Kamal Ghorui
The Times of India’ brings you ‘Hack of the Day’—a new weekday series of quick, practical solutions to everyday hassles. Each hack is designed to save you time, money or stress, using tools and features within your reach—from government websites to everyday apps. In simple words it is: Simple fixes for smarter living.It’s one of the most frustrating banking experiences: you try to withdraw cash from an ATM, the machine debits your account, but no money comes out. The good news is that you don’t have to suffer the loss — there’s a clear process to get your money back.This step-by-step guide helps you recover funds when an ATM transaction fails but still shows a debit. It ensures you know your rights under RBI rules and how to escalate if banks delay refunds.
Quick steps to recover your money
- Save Proof: Keep the debit SMS/alert and note the ATM location, date, and time.
- Raise Complaint: File a complaint via your bank’s mobile app, netbanking portal, or customer care within 24–48 hours.
- RBI Timeline: As per RBI rules, banks must resolve failed ATM withdrawals within Transaction + 5 business days.
- Escalate if Needed: If the refund is delayed, escalate the complaint through the RBI’s Complaint Management System (CMS) at cms.rbi.org.in.
Note: If the bank delays the refund beyond the RBU timeline, you are entitled to compensation of Rs 100 per day until the amount is credited
