ATM Rules: 100 rupees per day compensation for the failure of ATM transactions! Know more about it...

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It must have happened to you many times that you went to withdraw money from an ATM but due to some fault the money did not come out and got deducted from your account. In such a situation, the customer gets upset and has no other option but to just wait for the money to come back. Although most people do not know that if this happens to the customer, then RBI has made a rule for this as well. With the help of this, you can also get compensation from the bank for the delay in getting the money back.

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What is RBI's rule
According to the instructions issued by RBI in May 2011, if money is deducted from a customer's account at the time of transaction, then the bank will have to return the money to that customer's account within seven working days of receiving the complaint. Earlier this period was 12 days. If the bank does not return the money within 7 days, then it will have to pay compensation of Rs 100 daily from that day till the money comes in the account.

You can complain like this
You have to file a complaint within 30 days after the failure of the transaction to get the penalty from the bank. You can lodge a complaint with the bank with the transaction slip or account statement. For this, you will also have to tell the details of your ATM card to the bank employee. However, it does not ask for a PIN. If the money is not received within 7 days, then the Annexure-5 form will have to be filled. Your penalty will start from the day you fill this form.

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Bank will also pay fine
According to the RBI, banks will have to deposit the fine amount directly into the customer's account. There is no need to claim on behalf of the customer for this. On the day the bank will return the money of the failed transaction, on the same day, he will also have to deposit the entire amount of penalty in the account.