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ATM withdrawal rules: Bank will have to pay penalty for not getting cash from ATM, check here rbi new Rules

ATM Withdrawal Rules: If you go to the ATM to withdraw money and the money is not withdrawn even after deducting money from the account, then the bank gives you compensation.

Reserve Bank of India is called the bank of banks. Along with the management of banks, it also keeps the general public aware about the banking system and rules so that they do not face any problem. In such a situation, the bank makes people aware through the official Twitter and through this handle people are informed about the banking rules. Recently, RBI has told a special rule regarding ATMs, which every debit card holder should be aware of.




This rule of RBI is going to be very useful for those people, who complain that money was deducted from bank account, but money was not withdrawn from ATM. If this is the case with you too, then you should keep this rule in mind, because after this the bank will have to pay you the damages if the money is not returned from the bank. In such a situation, know what is this rule and how will you get damages in this rule…

What is the rule?

For example, suppose you go to the ATM to withdraw money and after the whole process, money is deducted from your bank account, but the money does not come out. When this happens, the bank has to credit the money back to your account and it becomes possible without complaint. But, if you complain about it and still it is not resolved, then the bank has to pay the damages to you.

In this case the customer can complain to the card issuing bank. You can complain even if you transact from ATMs of other banks. According to the order of the Reserve Bank of India, banks will have to rectify such mistake within a maximum of 12 working days of receiving the complaint and deposit the money within 12 days. With effect from July 01, 2011, banks have to pay Rs.100 per day to customers for delay beyond 7 working days of receipt of complaint.

If the money is not returned as requested, what is the option of the customer?

For all such complaints, where no response is received from the Bank, the customer can lodge a complaint with the Local Banking Ombudsman. However, if the complaint is not registered within 30 days from the date of the transaction, the customer will not be paid the amount of damages.




How to file complaint?

In this situation, you can give this information through online medium or by contacting the bank representative. It is advised that every customer should make a complaint when this happens.

Parvesh Maurya
Parvesh Maurya
Parvesh Maurya, has 5 years of experience in writing Finance Content, Entertainment news, Cricket and more. He has done BA in English. He loves to Play Sports and read books in free time. In case of any complain or feedback, please contact me @ praveshmaurya24@gmail.com
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