look news india
There was a time when people needed cash for every transaction and had to go to banks to withdraw it. Although the need for cash still remains, people are now preferring to withdraw money from the nearest ATM. However, there are instances where individuals use an ATM, and initiate a transaction, but the cash does not come out, and the amount is deducted from their account. In such situations, dealing with the problem can be challenging. Let us understand how much time it takes to get the money refunded and what steps can be taken.
It takes maximum 5 days:
According to the guidelines issued by the Reserve Bank of India, if a person does a transaction from an ATM and the cash is not withdrawn, but the amount is deducted from the account, the bank has to return the money within 5 days. Are. In some cases, the amount is automatically refunded within 24 to 48 hours.
However, if this does not happen, the account holder will have to raise the issue with the bank. If the bank fails to return the money within 5 days, the account holder is entitled to a compensation of ₹100 per day after the initial 5 days.
What to do if this happens:
If you come across a situation where the ATM transaction fails and the money is deducted, the first thing you need to do is keep the receipt received after the transaction. If the money is not withdrawn, immediately contact the customer service of your bank and tell them about the problem. Additionally, visit your branch to lodge a complaint if necessary.
