Is it possible to reverse funds transferred to the wrong account via NEFT/RTGS?

Money transferred to wrong account number? Want to know if you can get it back?

This article explains how to reverse funds transferred to the wrong account. 

While entering the recipient’s details at the time of making a transaction, sometimes we make a mistake. We may enter the wrong name, account number, or IFSC code. However, it is generally the account number in which we make a mistake.

If you have entered the wrong account number there are two possible options –

Option 1: The wrong account number you entered doesn’t exist at all. In such a case, the transaction is reversed automatically and you’ll get the amount back in a day or so.

Option 2: The wrong account number exists, and the so the money has got transferred to the wrong person.

If you realise that you have transferred funds to the wrong account number, follow the given steps –

1. Go to your home branch as soon as possible. Meet a banking officer, explain your problem, and ask what can be done. He/she will tell you what procedure you need to follow. (Even if you have raised a complaint via phone banking, it is better to go the branch in person.)
2. Go to the beneficiary bank and explain your mistake. If you find out that the wrong account number doesn’t exist, you need not worry. If it does exist, you can request the bank for a formal reversal. For that you need the consent of the recipient and also an official reversal request from your bank.
3. After you have requested for a reversal, you need to follow-up. If the bank and the recipient agree to make a formal reversal, you will get the money back in a week.

However, if the recipient refuses to return the money, you cannot do anything about it. So, it all depends on that person.

Precautions

Rather than do all this to reverse funds transferred to the wrong account, you can take some simple precautions –

• Be sure to check the account number twice before making the transaction. Most banks ask you to do this.
• Transfer a small amount first. After the intended recipient confirms that he/she received it, then transfer the rest.

To read about SBI NEFT, RTGS, and IMPS timings and charges, please click here.