Accidentally sending money to the wrong account in India can be a nerve-wracking experience. Therefore, it is important to approach the situation correctly by acting as fast as possible and following the appropriate steps. This post has all the steps on how to recover money sent to a wrong number in India.
How to Recover Money Sent to a Wrong Number via UPI?
Here are some steps that you should follow if you sent money via UPI:
• Reach out to the person:
Make an effort to contact the person who mistakenly received the funds. And if you can somehow reach that person, explain your situation to them and kindly ask them to refund the money to you.
• Report the issue to your UPI app:
Search your UPI app and find a section named “Raise a complaint” or “Dispute resolution.” There, report your mistake detailing the wrong transaction and including its time and date, as well as the amount and reference ID.
• Contact NPCI (National Payments Corporation of India):
If the UPI app doesn’t resolve the issue, you can address it through NPCI, the central unit for UPI transactions. NPCI website >> UPI >> UPI Dispute Redressal Mechanism. Make a formal complaint stating all the transaction information and all the communication between you and the receiver.
• Talk to Your Bank (PSP – Participating Service Provider):
If all else fails, contact your bank (your UPI-linked bank). Describe the situation and ask for a “chargeback” – a reversal of the transaction. They might follow their internal rules, and banks may also have their own processes for these situations.
Recovering Money Sent via Traditional Bank Transfer
To recover money sent via traditional bank transfer, i.e. a wrong NEFT, RTGS, or IMPS transfer, follow these steps:
1. Inform the Bank Immediately:
Call your bank’s customer care number as soon as possible and explain the complete situation to them.
2. File a Written Complaint:
Do not be satisfied with just the call. In the end, send in a written complaint about the situation and request a reimbursement of your funds. This puts pressure and creates a paper trail, which is necessary to increase the chances of success.
3. The Bank’s Role:
If the money has been transferred to another savings account of the same bank, the process of reversal can be initiated directly within your bank. However, whether inter-bank transfers are successful depends on the recipient’s and bank’s cooperation. Your bank will file a complaint through its internal system, and your responsibility is to remain in regular communication and provide any other information.
4. Keep Following Up:
Stay on top of the efforts and maintain records of conversations and complaints filed to build a case. For the conference, compile records of phone calls to the bank and the reference numbers. Keep your cool and continue the approach in a professional manner to maintain a friendly atmosphere and cooperation from the recipient and the bank.
Additional Tips for Recovery
• Save Evidence:
Keep records of phone calls, emails, and complaint reference numbers to demonstrate you have done your best to recover the money.
• Be Polite and Patient:
Patience is necessary even when you are at the end of the process. This increases the odds of cooperation from both the recipient and the bank.
• Little Room for Inter-Bank Transfer:
Retrieving money transferred to an account in another bank can be stricter and take longer. However, success is contingent upon the recipient wanting to return the money. It can be beneficial to know the type of transfer method employed (NEFT, RTGS, IMPS). NEFT transfers are a bit slower than RTGS, which can be quite useful to depositors because it increases the chances of intervention for recipients who are about to withdraw the transferred funds.
Preventive Measures to Follow
Here are some tips to prevent such inconveniences from happening the next time:
• Verify Beneficiary Details:
Verify the beneficiary’s account number and IFSC code very well before initiating the transfer. Save the most common beneficiary details locally in your UPI app or bank portal to minimise the number of entries required to initiate a payment. Prominent banks such as ICICI Bank provide such facilities to save the beneficiary. However, it is strongly recommended not to trust even saved entries blindly and to verify before confirming.
• Check Transaction Details:
When you transfer money, immediately either take a screenshot of the confirmation screen or save the transaction details. This can serve as a reference in case any problems occur.
Legal Option as the Last Resort
If all attempts to recover the money via the use of banking channels and NPCI fail, the only remaining option may be legal action. However, this option can be time-consuming and expensive. Consult with a lawyer to ascertain the feasibility of the option and the price it may incur. Here’s what the process looks like:
1. The Lawyer Consultation:
It is necessary to consult a financial legal specialist. They will help you evaluate the situation, decide whether you can pursue other legal actions, and guide you through the legal process.
2. Warning to Addressee:
The recipient will also receive a letter indicating they need to pay back the amount. It serves as official proof of your claim and may prompt them to work with you before things go to court.
3. Civil Suit:
If such a notice is ignored, the aggrieved party can file a civil suit to claim the money back. It can be a long and heavy process, so make sure to decide with your lawyer based on a cost-benefit analysis.
Final Thoughts
Recovering money sent to the wrong number in India is feasible, provided that the sender acts promptly and follows the appropriate channels to do so. If you follow the steps described in this post, recovering money from a wrong number should not be overly complex or costly. All that matters is that the sender acts quickly, persistently, and remains professional throughout.
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