NEFT, RTGS and IMPS are three ways by which you can transfer money from one bank to another. Out of these three, NEFT and RTGS works only on working hours. However, IMPS is available 24 x 7 x 365(+1). For money transfer within the bank using NEFT, RTGS and IMPS, you require following information from the beneficiary:
- Account Number
- Account Type
- Branch IFS Code
- Bank and Branch Name
For more details on NEFT, RTGS and IMPS, please read “Want to transfer money within India from the comfort of your home?” Is it possible to transfer reverse funds transferred via NEFT, RTGS and IMPS?
How to reverse funds transferred to the wrong account via NEFT/RTGS/IMPS?
It is almost impossible to reverse the funds once transferred via NEFT, RTGS or IMPS. If beneficiary account number to which you have transferred the funds is wrong; in that case, the funds will get reversed to your own account from which you have initiated the transaction. Also, if IFS Code is wrong, in such case, your transaction may not be completed.
However, if by mistake, you transferred funds to wrong account, then try the following steps to get the funds reversed to your account:
- Meet the branch manager with written application: If your funds have already reached the wrong account of a different branch or bank, only the destination bank where the beneficiary holds the account can help in reversing the funds. Meet the branch manager of your branch and initiate a written or e-mail request to the destination bank or branch to take necessary actions for reversing the funds.
- Raise complaint: If your branch or the branch concerned is not helping you to sort this out after repeated requests or visits, you can raise a complaint against the bank with their higher authorities.
- Legal Action: If the wrong beneficiary does not allow for a reversal of funds, the bank can take a legal action on the account holder. Legal action can also be initiated from your end, if you know the details of the wrong beneficiary. The legal option is to be used only as a last resort.
How to avoid funds transfer to a wrong account?
Especially relevant, if you try to transfer funds via NEFT, RTGS and IMPS through your internet banking, in that case, you first need to add beneficiary account to your account. Most probably, this avoids mistake of fund transfer to the wrong account. Before you are transfer a large amount online, do a ‘test’ transfer with a small amount. And, check with the beneficiary, if the amount has been received. If yes, then transfer the remaining funds you want to transfer. Hence, its better to get the internet banking facility activated for your account.
Recommended read: SBI online banking for all transactions from the comfort of your home