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By mistake sent 5 lakh Amount in Inactive Account

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Deal Cadet
BaMbU

My friend's father wanted 5 lakh rupees. He shared his father's bank details. But I added that account to my bank on the day when they needed it. I could not send 5 lakhs amount as there is a restriction for newly added accounts.

I told them the same. They want them urgently on the same. So I said to them that I had my friend's account. They asked me to send it immediately. In hurray, without checking with them, I had sent the 5 lakh money using IMPS to my friend account (sbi), which added long back to my citi account

Later I got to know that my friend was not using that account. It is in an inactive state. The amount was credited successfully. I confirmed the same with the sbi bank. Sbi Bank manager told me to activate that account by doing re KYC to withdraw the money

But my friend is in the US. How can I get that money back?

Kindly suggest some solutions.

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Critic Critic
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SBI bank won't do anything without escalation, tell SBI branch manager that it was an emergency so mistake happened & friend is in US so reverse the txn by giving a signed written request. If BM refuse then tell BM to give you in written their refusal so that you can file complaint in rbi ombudsman.

Deal Cadet Deal Cadet
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Finally I got my money back. In sbi we submitted a letter & some proofs

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Tell your bank to communicate with recipient bank. They can reverse the transaction by stating that its an erroneous transaction 

Critic Critic
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SBI bank won't do anything without escalation, tell SBI branch manager that it was an emergency so mistake happened & friend is in US so reverse the txn by giving a signed written request. If BM refuse then tell BM to give you in written their refusal so that you can file complaint in rbi ombudsman.

Cool Cool
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Check if the account is inactive or dormant. If it's dormant then raise a wrong transfer dispute with your bank. The beneficiary will get a call on his registered mobile no from the bank and basis of confirmation, the transaction will be reversed.

Avant Garde Avant Garde
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Rule No.1: Before entering your PIN, PASSWORD, or OTP, it is crucial to cross-check all details, such as the name, account number, IFSC, and amount. If uncertain, redo the transaction.

Rule No.2: Remember to Rule No.1 at all times.

P.S. I am responsible for performing daily transactions for my father's business, including sending large sums of money from Netbanking/App to NEFT/RTGS Mode. Due to the high amount involved, I check the details at least 5-6 times before proceeding to minimize any potential risks.

Critic Critic
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shraaj wrote:

Rule No.1: Before entering your PIN, PASSWORD, or OTP, it is crucial to cross-check all details, such as the name, account number, IFSC, and amount. If uncertain, redo the transaction.

Rule No.2: Remember to Rule No.1 at all times.

P.S. I am responsible for performing daily transactions for my father's business, including sending large sums of money from Netbanking/App to NEFT/RTGS Mode. Due to the high amount involved, I check the details at least 5-6 times before proceeding to minimize any potential risks.

Are you using the typical retail internet banking for your father's business? If yes then I suggest to shift to corporate internet banking which requires min 2 ppl to approve any funds transfer txn(one person initiates the txn & other person approves the txn & both get their separate userid password & otp).
Deal Cadet Deal Cadet
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guest_999 wrote:
Are you using the typical retail internet banking for your father's business? If yes then I suggest to shift to corporate internet banking which requires min 2 ppl to approve any funds transfer txn(one person initiates the txn & other person approves the txn & both get their separate userid password & otp).
min 2 ppl is inconvenience for retail, you don't always have access to 2nd person [ forget about trust and all]
Using retail nb properly is good enough 
Deal Cadet Deal Cadet
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There is a way.


take KYC documents of your friend and go to any branch of SBI and ask them to verify the documents and mail to the home branch o your friend.

Fill KYC form, and attach PAN card, and Addhar Card on behalf of your friend.

the SBI branch employee will put a verified stamp on those documents and will scan and mail them to Home Branch.

Now, the guys sitting in Home Branch will receive documents via mail and they will do the KYC.

Avant Garde Avant Garde
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guest_999 wrote:
Are you using the typical retail internet banking for your father's business? If yes then I suggest to shift to corporate internet banking which requires min 2 ppl to approve any funds transfer txn(one person initiates the txn & other person approves the txn & both get their separate userid password & otp).

My father holds accounts with two banks - the Bank of India, which is his primary bank and offers corporate banking facilities, and Axis Bank, which was a secondary bank for him until it was recently closed due to poor service, excessive charges, and technical issues. Axis Bank primarily offered retail banking services.

Until recently, I used to transfer funds from an Axis Bank account. However, we have now closed that account and are planning to open an account with ICICI Bank.

