Money Mistakenly Sent To Wrong Bank Account? Know How To Get It Back

Know how to get your money back if it has been transferred to the wrong account by mistake.

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Contactless payment has been encouraged during the Covid-19 pandemic. People now prefer to pay through UPI or wallet or account instead of cash. But it is often seen that sending money through digital modes can result in money being deposited in the wrong account. People believe that their money can't be returned once the money is credited to another beneficiary's account but this is not true. If you have transferred money to another person's account by mistake, then you will get back your money. There is a bank process involved and once that is completed customers can get the money back. Let's know how the money transferred by mistake can be recovered.

Follow these steps if money is mistakenly transferred to another account

Step 1: If you have transferred money to another person's account by mistake, then first go to your bank to know in whose account the money has gone.
Step2: Now, contact the bank of the person in whose account the money has been transferred.
Step 3: You can get your money back by providing proof that the money was transferred by mistake.
According to the Reserve Bank, if money is withdrawn without your permission, then you will have to inform the bank about this incident within 3 days.
Undertaking this step can will allow the bank to send the money back to your account.

Increase in such incidents

For some time now, many such incidents have come to the fore in which people's money got transferred to a wrong account. People are also becoming victims of online fraud The incidents of people getting spam phone calls, where scammers pose as bankers, has increased rapidly during the Covid-19 pandemic.