There are occasions when our ATM transaction fails and we are unsure how to handle this situation. The reason for such failure can be the faulty machine or insufficient cash in the machine. However, the amount debited from your account is supposed to be credited back to your account within a specified time.
In case you do not receive the debited amount back in your account within the specified time, the bank has to compensate you for the lost money. Reserve Bank of India has been performing a public awareness campaign regarding the same through its Twitter handle. In addition, the regulator has provided answers for many related questions on its ‘Frequently Asked Questions’ page.
Also Read: Should You Invest in a Focused Fund? Get Your Answer Here
Here is a list of six things you need to remember when you encounter ATM transaction failure:
For any clarifications/feedback on the topic, please contact the writer at apoorva.n@cleartax.in
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