Bank of India offers Internet banking services, which require a corporate ID, user name, login password, transaction password, and OTP for approving funds. I have never heard of two people being required to approve funds. If you know of any banks that require this, please let me know. Also, the Bank of India mobile app only requires a login ID, PIN, and transaction password, and does not ask for any additional details like in internet banking. Therefore, it seems that the mobile app does not operate jointly with Internet banking, as it is designed for both retail and corporate banking.

Deal Lieutenant Deal Lieutenant
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just share bank manager contact info email.. ph.. ask your friend to contact, smile 

But my friend is in US. How can I get that money back
Cool Cool
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Yes, the transaction can be reversed by bank. Contact BM and also message on twitter, you can also contact at AGM office of respective region.

Entertainer Entertainer
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Dormant account ke branch manager ko application likh ke reactivate kara do. Branch might deduct some balance from the account and it should be active in few hours. But if friend is in US, how will anybody else withdraw such a big amount? There would be a transfer limit

Critic Critic
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Neo53 wrote:
min 2 ppl is inconvenience for retail, you don't always have access to 2nd person [ forget about trust and all]
Using retail nb properly is good enough 
Retail internet banking is meant for typical ppl & corporate internet banking is meant for business ppl & in business there are always more than 1 person available all the time.
Critic Critic
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shraaj wrote:

My father holds accounts with two banks - the Bank of India, which is his primary bank and offers corporate banking facilities, and Axis Bank, which was a secondary bank for him until it was recently closed due to poor service, excessive charges, and technical issues. Axis Bank primarily offered retail banking services.

Until recently, I used to transfer funds from an Axis Bank account. However, we have now closed that account and are planning to open an account with ICICI Bank.

Bank of India offers Internet banking services, which require a corporate ID, user name, login password, transaction password, and OTP for approving funds. I have never heard of two people being required to approve funds. If you know of any banks that require this, please let me know. Also, the Bank of India mobile app only requires a login ID, PIN, and transaction password, and does not ask for any additional details like in internet banking. Therefore, it seems that the mobile app does not operate jointly with Internet banking, as it is designed for both retail and corporate banking.


State Bank of India - Corporate Banking (onlinesbi.sbi)

I have availed Internet Banking facility on my SB/CA account as an individual. How does the CINB differ from that?
Retail internet banking is a single user product whereas CINB (Khata plus, Vyapaar and Vistaar) provide for multiple users with varying powers as per requirement of the Corporate. In CINB, the Corporate gets the capability to grant discretionary access to banking accounts by internal users and dynamically manage permissions to banking transactions and monitor them.


Deal Cadet Deal Cadet
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guest_999 wrote:
Retail internet banking is meant for typical ppl & corporate internet banking is meant for business ppl & in business there are always more than 1 person available all the time.
Not all business has more than 2 ppl as the owner

There are many in my known circle who do business - they have staff so as per your suggestion they should choose 2nd person from those or hire a specific person to handle net banking???

They are sufficiently handling all their financial alone for more than decade and with retail Banking without issue.

It's up to you on how you can handle it, if you're careful then retail net banking is more than enough - lakhs of people are using it
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Neo53 wrote:
Not all business has more than 2 ppl as the owner

There are many in my known circle who do business - they have staff so as per your suggestion they should choose 2nd person from those or hire a specific person to handle net banking???

They are sufficiently handling all their financial alone for more than decade and with retail Banking without issue.

It's up to you on how you can handle it, if you're careful then retail net banking is more than enough - lakhs of people are using it

A similar argument I have made in the past & making it again today. Millions of ppl travel daily in India without wearing helmets or seatbelts without getting into accident but that does not make wearing helmet or seatbelt pointless. Retail banking is meant for retail usage & corporate internet banking is meant for corporate/business usage & all formal businesses/corporates use that only. Maybe if your business is self owned with less than 10-15 lakhs anytime in bank acc then it is not required.

Btw to get corporate internet banking one needs to submit proof of business too along with details so it is not like anyone can get corporate internet banking either.

Deal Subedar Deal Subedar
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Ask your bank to send a mail to SBI NEFT cell to reverse the transaction to the originator mentioning it was an erroneous transaction. Majority SBI guys are generally non cooperative and stupid so draft the mail yourself and ask your bank to send it to SBI NEFT cell email id [email protected] keeping your bank's (assuming non SBI) NEFT cell in copy.

Unfortunately, there is no RBI guideline /SOP available for erroneous remittances. 




