According to RBI rules, banks have to transfer money to the account holder within seven days. If this is not done then the customer is paid a compensation of Rs 100 per day by the bank.
There are many times during a transaction from an ATM when the transaction fails. After the transaction fails, money is deducted from the bank account holder’s account but there is no cash withdrawal from the ATM. In such a situation, the account holders do not understand what to do and what not to do. Even during digital transactions, customers often face problems.
The Reserve Bank of India (RBI) has given strict instructions to banks in this regard under which the bank has to pay a penalty for not returning the money on time. According to RBI rules, banks have to transfer money to the account holder within seven days. If this is not done then the customer is paid a compensation of Rs 100 per day by the bank.
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How to apply: Some conditions apply to account holders before applying. For example, an application has to be made to the bank within 30 days of the failure of the transaction. Banks are not obliged to accept the application if the application is made after 30 days for damages.
Apart from this, transaction slip or account statement and ATM card details have to be given to the bank as proof. For damages, the application form (Annexure 5 Form) has to be filled. After filling and submitting this form, you are given a compensation of 100 rupees per day (since the time you have submitted the form) from the bank.
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