ATM: ATM deducted money but didn't receive it? When and how will you get a refund? Understand RBI rules...

What if you went to withdraw cash from an ATM, the screen displayed "Transaction Successful," and you received a message confirming the money was deducted, but you didn't receive a single note? This can lead to anxiety, wondering if the money was actually received, and whether it would be returned to your account. If something like this ever happens to you, there's no need to worry, because even in this situation, your money won't be lost.

Wait 24 hours first?

If money was deducted from your account during an ATM transaction but you didn't receive it, don't panic immediately; wait 24 hours. Banks usually automatically refund the money within 24 hours. So, check your SMS, bank app, or passbook entry first.

What if the money isn't returned after 24 hours?

Call the bank's customer care.
If you don't receive your money back within 24 hours, you should call customer care and inform them. Meanwhile, you'll be asked for details like the transaction time, ATM location, ATM bank, transaction number, or receipt, etc. Provide accurate information.

Register a Complaint at a Bank Branch
You can also register a complaint by visiting a bank branch. The bank will provide you with a complaint number. Keep this safe, as further follow-up will be based on this.

RBI Rules: How Long Does a Refund Take?
According to the RBI, banks are required to return the money to the customer's account within 7 working days. If the bank delays, it must compensate the customer at the rate of ₹100 per day after the 7th day. If the bank doesn't take action or the matter remains pending, you can file a complaint with the Banking Ombudsman.

What mistakes should you avoid if you can't withdraw money from an ATM?
Don't press the machine button angrily.
Don't immediately make another transaction.
Don't put your hand in the ATM slot.
Don't repeatedly swipe your card.

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