NEFT-RTGS is used by all of us. In the world of banking, NEFT (National Electronic Funds Transfer) and RTGS (Real-Time Gross Settlement) are the most convenient means of transferring money to other accounts. Many times it happens that we send money to our friend and relative and it does not reach all the time. Do you know that if the beneficiary does not get the money on time from NFT-RTGS, then you can recover the penalty from the bank. Under the rules of the Reserve Bank of India (RBI), if there is a delay in reaching the money, then the bank has to pay a penalty.
NEFT Rules
According to the rules of the Reserve Bank of India, if money is sent to someone through NEFT, then the money should be deposited in the beneficiary’s account within 2 hours. If this does not happen, the bank will have to pay interest as a penalty to the affected customer. This interest will start accruing from the day the money was sent. The interest will have to be paid till the bank issues the refund to the customer. 2 percent interest has to be paid with the current RBI LAF repo rate. RBI’s LAF repo rate is currently 4.90 per cent, in which after adding 2 per cent interest, a penalty of 6.90 per cent will have to be paid in the customer’s account.
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RTGS rule
The rule of RTGS says that it should be transferred in the real time of sending the money. There is also a rule that the bank to which the money is transferred to the beneficiary has to deposit the money in the beneficiary’s account within half an hour. If this does not happen, the bank has to return the money to the sender’s account within one hour of the money transfer. If the money is not returned, there is a provision for penalty in RTGS also. The penalty rule is the same as 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
Complaint of money not being transferred within the stipulated time, the customer can file a complaint by visiting the bank, by calling the helpline or by mail. While complaining, you must give complete information about the transaction. The customer must mention the UTR number in his complaint.
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