Money transferred to wrong account through UPI or bank? Don’t panic, do this work immediately; You will get your full fund back in 24 to 48 hours

As much as Unified Payments Interface (UPI) and Net Banking have made our daily transactions faster and easier, the risk of transferring money to the wrong account due to a little haste or carelessness has also increased. One wrong digit or wrong UPI ID is entered and your hard-earned money gets credited to some unknown person’s bank account within seconds.

Often when this happens, people assume that their money is lost forever, but the Reserve Bank of India (RBI) and National Payments Corporation of India (NPCI) have clear guidelines that the original account holder has full rights over the wrongly transferred money. If you follow the correct procedure in time, your money can be safely credited back to your account.

As soon as the money is transferred, without wasting any time you should immediately take the following steps:

• 1. Save transaction screenshot and UTR number:

  
  

  Take a screenshot of the successful transaction screen from the payment app (Google Pay, PhonePe, Paytm etc.). It has 12 digits UPI Transaction ID (UTR Number)time, date and wrong UPI ID/mobile number of the recipient should be clearly visible.

• 2. Immediately call the number received in the SMS of the bank:

  
  

  After deducting the money, the bank SMS that comes on your registered mobile number contains a helpline number or fraud reporting number. Call him and tell him that this transaction is unintended transfer.

• 3. Register a complaint in Help Support of UPI App:

  
  

  Go to the ‘Transaction History’ of the app from which the money was transferred. Raise the ticket by going to ‘Having Issues’ or ‘Help’ section and selecting ‘Transferred to wrong account’ option.

If app support does not provide resolution, you will need to lodge a complaint at the official banking level:

1.Go to the home branch and lodge a written complaint:Contact within 24 to 48 hours of transaction.

Go to the nearest branch of your bank and give a written application (Application Letter) to the bank manager. In this, give details of your account number, date of transaction, time, amount, 12 digit UTR number and the wrong account in which the money has been transferred. The bank will mark this transaction as ‘Wrong Beneficiary Transfer’.

2.Raise Dispute Online on NPCI Portal:Go to www.npci.org.in.

Go to the official website of NPCI and click on the menu. ‘Get in touch’ under tab ‘UPI Complaint’ Click on Options. Select the ‘Transaction’ tab in the ‘Complaint’ section. in issue type ‘Incorrectly transferred to another account’ Select. Submit the form by uploading your UPI ID, bank name, UTR number and transaction screenshot.

3.Mutual coordination between banks and legal notice:Establishing contact with the receiver bank.

Your bank will contact the bank to which the money has gone (Beneficiary Bank). The beneficiary bank will contact the person and tell him that the amount has been credited to his account by mistake and will reverse the money back to your account after taking his consent.

It is illegal under Indian law to keep someone else’s unearned money:

• Offenses under the Indian Penal Code (IPC/BNS): If the wrongful recipient refuses to return or spend the money despite the bank’s request, it amounts to ‘Criminal Breach of Trust’ and taking unfair advantage.

• RBI Ombudsman: If your bank does not resolve your complaint satisfactorily within 30 days, you can lodge a complaint on the RBI’s Integrated Ombudsman portal cms.rbi.org.in.

• FIR in Cyber ​​Cell/Police: In case of refusal of the beneficiary, you can lodge an FIR under relevant sections of IPC on the national cyber crime portal cybercrime.gov.in or in the nearest police station. After the police notice, the bank immediately freezes the person’s account and gets your money back through the legal process.