Current Accounts - NEFT/RTGS related issue
Who is your issue with?
Resolver is free. No adverts, no hidden costs. Just raise a case and leave feedback after. Simple! We’ve helped millions of people find a resolution. Get started now and let’s get this sorted.
Know your rights
There’s no jargon in our rights guides. Instead, they’re full of the info you need to get things sorted. We’ll always be on hand with guidance and support to help you get the results you’re looking for.
Get your voice heard
You can be certain that you’re talking to the right person at the right time. We automatically connect you to contacts at thousands of household names, ombudsmen and regulators to find a resolution.
RBI has announced that the time window for RTGS system will be extended by one-and-a-half-hour i.e. from previous 4:30 to new 6 pm for bank customers.
The minimum amount to be paid through RTGS is ₹2 lakh. There is no maximum limit.
Apart from RTGS, NEFT is another way to transfer funds. Unlike RTGS, NEFT operates in hour-wise batches. There is no minimum/maximum limit for NEFT transactions. If the RTGS/NEFT transaction is not credited to the beneficiary’s account, you have the following rights:
- You, as a remitter, have the right to get back the money.
- The bank should send this money within 1 hour.
- If this does not happen, Resolver will help you connect with the bank.
Every customer of a financial institution has the following legally recognized consumer rights, as per the Reserve Bank of India (RBI)-
- Right to Fair Treatment: You are entitled to be treated fairly with courtesy. The financial service providers cannot discriminate a customer on the basis of gender, age, religion, caste, and physical ability when offering and delivering financial products.
- Right to Transparency, Fair and Honest Dealing: Financial services provider should make every effort to ensure that the customer has understood contracts or agreements it frames. Each piece of information related to the product should be clearly disclosed. The customer should not be subject to unfair business or marketing practices, coercive contractual terms or misleading representations. The financial services provider cannot, in any manner, threaten the customer with physical harm, exert undue influence, or engage in blatant harassment.
- Right to Suitability: Every product offered must suit the needs of the customer, and should be based on an assessment of the customer’s financial circumstances and understanding.
- Right to Privacy: Financial service providers are duty bound to keep customers’ personal information confidential unless they have offered specific consent against it, or such information is required to be provided under the law or it is provided for a mandated business. Customers have the right to protection from all kinds of communications, electronic or otherwise, which infringe upon their privacy.
- Right to Grievance Redress and Compensation: The customer has a right to hold the financial services provider accountable for the products offered and to have a clear and easy way to have any valid grievances redressed. The provider should also facilitate the redress of grievances stemming from its sale of third-party products. The financial services provider must communicate its policy for compensating mistakes, lapses in conduct, as well as non-performance or delays in performance, whether caused by the provider or otherwise. The policy must lay out the rights and duties of the customer when such events occur.
Raising a complaint
If you have a complaint, first ensure that it is reasonable; if you believe that it is, you can use Resolver to submit your issue. Any complaint from Resolver is an official complaint, and the bank is therefore obliged to act upon it; if it’s not resolved, you can take your case to the Banking Ombudsman.
Every bank has an internal grievance redressal mechanism. In your complaint, ensure that you state your issue clearly and concisely, give information about when the problem happened or began, and say how you would like it to be resolved. The bank may or may not respond back via Resolver, but it does have to respond.
- You should lodge the complaint in writing at the consumer care department of the concerned branch of your bank. Include all relevant details and supporting documents with your complaint.
- If you do not receive a satisfactory reply, or if there's no response from the branch within a reasonable time- you may approach the Regional or Zonal manager of the bank who will invoke an internal inquiry into your matter.
- The Bank Manager is bound to address your complaint within 30 days. If the bank fails to provide satisfactory redressal to you then you may approach the Banking Ombudsman and escalate the matter further.
- If you are unsatisfied, you may file an appeal with the Appellate Authority against the decision of the Banking Ombudsman within 30 days.
If your issue is not resolved
If you feel that your issue has not been addressed properly, Resolver will remind you when you can escalate your case to the Banking Ombudsman: this is possible after you receive a final response from the financial organization.
Find the best rights for you
We have 1,554 pages of rights advice for you covering 2,033 companies and organisations across 4 public & private sectors. Feel free to browse companies for this specific issue - they're all listed below - but the quickest way to find the best rights for you is by using our unique Rights Finder to access our extensive database of advice.
Start by telling us the name of the company or organisation you have an issue with.