Money Debited but Not Credited? RBI Refund Timelines
Money debited but not credited to the receiver? See RBI's T+1 and T+5 reversal deadlines, the ₹100-a-day compensation you are owed and how to complain.
In this article
"The money has gone from my account, but the person I paid says nothing has arrived." If this is you, the one-line fix is: wait until the end of the next calendar day, then raise a complaint with your own bank quoting the transaction reference (UTR), because RBI rules require most stuck transfers to be reversed by T+1 and compensated at ₹100 a day after that. This guide covers every common channel (IMPS, UPI, NEFT, RTGS, card-to-card and wallets), the exact deadlines in force as of October 2026, and how to escalate if the bank stalls.
If your problem is specifically a UPI payment that shows "failed" or "pending", our guides on UPI payment failed but money debited and UPI payment pending go deeper into the app-side steps.
First, work out what actually happened
A "debited but not credited" transfer is almost always one of three things:
- Still in transit. NEFT moves in half-hourly batches, and some UPI and IMPS transactions sit in a "deemed" or pending state for a few hours.
- Failed in the middle. Your bank debited you, but the beneficiary bank could not credit the receiver because of a network time-out, a closed or frozen account, or a technical error. RBI calls this a failed transaction: one not completed for reasons not attributable to the customer.
- Credited, but not noticed. The money reached the receiver's account, but they are checking the wrong account or their SMS did not arrive.
The UTR or RRN number in your transaction details settles which of these it is. Ask the receiver to search their statement for that number before you do anything else. Our guide on how to read a bank statement shows where these references appear.
What to do, step by step
In the first hour
- Do not pay again. A second transfer while the first is unresolved is the most common way people end up out of pocket twice.
- Save the evidence. Take a screenshot of the transaction screen showing amount, date, time, UTR/RRN, and the beneficiary account or UPI ID. Save the debit SMS.
- Share the UTR with the receiver so they can check with their bank. If their bank confirms the credit, the problem is closed.
By the end of the next day
- Check whether the money has come back. For IMPS and UPI fund transfers, the beneficiary bank must auto-reverse uncredited money by T+1 (the calendar day after the transaction). Many reversals happen within hours.
- If not reversed, raise a complaint with your bank. Use the app's "Help" or "Raise dispute" option on that transaction, net banking's service request section, the bank's customer care number from its official website, or the branch. Get a complaint reference number.
If it is still unresolved
- Escalate in writing to the bank's grievance redressal or nodal officer (contact details must be on the bank's website). Mention the RBI turnaround time (TAT) rules and the compensation due.
- Wait up to 30 days for a final reply. Under RBI's January 2026 Internal Ombudsman directions, banks must automatically escalate complaints they reject or only partly resolve to their Internal Ombudsman before sending you a final decision.
- Go to the RBI Ombudsman at cms.rbi.org.in if there is no reply in 30 days or you are unhappy with it. See what to do when the bank is not resolving your complaint.
The deadlines and compensation you are owed
RBI's circular on Harmonisation of Turn Around Time and customer compensation for failed transactions using authorised Payment Systems (20 September 2019, in force since 15 October 2019) sets the outer limits below. T is the transaction date; R is the date the reversal is completed. These remain the reference rules as of October 2026.
| Channel and situation | Deadline to fix | Compensation if late |
|---|---|---|
| IMPS: your account debited, beneficiary not credited | Auto-reversal by T+1 | ₹100 per day beyond T+1 |
| UPI fund transfer: debited, beneficiary not credited | Auto-reversal by T+1 | ₹100 per day beyond T+1 |
| UPI merchant payment: debited, merchant did not get confirmation | Auto-reversal within T+5 | ₹100 per day beyond T+5 |
| Card-to-card transfer: sender debited, receiver card not credited | Reversal by T+1 | ₹100 per day beyond T+1 |
| Card at shop (PoS): debited, no charge slip generated | Auto-reversal within T+5 | ₹100 per day beyond T+5 |
| ATM: debited, cash not dispensed | Reversal within T+5 | ₹100 per day beyond T+5 |
| NACH: beneficiary not credited | Reversal by T+1 | ₹100 per day beyond T+1 |
| Wallet to wallet (same issuer): receiver not credited | Reversal by T+1 | ₹100 per day beyond T+1 |
Three points matter in practice:
- Compensation is automatic. The circular says compensation must be credited "suo moto", without waiting for a complaint. If it has not been paid, your complaint should ask for it explicitly.
- The TAT is a ceiling, not a target. Banks are expected to fix failures faster where they can.
- NEFT and RTGS follow their own rules. In NEFT, the beneficiary bank must credit the account within two hours of the batch settlement or return the money; in RTGS, the credit is expected within 30 minutes. For delays, the bank at fault owes penal interest at the RBI repo rate plus 2% for the period of delay. With the repo rate at 5.50% after RBI's October 2026 policy, that is 7.50% a year. Our NEFT vs RTGS vs IMPS guide explains how each system settles.
ATM failures have their own guide: ATM cash not dispensed but money debited.
Worked example: what the bank owes you
IMPS transfer. You send ₹25,000 by IMPS on 3 October. It is debited but never reaches the receiver. The deadline is T+1, which is 4 October. The money is reversed on 9 October.
