NEFT RTGS users must know their rights why bank has to pay the penalty

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NEFT RTGS users must know their rights why bank has to pay the penalty


Photo:India TV NEFT-RTGS

Highlights

  • If money is sent to someone through NEFT then the money should be credited to the beneficiary’s account within 2 hours
  • The rule of RTGS says that money should be transferred in real time itself.
  • Customer can lodge a complaint by calling or mailing about the non-transfer of money within the stipulated time.

NEFT-RTGS We all use . In the banking world, NEFT (National Electronic Funds Transfer) and RTGS (Real-time Gross Settlement) are the most convenient means of sending money to another’s account. Many a times it happens that we send money to our friend and relative and he is not able to reach all the time. Do you know that if the beneficiary does not get the money from NFT-RTGS on time, then you can collect penalty from the bank. According to the rules of Reserve Bank of India (RBI), if there is a delay in reaching the money, then the bank has to pay a penalty.

NEFT rule

As per the rules of Reserve Bank of India, if money is sent to someone through NEFT then the money should be credited to the beneficiary’s account within 2 hours. If this is not done, the bank will have to pay interest as penalty to the affected customer. This interest will start accruing from the day the money was remitted. Till the time the bank does not issue the refund to the customer, he will have to pay interest. With the current RBI LAF repo rate, 2 percent interest has to be paid. RBI’s LAF repo rate is currently 4.90 percent, in which after adding 2 percent interest, a penalty of 6.90 percent will be payable in the customer’s account.

RTGS rule

The rule of RTGS says that the transfer of money should happen in real time itself. There is also a rule that the bank where the money is transferred to the beneficiary has to deposit the money in the beneficiary’s account within half an hour. If this is not the case, the bank has to return the money to the sender’s account within one hour of the transfer. If the money is not returned, then there is a provision to impose penalty in RTGS also. The penalty rule is the same as in NEFT. That is, the bank will have to pay 2 percent interest to the customer along with the LAF repo rate.

How and where to complain

Customers can lodge a complaint regarding non-transfer of money within the stipulated time by visiting the bank, calling the helpline or by mail. While making a complaint, complete details about the transaction must be given. The customer must write the UTR number in his complaint.

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