Banking: Lakhs of rupees have accidentally come into your account, will the bank take it back? What will happen if you spend it?

Imagine, one morning you wake up and you get a message from the bank on your mobile that 5 lakh rupees have been deposited in your account! You will feel a different kind of happiness. Many times, people think that if there is no objection from the bank, then they will spend this money. If you are also thinking like this, then you are inviting trouble for yourself. You have no right to the money that has come into your account by mistake. If you refuse to return it, then legal action can be taken against you, and you may also have to go to jail. Come, let's understand the whole thing.

Spending money that has come by mistake means inviting trouble.

Often, people think that if the bank has made a mistake, then the money is theirs. This is the biggest mistake. The money that has come into your account is a kind of trust, which you have to return to its real owner (the bank or the person who sent it). If a person does not return the money that has come to your account by mistake, then the bank or the sender can file a case against him under Section 406 of the Indian Penal Code (IPC).

What is Section 406 of the IPC?

If a person misuses another person's property or any kind of money after getting the right for a short time, spends that property or money, or gets it transferred in his name by any fraudulent means, then action is taken against him under Section 406 of the IPC. A case can be filed under this section only if the money that has come into the bank account by mistake has not been returned. If found guilty under this section, the person can be imprisoned for up to three years or fined, or both.

How does the bank recover every penny?

In such cases, the bank first files a complaint with the police, based on which a criminal case is run in the court. When the court convicts the person under IPC 406, the bank files a recovery suit under the Civil Procedure Code. After this, the court recovers the money from the accused by attaching his movable and immovable assets (such as house, car, other bank balances).

What to do if money is transferred to your account by mistake?

Do not spend: Do not touch that money at all, and do not transfer it anywhere else.

Inform the bank: Immediately go to your bank branch and inform in writing or through email that money has been transferred to your account by mistake.

Keep written proof: Keep a copy of the information given to the bank as proof.

What if you transfer money to the wrong account?

This problem is also very common. If you have transferred money to someone else's account by mistake, do not panic. As per the guidelines of the Reserve Bank of India (RBI), follow these steps:

Immediately inform the bank.

Immediately complain to the branch of the bank account from which the money has been deducted. Call customer care and send an email. Keep a screenshot of the transaction and all the details with you.

48-hour rule

According to the RBI, within 48 hours of receiving the complaint, the bank has to resolve your problem and start the process of getting the money back.

Report UPI apps

If you have made a payment through UPI apps like Paytm, PhonePe, or Google Pay, then also file a complaint with their customer support.

If the receiver does not return the money

If the person in whose account the money has gone refuses to return it, then you can file a case against them in court.

FAQs

1. If I make a wrong UPI payment, in how many days does the money come back?

According to RBI rules, after making a complaint, the bank has to take action within 48 hours. If the money has gone to an account of the same bank, then this process can be done quickly. If the money goes to another bank, it may take 7 to 15 days.

2. What will happen if the person in whose account the money has gone spends all the money?

In such a situation, you can send a legal notice against that person with the help of the bank and file a police complaint under section 406 of the IPC. Money can be recovered from his property on the order of the court.

3. Does the bank charge any fee for reversing the wrong transaction?

No, as per RBI rules, the bank cannot charge any fee for resolving such complaints.

4. Does the same rule apply if someone else's money comes out while withdrawing cash from the ATM?

Yes, if extra money comes out from the ATM, then that also belongs to the bank. You should immediately inform the bank about this.

Disclaimer: This content has been sourced and edited from Zee Business. While we have made modifications for clarity and presentation, the original content belongs to its respective authors and website. We do not claim ownership of the content.