit the money back within seven days. These days are counted from the date of filing the complaint.
  4. If the banks are not able to solve the problem in seven days, then the rule is that they will have to pay a penalty of Rs 100 daily for the delay. They will have to deposit the amount of damages to the customer’s account unconditionally whether the customer has claimed it or not. However, the customer will be entitled to compensation only if he has complained of the failed transaction within 30 days.
  5. If the complaint is not resolved in time, the customer can complain to the Banking Ombudsman within 30 days of receiving the bank’s reply. He can knock the door of the ombudsman even if he is not satisfied with the bank’s answer or the bank does not respond to him.
  6. The Grievance Redressal Mechanism available to users of WLA is same as that available to users of banks’ ATMs for failed/disputed transactions.
  7. While the primary responsibility to redress grievances of customers relating to failed transactions at such WLAs will vest with the card issuing bank, the sponsor bank will provide necessary support in this regard, ensuring that White Label ATM Operator (WLAO) makes available relevant records and information to the Issuing bank.
26 Comments
  1. Anandsingh says

    Transection faild but no money return plz return u money

    1. veera m says

      transaction failed for bharat option trade but money is debited not for return

      1. Soumitra Saha says

        1st March 2022 transaction failed amount is Rs.547 debited, but nowadays isn’t returned of this amount

    2. Vishwajit kumar says

      My SBI account phone pay wallet se 1025 transfer kiye hai lekin rupya nhi gya hai

  2. Sribas Datta says

    My SBI A/C no is 38975861947. Today at 7:00 AM I withdraw Rs.10,000/- from AXIS BANK ATM Cash 11400, Machine no TERH407201.
    I got a message Machine out of Service, Please contact Branch Manager. But unfortunately the amount is deducted from my account. Please take necessary action at your end and oblige.

    1. Raj Narain says

      Refund payment due to failed transactions dated 5-9-2021

  3. Raj Narain says

    Payment transaction failed and refund returned back

  4. Soumitra Saha says

    1st March 2022 amount Rs.547.00 is deducted, but transaction is failed, when amount return to me?

  5. Manish says

    What is maximum time limit for refind if while transferring money to stock broker through third party gateway using net banking, payment failure at the end of third party but bank shows payment successful and debit account.

  6. Fawas Adegoke says

    I was debited last week on Monday when I wanted to withdraw money from ATM and the money was not transferred back to my account till now please find something to do

    1. Santhosh m says

      Amount debited in account Zomato food merchant not received plz check and confirm the amount

  7. Amit says

    My mony is not refund plz refund my mony

  8. Baba Quadri says

    I used GTB ATM card on fidelity bank atm machine and my account was debited and a complaint was lodged at GTB customer care and till now my money has not been reversed.

  9. Rahul says

    I was Sbi customer care 7908_069204 debited last week on Monday when I wanted to withdraw money from ATM and the money was not transferred back to my account till now please find something to do.

    1. Nishchit kumar says

      I was State Bank /O79O8_O692O4/ Customer debited last week on Monday when I wanted to withdraw money from ATM and the money was not transferred back to my account till now please find something to do.

  10. Nishchit kumar says

    I was State Bank /O79O8_O692O4/ Customer debited last week on Monday when I wanted to withdraw money from ATM and the money was not transferred back to my account till now please find something to do.

  11. Nishchit kumar says

    O79O8O,_692O4/ What is maximum time limit for refind if while transferring money to stock broker through third party gateway using net banking, payment failure at the end of third party but bank shows payment successful and debit account.

  12. Abi mannu says

    75O1O’2O911 Phone Pe Customer care number 75O1O’2O911.money to stock broker through third party gateway using net banking, payment failure at the end of third party but bank shows payment successful and debit account.

  13. Derek McGowan says

    ATM didn’t give me 250 pounds but deducted it from my account I got a receipt saying that no money was dispensed for this machine as there was a arrea accoured with the machine

  14. Tanmaya kumar Gouda says

    Today this happen with me, I complain it to SBI customer…… I am waiting for reply

  15. Payu says

    PayU support team @9749-01-5757. Apply to Emil and call service apply to resolve issue applying

  16. Support team says

    What is maximum time limit for refind if while transferring money to stock broker through third party gateway using net banking, payment failure at the end of third party but bank shows payment successful and debit account.

  17. Dipankar Ghosh says

    Please transfer my Paytm wallet refund my money instantly 299

  18. JEREMIA REANG says

    I lost my money 500 rupees my money was deducted from my account I raise a complain it takes more than 3 days still it doesn’t take any action till now kn being transfering money to others acconut the tranction was failed but my 500 rupees from my account was deducted so please if it could help me getting refunded my money then I will be very happy.

  19. Utibeima George Udoro says

    Please I need a reverse back, I transferred money on 25/11/2022 I was debited, but the money didn’t get to me. Please I need the refunded immediately.
    Acc. Num. 3192840986
    Utibeima George Udoro
    First Bank

  20. Ranjita Sahoo says

    Pending my amount 10000, please refund

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