Deal Subedar Deal Subedar
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Inform your Bank first by sending an email (if not done already) to help establishing a record of trail. Your Bank staff may not listen to verbal requests but are obliged to respond to submitted written requests.

Also ask your non KYC friend to send a mail to all recepients from his registered email address. 

Though not same case, you may find some guidance here :

https://www.quora.com/Is-it-possible-to-reverse...

Deal Cadet Deal Cadet
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Watson wrote:

Ask your bank to send a mail to SBI NEFT cell to reverse the transaction to the originator mentioning it was an erroneous transaction. Majority SBI guys are generally non cooperative and stupid so draft the mail yourself and ask your bank to send it to SBI NEFT cell email id [email protected] keeping your bank's (assuming non SBI) NEFT cell in copy.

Unfortunately, there is no RBI guideline /SOP available for erroneous remittances. 




I used IMPS bro. Shall we do same for IMPS transaction
Avant Garde Avant Garde
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guest_999 wrote:


State Bank of India - Corporate Banking (onlinesbi.sbi)

I have availed Internet Banking facility on my SB/CA account as an individual. How does the CINB differ from that?
Retail internet banking is a single user product whereas CINB (Khata plus, Vyapaar and Vistaar) provide for multiple users with varying powers as per requirement of the Corporate. In CINB, the Corporate gets the capability to grant discretionary access to banking accounts by internal users and dynamically manage permissions to banking transactions and monitor them.


My Experience with SBI YONO ATM Fraud: How I Recovered My Money

Because of this, Not going with SBI as My Father is 70-80% Visits Bank Daily and in this Case, SBI has a Huge WORKLOAD+Pathetic Staff!

Going with ICICI Bank!
Deal Cadet Deal Cadet
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guest_999 wrote:

A similar argument I have made in the past & making it again today. Millions of ppl travel daily in India without wearing helmets or seatbelts without getting into accident but that does not make wearing helmet or seatbelt pointless. Retail banking is meant for retail usage & corporate internet banking is meant for corporate/business usage & all formal businesses/corporates use that only. Maybe if your business is self owned with less than 10-15 lakhs anytime in bank acc then it is not required.

Btw to get corporate internet banking one needs to submit proof of business too along with details so it is not like anyone can get corporate internet banking either.


One uses what one likes
I'm going to stick with retail net banking
No point in arguing in a thread which is meant for some other thing
Critic Critic
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shraaj wrote:
My Experience with SBI YONO ATM Fraud: How I Recovered My Money

Because of this, Not going with SBI as My Father is 70-80% Visits Bank Daily and in this Case, SBI has a Huge WORKLOAD+Pathetic Staff!

Going with ICICI Bank!
Confirm with icici bank that their corporate internet banking has two person authentication system for approving any funds transfer.
Avant Garde Avant Garde
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guest_999 wrote:
Confirm with icici bank that their corporate internet banking has two person authentication system for approving any funds transfer.
Ok! Will let you know here!
Deal Cadet Deal Cadet
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I once transfered via NEFT Rs 1 lakh by one digit error to some unknown ac (from my Indusind to my own karnataka sb ) .when I did not receive any inward credit after 30-40 minutes, I checked account . Then I realised account no error. it was a friday evening. Some how I caught hold yhe BM on phone and explained the error. he froze the credit in th other party account so that he  does not with draw. He told me to ask Indusind to reverse the NEFT instructions. saturday ran to Indusind, they asked a NOTARIZED INDEMNITY in a ₹100 bond paper. went to court ,got bond paper & typed out the reverse request and notarized it . Then next Monday morning went to Indusind and submitted. by 2pm karnataka re sent the wrognly credited rs 1 lakh back to origin (my sb in Indusind ). This is the only practical way instead of running behind your friend beneficiary in USA (unless SBI refuses to reverse from an in active account.)

Deal Cadet Deal Cadet
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Finally I got my money back. In sbi we submitted a letter & some proofs

Benevolent Benevolent
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BaMbU wrote:

Finally I got my money back. In sbi we submitted a letter & some proofs

Congrats. Please explained the whole procedure and how they reversed amount from wrong account?
Deal Captain Deal Captain
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vk6 wrote:

Rip english

What's so wrong? I don't see much mistakes 🤔

Deal Newbie Deal Newbie
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Give them in written that amount is transferred mistakenly they will give you an indemnity form ubhave to present that form from your bank to creditor bank amount will get reversed in 1-2 days i had faced this issue and recovered my money back 5600 rs But this won't apply if thebmoney has been withdrawn by creditor then u have to approach courts
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