RBI Guidelines: It is a common problem for money to be deducted from the account when the ATM transaction fails. Banks often assure money back within 24 hours, but sometimes it does not happen. In such a situation, first, contact the customer care of your bank.

In such a situation, you do not need to panic because according to RBI rules, it is the responsibility of the bank to put the deducted money in your account if the transaction fails. If you are aware of some simple rules of RBI, then you can get your money back soon, and that too with a penalty. So let's know about these rules of RBI-

RBI rules on ATM transaction failure?

- When a customer's transaction fails and money is deducted from the account, the deducted amount has to be returned to the bank immediately.

- Money should come to the customer's account within 7 days of filing a complaint.

- If the money does not come even after 7 days, the bank will have to pay a penalty of Rs 100 per day.
- To get a penalty from the bank, the customer has to file a complaint within 30 days. If the complaint is made after this, then compensation will not be given. Transaction slip or account statement will have to be given to the bank.
- If the money is not returned within days, then the customer has to fill Annexure-5 form.
- The day you fill this form, the customer's penalty will start from that day itself, that is, if the money is not returned within 10 days of filling the form, then the bank will give you a compensation of Rs 1000 at the rate of Rs 100 per day.

What is the RBI directive?

If you have not received money from the ATM, then the bank has to return the amount to your account within seven working days. This time limit has been fixed as per the instructions of the Reserve Bank of India (RBI) in May 2011. Earlier this period was 12 days.

Penalty along with money refund-

RBI has clearly instructed that banks will have to deposit the fine amount in the customer's account themselves. There will be no need for the customer to claim this. The special thing is that on the day the money for the failed transaction is refunded, the penalty amount will also have to be credited to the account on the same day.

What should you do?

As a bank customer, if your debit card transaction fails, you should complain to your bank, no matter which bank the ATM belongs to. You can ask for your money back and can also claim compensation.

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