- Days of delay beyond T+1: 5, 6, 7, 8 and 9 October = 5 days
- Compensation: 5 × ₹100 = ₹500, payable to you in addition to the ₹25,000
NEFT transfer. You send ₹2,00,000 by NEFT to pay a contractor. The beneficiary bank neither credits nor returns it for 3 days beyond the permitted time.
- Penal interest: ₹2,00,000 × 7.50% × 3 ÷ 365 = ₹123.29
The NEFT amount looks small, but it is still owed, and asking for it signals that you know the rules. The penal rate is set above typical deposit rates on purpose, so the bank is not better off sitting on your money; you can compare it with what the same sum earns in a deposit using our FD calculator.
Where to complain
| Step | Where | When to move on |
|---|---|---|
| 1 | Your bank's app, net banking, customer care or branch | No fix after the T+1 or T+5 deadline |
| 2 | Bank's grievance redressal officer or principal nodal officer | No final reply within 30 days of your first complaint |
| 3 | RBI Ombudsman at cms.rbi.org.in (helpline 14448) | Within 90 days of the bank's reply or reply deadline |
| UPI only | NPCI's dispute redressal option on npci.org.in, alongside your bank | If the app and bank both fail to resolve |
The Reserve Bank – Integrated Ombudsman Scheme, 2026 replaced the 2021 scheme from 1 July 2026. There is no cap on the value of the dispute you can bring, and the Ombudsman can award compensation for consequential loss of up to ₹30 lakh plus up to ₹3 lakh for time, expenses, harassment and mental anguish.
If you suspect the transfer went to the wrong person rather than failing, see sent money to the wrong account. If you did not make the transaction at all, it is a fraud case: call 1930 and read about zero liability for unauthorised transactions.
Ready-to-copy complaint message
Subject: Failed transaction – amount debited, not credited to beneficiary – UTR [number]
Dear Sir/Madam,
On [date] at [time], ₹[amount] was debited from my account [last 4 digits]
by [IMPS/UPI/NEFT/card] towards [beneficiary name, account/UPI ID, bank].
UTR/RRN: [number].
The beneficiary confirms the amount has not been credited, and the amount
has not been reversed to my account as of [today's date].
Under RBI's circular on harmonisation of TAT and customer compensation for
failed transactions (20 September 2019), this should have been reversed by
[T+1 / T+5 date]. Please:
1. Reverse ₹[amount] to my account immediately; and
2. Credit compensation of ₹100 per day of delay beyond the TAT.
Please share a complaint reference number and written resolution.
Screenshots of the transaction and debit SMS are attached.
[Name], [registered mobile], [account last 4 digits]
What not to do
- Do not search for "customer care numbers" on search engines or social media. Fake helplines target exactly this situation. Use the number in your bank's app or official website.
- Do not share your UPI PIN, OTP, card CVV or screen with anyone "helping" with a refund. You never need a PIN to receive money.
- Do not let the receiver push you into paying again before the first transfer is resolved; offer them the UTR and your complaint number instead.
- Do not close the complaint when only the principal comes back. Ask for the compensation if the deadline was missed.
- Do not wait months. The RBI Ombudsman route has a 90-day window after the bank's reply or deadline.
Key takeaways
- A debited-but-not-credited transfer is usually a failed transaction, and RBI's TAT rules set hard deadlines for reversal.
- IMPS, UPI fund transfers, card-to-card and NACH: reversal by T+1. ATM, card-at-shop and UPI merchant payments: T+5.
- Delays beyond those deadlines attract ₹100 per day, which banks must pay without being asked.
- NEFT and RTGS delays attract penal interest at repo rate plus 2% (7.50% a year as of October 2026).
- Complain to your own bank first, escalate to its grievance officer, and use cms.rbi.org.in if there is no fix within 30 days.
Frequently asked questions
How long does a bank take to refund a failed transaction?
Under RBI's failed-transaction rules, an IMPS or UPI transfer that is debited but not credited must be reversed by T+1 day, where T is the transaction date. ATM and card-at-shop failures have T+5 days. Delays beyond that attract ₹100 a day in compensation.
Do I have to claim the ₹100 per day compensation?
No. RBI's 2019 circular says compensation must be credited to your account on the bank's own initiative, without waiting for a complaint. If it is not paid, raise a complaint quoting the RBI turnaround time rules.
What if an NEFT transfer is not credited to the beneficiary?
The beneficiary bank must credit the account within two hours of the NEFT batch settlement or return the money. If it delays, it owes penal interest at the RBI repo rate plus two percent for the period of delay.
Who should I complain to, my bank or the receiver's bank?
Always start with your own bank, because it has the relationship with you and the transaction records. Your bank coordinates with the beneficiary bank. If it does not resolve the matter within 30 days, you can go to the RBI Ombudsman at cms.rbi.org.in.
Is a failed transaction the same as fraud?
No. A failed transaction is a technical failure where the money left your account but never reached the receiver. Fraud is an unauthorised or deceptive transaction and follows different rules, including reporting to 1930.
This article is for general education and is not personalised financial, tax or legal advice. Rates and rules are as of 21 Oct 2026; confirm current terms with your lender, AMC or a qualified adviser.
