Using NEFT via net banking and mobile apps
A much simpler way of transferring funds is by using the NEFT module in your net banking. Nowadays, banking has gone a step further. You don’t even have to worry about a laptop or a PC. Just download the mobile banking app on your smart phone. Add the bank details of the recipient to your mobile bank and start transferring funds via NEFT from the comfort of your smartphone. However, when you do NEFT transfer, it is a monetary transaction and hence the connectivity has to be flawless for the NEFT transfer to go through. There are quite a few risks when you transfer funds via mobile banking.
• The battery of the phone could pass out leaving the transaction unfinished.
• The connectivity may be too poor to facilitate the NEFT transaction by mobile
• Your connection may not be secure, in which case, the bank may reject the NEFT.
While the first two are not in your control, the third item is surely within your control. Either ways, the bottom line is that your NEFT transaction has either not gone through or you have no clue about the status of the transaction. Let us look at three scenarios.
Smart phone goes out and there is no update on NEFT
This is quite a normal problem you face. You have no clue about what happened to your transaction because the screen has blanked out and you are not informed of the status. The first thing to do is to open your laptop / PC and check the status of the transaction. Once you log-in, you can see the segregation of complete and incomplete NEFT transactions. If the transaction is showing as incomplete, you can just cancel the transaction. However, it is also a good idea to ring up the call centre of your bank and verify with them and ensure that the NEFT transaction has been cancelled. Once the call centre confirms that the NEFT has been cancelled, you are safe and you can re-initiate the transaction.
Smart phone goes out and the amount is debited to your account
This becomes a slightly more cumbersome task. There are times when the smart phone may have blacked out at the very last stage of the NEFT transaction after you have authenticated with your OTP. In such cases, it is very likely that the amount gets debited from your bank account on for the NEFT transaction. The first situation is where the amount is debited to your bank account but due to non-completion of the transaction, the bank immediately credits the amount back to your account. That is not much of an issue.
Then there are occasions, when the amount is debited to your account despite the screen blackout and you have not got the credit back. In such cases, you need to wait for 2-3 hours and confirm with the recipient. If they have received the funds, then the transaction is through. However, if the funds are not received by the recipient, the next step is to call up your bank call centre and file a complaint. Retain the unique complaint number as it can be useful for tracking the status.
What if your account is debited and no credit is received?
This is a problem that rarely occurs but you do not have any confirmation or UTR number. You have to follow up with your bank call centre and such cases can take up to 24 hours. At times, the problem is with the bank at the receiving end so you can share the screenshot with the recipient and ask them to check out.
While credit card / debit card transactions can take longer to resolve, bank to bank NEFT transfers rarely remain unresolved beyond a day. If it does happen, you can write to you bank and the recipient bank and also mark a copy to the RBI as an escalation.