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Money Deducted at ATM Without Cash? Know Your Rights and RBI Rules
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News18•08-10-2026, 11:11
Money Deducted at ATM Without Cash? Know Your Rights and RBI Rules
- •There is no need to panic if cash is not dispensed but money is debited from your account during an ATM transaction.
- •According to RBI regulations, the bank must credit the money back to the account within T plus 5 days where T is the transaction day.
- •If the refund is not processed within the specified time limit, a compensation of 100 rupees must be paid for each day of delay.
- •Always keep the ATM receipt, transaction time, ATM ID number, and bank SMS safe for proof.
- •If the amount is not refunded after the deadline, lodge a complaint immediately with your bank providing the transaction details.
Key Questions Answered
Do not panic and check via mobile banking or SMS whether the amount has been debited. Keep details such as the ATM receipt, transaction time, ATM ID number, and the SMS notification safe, and lodge a complaint with your bank if the money is not refunded.
According to RBI regulations, if an amount is debited from an account without cash being dispensed, the bank must credit the money back to the account within T+5 days, where 'T' is the transaction date.
If the money is not refunded within the specified time limit, the bank must pay a compensation of 100 rupees for each day of delay.
