Wrong account no in NEFT transaction .. what will happen?

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RoBoGhOsT

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i was about to receive money using NEFT from HDFC . but by mistake ive given wrong account no .. 9 instead of 3 in the starting digit .. what will happen now ? anyone else faced similar issue before ? will the money come back if the account doesnt exist ?
 
I think, if the name and account number does not match, bank will not reflect the amount. It will simply revert back to sender's account. It happened to me once (Axis Bank). On the safer side, you can call bank and tell them about the incidence.
 
stupid SBI customer care said they cant tell anything .. i have searched and found that in case the account no ( wrong one ) exists with the branch then money goes into it otherwise its refunded.. but its rare chance as i it was typo in the first letter ( 904190xxxxx instead of 304190xxxxx .. possibility of that account being there with the same branch is rare ..
 
RoBoGhOsT said:
stupid SBI customer care said they cant tell anything .. i have searched and found that in case the account no ( wrong one ) exists with the branch then money goes into it otherwise its refunded.. but its rare chance as i it was typo in the first letter ( 904190xxxxx instead of 304190xxxxx .. possibility of that account being there with the same branch is rare ..
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It should get reversed... heard from someone. SBI's CC is a joke most of the time.
 
called CC again .. they said SBI acc no series start with 1 , 2 and 3 only .. it will be reversed .. hopefully will get it back :)
 
100% u will get ur money back in 3 or 4 working days.

If its through NEFT (don't think of banks), the account no and the name HAS to match. not either one.
 
Glad you got the money back, but I think the condition that some folks mentioned about name and account number having to match - that isn't mandatory any more. I don't quite remember when, but the condition for an NEFT has now been changed such that if the account number is correct, the transfer will take place and it is the sender's responsibility to ensure that the account number is correct.
 
agantuk said:
Glad you got the money back, but I think the condition that some folks mentioned about name and account number having to match - that isn't mandatory any more. I don't quite remember when, but the condition for an NEFT has now been changed such that if the account number is correct, the transfer will take place and it is the sender's responsibility to ensure that the account number is correct.
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yeah i was told same by SBI CC .. if the specified account no exists in the bank ( with any branch or any name ) the money will go into that .. but luckily it didnt match in my case .. lesson learnt now to check account no again before sending anyone :)
 
agantuk said:
Glad you got the money back, but I think the condition that some folks mentioned about name and account number having to match - that isn't mandatory any more. I don't quite remember when, but the condition for an NEFT has now been changed such that if the account number is correct, the transfer will take place and it is the sender's responsibility to ensure that the account number is correct.
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Nope, it has to match... Same happened with me a week back..
 
I think @agantuk is right. The condition has been removed recently probably to prevent delays in crediting the amount. As long as the IFSC and account number matches the amount will be credited provided the account exists. So if you make an error in the last few digits then bad luck.
 
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^it is mandatory...

the beneficiary details given in the NEFT Application Form are not adequate to identify beneficiary by the beneficiary bank. The essential elements of beneficiary's identification are:
Beneficiary's Name :
Beneficiary's Branch Name :
Beneficiary's Bank Name :
Beneficiary's Account Type :
Beneficiary's Account No. :
Beneficiary's Branch IFSC :​
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[DOUBLEPOST=1366772832][/DOUBLEPOST]@varkey i guess only ICICI was not following these guidelines properly... if beneficiary name is not mandatory...then i dont find any logic behind asking these details while doing NEFT(either online or offline). One of my friend did NEFT to my icici, by mistake he has given wrong IFSC code, but still money got credited in to my account!
 
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I had a similar situation. But fortunately the wrong account number did not exist, so I got back the money. Actually an acquaintance from Axis bank had said that as per RBI directive some months ago, account number is the only criteria required to complete an NEFT transaction. Some banks may have additional criteria for doing validation - e.g. matching name to account number but it is not mandatory from RBI's perspective.
 
smnrock said:
i guess only ICICI was not following these guidelines properly... if beneficiary name is not mandatory...then i dont find any logic behind asking these details while doing NEFT(either online or offline). One of my friend did NEFT to my icici, by mistake he has given wrong IFSC code, but still money got credited in to my account!
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Earlier they used to verify the name too so I guess they haven't updated the system yet. Bank's like ICICI does everything centralized, so probably all they need is the account number and the IFSC is used by the sending bank to route it to the right bank, after that ICICI can credit it solely based on the account number.[DOUBLEPOST=1366788787][/DOUBLEPOST]
prateekS said:
SBI needs them to match.....
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To test this, I have initiated a transfer of Rs 100 to my mother's account with a random payee name. Will post once the amount is returned or credited.
 
SBI to sbi, they may not verify, but sbi to icici, they verified the details and sen t back my money asap... Also sbi customer service was extremely helpful, I emailed the neft/online banking headquarters in mumbai..
 
The RBI mandates that credits will be based only on account numbers and nothing else. I think the NEFT system has a bug, even if the account number is right but IFSC code is for another branch of the same bank, the credit will go through.

And since I use SBI INB, while adding a payee account of SBI in my INB, it will show me the branch name and also show the name of the account holder as in the bank records.
 
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