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rajeev (director)     13 August 2013

Online fund transfer through bank

Dear sir,

        I am an account holder of SBI Bank  bearing A/C no-30311957645 in the name of RAJEEV KUMAR.

Few months back, I have added a beneficiary through internet Banking with name SWASTIK EDUCATIONAL CHARITABLE TRUST  ,ICICI Bank  A/C NO-061305003016 with IFSC Code- ICIC0000163.

Unfortunately, I had made mistake that in place of ICICI Bank  A/C NO- 016305003016 ,I have entered

ICICI Bank  A/C NO-061305003016.

 

Unfortunately,Today I have made online transaction  to ICICI Bank  A/C NO-061305003016, which detail is as follows (as I received sms from SBI):

 

1.        1. Your NEFT Of Rs.  18040 with UTR SBINH13225106438 Dated 13/08/2013 credited to

Benificiary AC NO. 061305003016 at ICICI0000163 ON 13/08/2013 at 5.17 am.

 

 

 

2.       2.  Your NEFT Of Rs.  10200 with UTR SBINH13225040415 Dated 13/08/2013 credited to

Benificiary AC NO. 061305003016 at ICICI0000163 ON 13/08/2013 at 4.14 am.

 

                                                                                     When my payment was not received by

SWASTIK EDUCATIONAL CHARITABLE TRUST  , ICICI Bank  A/C NO-061305003016 with IFSC Code- ICIC0000163.Then I found my mistake and my payment of Rs. 28240 (18040+10200) has transferred to ICICI Bank  A/C NO-061305003016.Now, what will be the procedure to take my payment from ICICI Bank  A/C NO-061305003016.

Request you to kindly cooperate me regarding procedure to  take my payment from ICICI Bank  A/C NO-061305003016.

 

 

 

Regards,

 

Rajeev Kumar

SBI A/C NO-30311957645

Rajbanshi Nagar Branch

Patna (Bihar)

Mob. No-9308654886

Email id- rajeev5440@gmail.com

 

 

 



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 26 Replies

Advocate Sastry (Advocate)     13 August 2013

While registering you must have mentioned the name of beneficiary also.... Is it not ?   First find the name of the branch 0613 to which the fund have gone... Please try to contact the ICICI Branch through your SBI Branch Manager urgently tomorrow morning to block the  credits received since  the name of the beneficiary differs.....

Advocate Sastry (Advocate)     13 August 2013

In your question itself you are confused with 0163 and 0613... Please clarify ?

Kumar Doab (FIN)     13 August 2013

The rules in this context are well in place as guided by RBI and are applicable to both SBI and ICICI……………….

You may route the grievance thru   BM –SBI.

You may also sound the Manager –Operations in nearest branch of ICICI so that they block the debit/withdrawal by owner of the account for whom the funds are not meant.

>> 

RBI Circular

RBI/2010-11/235

DPSS (CO) EPPD No. / 863 / 04.03.01 / 2010-11 October 14, 2010

Electronic payment products - Processing inward transactions

based solely on account number information

 

4…………………………In order to handle surging volumes in a limited time window, some banks use name matching software, while a few others employ a risk-based approach based on the nature and value of transfer.

5…………………………………i) Responsibility to provide correct inputs in the payment instructions, particularly the beneficiary account number information, rests with the remitter / originator. While the beneficiary’s name shall be compulsorily mentioned in the instruction request, and carried as part of the funds transfer message, reliance will be only on the account number for the purpose of affording credit. This is applicable both for transaction requests emanating at branches and those originated through the online / internet delivery channel. The name field in the message formats

will, however, be a parameter to be used by the destination bank based on risk perception and / or use for post-credit checking or otherwise. Customers submitting funds transfer

requests at branches may be required to write down the account number information twice in the application form.

viii) The above notwithstanding, in cases where it is found that credit has been afforded to a wrong account, banks need to establish a robust, transparent and quick grievance redressal mechanism to reverse such credits and set right the mistake and / or return the transaction to the originating bank. This particularly needs to function very efficiently and pro-actively till such time customers are comfortable with the new arrangements.

