But problems arise when the ATM does not dispense cash, yet the amount gets deducted from your account.
In some cases, you may receive a debit message without getting the money, or the money may be deducted without any message at all.
Such situations often cause panic.
The good news is that the Reserve Bank of India (RBI) has put clear rules in place to protect customers.
These rules ensure that your money is safe and refunded on time.
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RBI Rules for Failed ATM Transactions
As per RBI guidelines, if an ATM transaction fails and money is deducted from your account, the bank must refund the amount within T+5 days.
Here, “T” refers to the day the transaction took place.
This means the deducted amount should be credited back to your account within five working days.
In most cases, the refund is processed automatically, and you do not need to visit the bank.
What If the Bank Delays the Refund?
If the bank fails to return the money within five days, RBI rules become even stricter.
From the sixth day onwards, the bank must pay a penalty of ₹100 per day until the refund is made.
To claim this penalty, you must register a complaint within 30 days of the transaction.
Once the complaint is valid, the bank is required to credit both the deducted amount and the penalty to your account.
What You Should Do After a Failed ATM Withdrawal
If you receive a debit message but do not get cash, act calmly and follow these steps:
Keep the ATM receipt safe, as it contains important details like the transaction ID and machine code.
If you do not have the slip, check your bank statement to find the transaction details.
Register a complaint by visiting the nearest bank branch or calling customer care, and always note down the complaint number.
Most banks also allow you to raise complaints through their mobile apps or official websites.
Important Things to Keep in Mind
Make sure your mobile number is updated with the bank so you receive transaction alerts.
Ensure your mobile network is active to avoid missing important SMS notifications.
Final Takeaway
A failed ATM transaction can be stressful, but RBI rules are designed to protect you.
As long as you report the issue on time, your money will be refunded, and any delay by the bank will cost them extra—not you.