If your account is deducted while withdrawing money from an ATM, but the machine doesn’t dispense cash, don’t panic. The bank will refund your money within a few days. If this doesn’t happen, you can file a complaint. The bank charges a penalty of ₹100 per day for delays.
Most people become worried about their money in such situations. However, in such situations, you can get your money back. The bank will refund your money within 5 working days. If this doesn’t happen, you can get compensation. The refund process is very simple.
If money is deducted from your bank account while withdrawing money from an ATM and the bank does not return your money on time, you can file a complaint and get compensation. You can file a complaint with the RBI’s CSM. The complete process is described below.
Follow these steps to file a complaint.
If money is deducted and you don’t receive it, save the deducted message on your phone.
Note the ATM location, date, and time.
File a complaint within 24 to 48 hours through your bank’s mobile app, netbanking, or customer care.
According to RBI regulations, the bank refunds the deducted amount within five working days of the transaction.
If the amount is not refunded, file a complaint with the RBI’s Complaint Management System (CMS) at cms.rbi.org.in.
Complaint Management System (CMS) Click This Link : cms.rbi.org.in
Keep in mind that if the bank does not refund the money even after the RBI deadline, you should get a compensation of Rs 100 per day. Until the money is credited to your account. This rule is designed to provide relief to customers.
Did not receive cash after ATM withdrawal? Where to file a compline?
In such cases, banks are required to return the deducted amount within five working days. If the bank fails to do so, the customer may be fined up to ₹100 per day.
What should you do first if you don’t receive cash?
If the transaction fails, save the SMS from your bank. Also, note the ATM location, date, and time. Then, remember which bank the machine belonged to. Immediately file a complaint through the bank’s mobile app, net banking, or customer care. Try to file your complaint within 24 to 48 hours.
Important things you should know
Compensation is automatic: Generally, the bank should automatically provide compensation, but if it doesn’t, you can request it.
Regardless of the bank the machine belongs to: Whether you withdraw money from your bank’s ATM or another bank’s, the responsibility for the refund lies with your home bank (the one with which you have an account).