 

>> 

https://www.onlinesbi.com/termsofservice.html

About OnlineSBI

Terms of Service (Terms & Conditions)

7. ERRORS OF OMMISION & COMMISSION

 

……………………………On the other hand in the event of the User’s account receiving an erroneous credit by reason of a mistake committed by some other person or for any other reason, the Bank shall be entitled to reverse the erroneous credit at any time whatsoever without his/her consent. The User shall be liable and responsible to the Bank and accede to accept the Bank's instructions without questions for any unfair or unjust gain obtained by him/her as a result of the same.


Attached File : 306878958 epscr141010 (1).pdf downloaded: 76 times

Suri.Sravan Kumar (senior)     13 August 2013

take up the matter with ICICI Bank by lodging complaint with them.

rajeev (director)     13 August 2013

I want to transfer my payment to
ICICI Bank  A/C NO- 016305003016 not in A/C NO-061305003016.

rajeev (director)     13 August 2013

Actually there is also a mistake from bank side that the account no of ICICI Bank-. 061305003016 And its IFSC Code ICICI0000163 doesnot  match with each other.Then how payment transfer occours?

Note that the account no of ICICI Bank-. 061305003016 and its IFSC Code is  ICICI0000613.

whereas i received sms through sbi bank like this:

1. Your NEFT Of Rs.  18040 with UTR SBINH13225106438 Dated 13/08/2013 credited to Benificiary AC NO. 061305003016 at ICICI0000163 ON 13/08/2013 at 5.17 am.

2.     Your NEFT Of Rs.  10200 with UTR SBINH13225040415 Dated 13/08/2013 credited to Benificiary AC NO. 061305003016 at ICICI0000163 ON 13/08/2013 at 4.14 am.

  In above both messages the account no of ICICI Bank-. 061305003016 And its IFSC Code ICICI0000163

Suri.Sravan Kumar (senior)     13 August 2013

if that is the case the transaction will be reversed by the bank but it will take time.

rajeev (director)     13 August 2013

does not match each other.

rajeev (director)     13 August 2013

There are too many mistakes like that i had made payment in the name of SWASTIK EDUCATIONAL CHARITABLE TRUST  (as shown in my account statement) but my payment was transferred to ICICI Bank A/c no. 061305003016.

Account statement enclosed.


Attached File : 306896531 sbi online payment detail.pdf downloaded: 79 times

Kumar Doab (FIN)     14 August 2013

As already pointed out only a/c no. is considered to effect the transaction.

rajeev (director)     14 August 2013

sir, i would like to know that is it necessary to match account no. with ifs code for net banking transfer?

rajeev (director)     14 August 2013

Today i have visited SBI with my complain then they told me they cannot help me in my matter .Now kindly clarify following matters so that i can proceed further:

 

(1)is the account no. of benificiary and IFS code should be same for net banking transfer?

(2) since the payment done by me has gone to wrong account no. by my mistake, what will be further legal procedure to get my payment

Advocate Sastry (Advocate)     14 August 2013

1. The IFSC Code and Account number are different and they should be mentioned in separate columns in NEFT application. 2. Please contact nearest ICICI Bank branch to find out where the money has been credited and speak to the concerned ICICI Bank branch and inform them that the funds have been wrongly remitted and request them to hold the money.

Advocate Sastry (Advocate)     14 August 2013

Please note the following conditions of the Bank for RTGS/NEFT : It is the responsibility of the RTGS/NEFT customer/applicant to ensure the correctness of the message especially the IFSC code of the recipient / destination branch & account number of the beneficiary. The collecting bank as well as the receiving bank will get valid discharge if the amount is credited to the correct account number mentioned in the application even if the name of the beneficiary account holder differs. The Bank shall not assume any liability or responsibility arising out of or liable for any incorrect or message. It is the responsibility of the RTGS/NEFT customer/applicant to ensure the genuineness of the transaction conducted through RTGS & to ensure that no illegal transactions are conducted through RTGS/NEFT.

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