What Happens If An RTGS Transaction Does Not Get Credited To Beneficiary Account?

Have you ever wondered what will happen if an RTGS transaction is not credited to beneficiary account? Will the remitter get the money back? Yes, if the beneficiary's bank is unable to credit the beneficiary's account for any reason, the former will return the money to the remitting bank within 1 hour.

Once the amount is received by the remitting bank, it is credited to the remitters account by the branch concerned, according to SBI website.

Meanwhile, in case a NEFT transaction does not get credited to a beneficiary account, will the remitter get the money back?

Yes, If the money cannot be credited for any reason, the beneficiary's bank has to return the money within next two hours i.e (B+2) to the remitting bank. Once this amount is received back by the remitting bank, the amount is credited to the Remitter's account by the remitting bank, as per SBI website.

What is the minimum and maximum amount for RTGS/NEFT transactions?
If it is RTGS transaction, the minimum amount will be Rs 2 lakh and there is no maximum limit. In case if it is NEFT transaction, the minimum amount is Rs 1 lakh. There is no maximum limit.

When does the beneficiary get credit for NEFT payment?
It is worth noting that NEFT operates 24x7 basis in half hourly batches in all days. Beneficiary can expect to get the credit for the NEFT transactions within two hours from the batch in which the transaction was settled, according to SBI website.