The National Electronic Fund Transfer (NEFT) is the most popular form of electronic fund transfer in the country.
Here are steps to take if the NEFT money is not credited to the account of the beneficiary
Now, there are many reasons for the delay in credit for the amount not happening. It is very rare that a transaction would not be credited efficiently. However, there could be various reasons like incorrect details like IFSC codes etc. It could also be incorrect bank account details, like name of the beneficiary.
In the normal course, in case the amounts are not credited the bank returns the amount to the beneficiary. It is very rare that the amounts are not credited bank, in case of some error. However, anything is possible these days.
In case of non credit and the amount is not returned to you, you need to contact the NEFT Customer Facilitation Centre (CFC) of your respective bank.
Each branch might be able to resolve the problem, if you ave done the remittance through the branch. In case it is done online, you might have to visit the branch to take-up the case with the respective branch.
It is highly possible that the issue is not resolved at all. If the NEFT amount is not credited to the beneficiary and you have not got a refund of the amount, you can take up the matter with the Reserve Bank of India.
There is a special NEFT desk at the Reserve Bank of India, which will help you resolve your problems.
The address for approaching the RBI is as follows: National Clearing Cell, Reserve Bank ofIndia, Mumbai Regional Office, Mumbai. If you do not get much help here, you could go to the higher authorities.
How much times does it take to get an NEFT transaction done?
NEFT Transactions are extremely swift and can take as little as 15 minutes. However, sometimes it can take as long as 2 hours. This is extremely rare though and you can expect credit anywhere between 15 minutes to an hour.
The charges for making an NEFT transfer are around Rs 2.50 per Rs 10,000 that is sent. In fact, it is very nominal for almost all amounts and is much cheaper than the demand draft. It is better to do an online transfer from the account, which is very safe as well.
How would you know that the beneficiary has received the money under the NEFT?
You would know that the beneficiary has received the money, as the bank would normally send you an SMS or email alert, once the beneficiary has received the money. This may not always happen though and you need to be alert and keeping checking with the beneficiary.
In case his account is not credited with the amounts, you can inform your concerned bank and they could take up the issue.
It is important that you always check the IFSC Code before investing. If there is a problem in the IFSC Code the amount would come unreturned. The other probability why the amount is not credited to the beneficiary would include reasons such as a case where a bank has frozed the account for a variety of reasons. In case you have paid the bank they may proceed to also refud the charges. That however, you should check with the bank.