UPI Wrong Transaction Money Refund step by step guide

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Wrong UPI Transaction Refund: There is no need to panic if money goes to the wrong account. As per RBI guidelines, the bank has to resolve your complaint within 48 hours. You can get your money back by following the right procedure.

What to do if money gets transferred to another account by mistake while making payment through UPI (Unified Payments Interface) or Internet Banking? Many times, by entering wrong UPI ID or bank account number in a hurry, money gets transferred to the wrong account. But, there is no need to panic. According to the guidelines of the Reserve Bank of India (RBI), the bank has to start the refund process within 48 hours. Let’s know what is the way to get the money back?

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What to do if money goes to the wrong account?

If you have sent money to a wrong account through UPI, Internet Banking, IMPS or NEFT, then you have to follow some steps immediately.

• Contact the customer care of the bank immediately.
• Call your bank’s toll-free number or customer service centre.
• Provide transaction details, transaction reference number (UTR number), date and wrong account information.
• Register a complaint through UPI app or bank branch
• If payment has been made through PhonePe, Google Pay, Paytm or BHIM UPI, then go to the app and complain through the “Help” section.
• Go to the bank branch and lodge a written complaint and fill the form.
• File a complaint with the Banking Ombudsman of RBI.
• If the bank does not help you, file an online complaint by visiting bankingombudsman.rbi.org.in.
• In your complaint, provide transaction details, name of the bank and the type of complaint lodged.

RBI Guidelines: When will you get the refund?

• The bank will have to take action on the customer’s complaint within 48 hours.
• If the account with the erroneous transaction does not exist then the money will be automatically reversed.
• If the money has gone into another customer’s account, the bank will have to take permission from that customer first.

Necessary precautions to get money back

• After payment through UPI or Net Banking, save the SMS and transaction details.
• While making UPI payment, double check the account number and UPI ID.
• In case of wrong payment, immediately contact the bank and UPI support.

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