Have you ever wondered what will happen by mistake if you transfer your money to a wrong bank account? You may get a doubt that Can you get that money back or not?
The most important thing to understanding is that if a transaction has been made, the bank cannot reverse it from its end without the beneficiary's approval. According to RBI regulations, it is the sender's responsibility to provide the correct beneficiary's account number and other details while making the payment. There is no mandatory RBI rule that banks have to check every one and everything. It is the responsibility of the senders to check the number twice and thrice before transfering the money . If there is a fraud in payment, then it is null and void, but in the normal payment channel, if the transfer is affected and the credit has been made, it is not easy to recover the money, unless the receiver accepts Return it.
Try to inform the bank and the bank manager immediately after the wrong transaction. The money will go back to your account automatically, if the account number you mentioned does not exist, but in case the situation is the opposite, you have to take immediate action. You have to try to prove the bank in details that you transferred the money to the wrong payee's account.If the money is credited to the account of an unwanted beneficiary with the same name as your intended beneficiary, then in that case you have to prove that the transfer itself was wrong before the bank can help but it is not so easy.
Try to mail the matter in detail to the bank for the sake of better communication. The bank can only act as a facilitator by providing the contact number name of the branch of the unwanted beneficiary.
Try to follow the situation regularly because in the end it is your hard earned money. In case of the intrabank transfer, the bank can approach the address on your behalf and request a reversal of the transaction. If the beneficiary agrees, the transaction will be reversed within one working week. If the beneficiary is from another bank and you have transferred the amount in error, then you have to go personally to that particular branch and meet the bank manager to get the solution done. In accordance with RBI guidelines, it is the depositor's responsibility to provide the correct account number and IFSC code. There is no rule that banks check all the details. Before transferring money, always check the account number and IFSC code two or three times It is always advisable to transfer a small amount of money. As Rs.100, as a test to verify that the amount is transferred to the appropriate beneficiary. Try to verify the digits after typing and for online payment proof transfer is the safest mode. Immediately complain to the bank about the wrong transaction and respond to the bank as quickly as possible. At the end is your hard earned money, so be careful when transferring the money.