Sage-Tips

Is beneficiary name important for IMPS?

To carry out an IMPS transfer, the details required are beneficiary name, account number, branch name and IFSC code. Customers can also send and receive money through IMPS using a Mobile Money Identification Number (MMID) and mobile number. Customers can send funds using MMID as well as IFSC.

What if I wrote wrong beneficiary name?

It is not possible to recover the money without the consent of the wrong beneficiary. The person could refuse to return your money. In such a case, you can take legal action. If all goes well and the person agrees to return your amount, it will take 8-10 business days to cancel the transaction.

Is beneficiary name important for Neft?

In terms of the extant Procedural Guidelines for RTGS / NEFT / NECS / ECS Credit, however, banks are generally expected to match the name and account number information of the beneficiary before affording credit to the account.

What if beneficiary account number is wrong?

In case the account number exists, you will have to take an immediate action. If the amount has been credited to an unintended beneficiary’s account who has the name same as your intended beneficiary, you will have to provide proof to support that the transfer made was wrong.

What happens if I write wrong account number of beneficiary?

If you have made the wrong transaction then immediately inform the bank and its concerned manager. The bank may approach the recipient on your behalf in case the transfer is intra-bank. It may request for a reversal of transaction. If the beneficiary agrees, the transaction will be reversed back within 7 working days.

Does the name matter on bank transfer?

At present, anyone wanting to transfer money enters the intended recipient’s name, account number and sort code. However, the name is not checked. Under plans from the UK’s payments operator, the sender will be alerted if the name does not match the account.

How can I get my money back from a wrong transfer?

You can ask for a transaction reversal from that bank. If the amount went to the incorrect recipient from the same bank, the bank can also approach the individual and seek permission to attempt a transaction reversal.

Does it matter if the beneficiary name is wrong in Imps?

Sometimes the wrong beneficiary name does not matter in case of IMPS. But mostly in case of NEFT where the beneficiary name is not correct the transaction wont pass through. Bank to Bank transfer within same bank will also require exact name at couple of banks parameters.

Can money be remitted but show wrong beneficiary name in statement?

However if the account number is correct and IFSC code too then money will be remitted but will show a wrong beneficiaries name in your account statement.

Why do banks match beneficiary’s name to account number?

Some banks match the beneficiary’s name as a precautionary measure to ensure fund transfer happens to the correct account, but it’s not mandatory for banks to do so, according to Reserve Bank of India (RBI)’s regulations. Here is what happens if you enter wrong IFSC code. What is IFSC code?

How to add a beneficiary to an account?

To add a beneficiary, You need to provide the following information at the time of adding. Most of the bank check Beneficiary’s Name as a precautionary measure to ensure fund transfer happens to the correct account. RBI identifies the beneficiary’s bank using IFSC code to which the transfer has to be made.