Money transfer not yet credited
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I just did a money transfer of 4 lakhs from my HDFC to BOB account using RTGS, the money got deducted from HDFC but it's not yet credited to BOB account.
I had added my BOB account as payee and first did a ₹5 IMPS transaction to check which was successful but for RTGS its been around an hour. The payment page said that RTGS is instant so I chose RTGS instead of NEFT.
Please help regarding what shall i do here. I am very worried regarding this.
Edit: I did one more IMPS of ₹5 to the same payee after this RTGS just to check and this IMPS got credited instantly.
Edit 2: Payment credited. WHY DOES BANK SAYS THAT RTGS IS INSTANT IF IT TOOK 2 HOURS
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There's been no call, I called HDFC customer care and they said that transaction has been processed from their end
Worrying would Oy add to the stress.
Since it has been an hour, I am wondering if you got any sensible answers from HDFC support? (Assuming you did contact them.)
The other thing is to identify whether the bottleneck is at HDFC side, BoB side or in the RTGS queue.
Unfortunately, like so many other things in our beautiful country, Real Time Gross Settlement too can be reduced to something only on paper.
If you have the e-mail addresses of the relationship manager or can fetch the official e-mail address of the HDFC, BoB branch managers, then try to keep them i BCC while asking them to explain the delay.
Again, please do not worry that your money will be untraceable. It will not remain untraceable for long.
Maybe by now, something better would have come up.
I am not too much worried as imps transfers to same payee are successful so account number or ifsc are not incorrect.
Don't worry bro, just do your necessary part.
- Double check the Account number and IFSC code.
- Inform the bank in email or written for which you will have proof.
Same happened with me also while doing NEFT on Saturday. It was not credited till Monday, for two days. Even though RBI had made NEFT as 24/7 available, banks process it only on working days.
So, if your account number is correct and you have informed the bank. Wait for 1-2 hour as RTGS and NEFT processed on batches unlike IMPS. And hence the delay.
You cant do anything abt such instances. It was just your bad luck was instant and good luck too time.
RTGS sucks. Once my 15L got credited after 17 hours. "Instant" and "real time" is only in theory. Even the compensation rules are a joke, no one has the time to wait 30 days and demand compensation because the crediting bank was late by few hours. But it does give us tension because of the huge amount. The only good thing is RTGS is overseen by RBI, and only IMPS by NPCI. So your money is safe. Relax.
I've often found NEFT to be faster than RTGS. So do NEFT. Otherwise IMPS for amounts below 5L.
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will credit sooner. higher chance for tele verification in such cases. may be you didnt picked calls from bank.
Worrying would Oy add to the stress.
Since it has been an hour, I am wondering if you got any sensible answers from HDFC support? (Assuming you did contact them.)
The other thing is to identify whether the bottleneck is at HDFC side, BoB side or in the RTGS queue.
Unfortunately, like so many other things in our beautiful country, Real Time Gross Settlement too can be reduced to something only on paper.
If you have the e-mail addresses of the relationship manager or can fetch the official e-mail address of the HDFC, BoB branch managers, then try to keep them i BCC while asking them to explain the delay.
Again, please do not worry that your money will be untraceable. It will not remain untraceable for long.
Maybe by now, something better would have come up.