How to get back money transferred to wrong bank account in India

Have you transferred money to a wrong bank account? Don't worry. There are a few steps you can take to retrieve the lost money.

Often, we unintentionally transfer money into a wrong bank account. But there is no need to panic or feel cheated. With patience and some knowledge you can get the money back. Usually, people, who are unaware, feel it is an irreversible mistake which cannot be mended but all you need to do is keep the following points in mind and put them to judicious use accordingly. 

1) Inform your bank, immediately

The moment you realise that the amount has been credited to a wrong bank account, inform your respective bank via a phone call or an e-mail. If not, you can speak to the branch manager who will assist you to get your money back and resolve the matter.

Don't forget to mention the date and time of the false transaction, account number and the wrongly credited account number.

As a proof, you can take a screenshot of the transaction too. Also,submit a complaint to the respective bank of the account in which the money was wrongly transferred. The bank doesn't transfer the amount without the account owner's consent. Also, as per norms, it keeps the owner's identity confidential.

 While filing a complaint, you need to request the bank to address your grievance and refund the money. Also, the bank following the regulations will further ask its own client to refund the money, wrongly deposited, back to you. 

2) Legal process- last resort

 In case the person refuses to refund the money, taking the matter to the court will be your final chance at getting your money back.

 As per your appeal, the bank will file a case against the incorrect account holder when the situation goes beyond control and the respective person refuses to repay your money. 
As per the norms laid out by the Reserve Bank of India (RBI), it is the victim's bank's duty to arrange the refund for the person stuck in such adverse situation where the money is accidently credited in a wrong bank account. 

Prevention is always better than cure. So follow these steps: 

-While transacting money online, be more precautious and aware.
-Before transferring a huge amount, start with a small amount to check if the money is getting rightly credited. 
-Re-check and verify the account holder's details before sending the money.
-Transfer the money only once you know the details are right and legitimate.