Help , LIC policy maturity money deposited to wrong Acc number.

hector19

hector19

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Hello Raiders , Please help me out here .
My poor uncle inadvertently wrote his Bank Account Details Wrong , in the LIC Policy Maturity form & today he received a letter from LIC , that his Money has been deposited to mentioned bank Acc ( which is wrong ) via NEFT. LIC place is closed today due to the Barath Bandh , He's very much worried about his money , & even i have no knowledge on this , Please help me out here , is his Money lost ? or can something be done ?

But he mentioned his IFSC code correctly.

Thanks :)
 
Ask him to go early today/tomorrow morning,
along with the LIC papers etc, if the account holder withdraws the amount and refuses to return back there is not much you can do about it.
It had happened to my dad, he deposited Rs.30000.00 once into a wrong account and realised it only when his statement came after 2 months, by the time he went the account to which it was deposited had shifted account, we asked the bank for his address and wrote him a polite letter request the amount to be returned back, which took a while, the account holder had'nt realised that he had more money in his account then it should have been. he returned the amount back.

It happened 5-6 years ago.
 
If it is a valid account number and the deposit is already done, I am doubtful there is much that can be done about it. I don't think they can debit money from a users account without permission after its deposited. However, usually when I do NEFT with HSBC, they cross check both Name and account number. if the Name does not match, the money would not be deposited.
 
Thank you all for your replies, The bank account is Andhra Bank , he has clearly written the IFSC code, my uncle's guess is that There is no account holder with that number, The mistake is just the starting number ( instead of 9 , its 4 ). I'll go along with him tomorrow morning & i'll post here.
 
Lord Nemesis said:
If it is a valid account number and the deposit is already done, I am doubtful there is much that can be done about it. I don't think they can debit money from a users account without permission after its deposited. However, usually when I do NEFT with HSBC, they cross check both Name and account number. if the Name does not match, the money would not be deposited.
Click to expand...

Now banks are not required to check the names, they can go ahead and credit the amount based on account number.
The bank will not debit the amount on it's own, they will contact that customer first and then only will credit back.

Extract of the RBI circular

) Responsibility to provide correct inputs in the payment instructions, particularly the beneficiary account number information, rests with the remitter / originator. While the beneficiary’s name shall be compulsorily mentioned in the instruction request, and carried as part of the funds transfer message, reliance will be only on the account number for the purpose of affording credit. This is applicable both for transaction requests emanating at branches and those originated through the online / internet delivery channel. The name field in the message formats will, however, be a parameter to be used by the destination bank based on risk perception and /
or use for post-credit checking or otherwise.
 
Thanks all for the help :). Its solved now.
Luckily there was no one with that Acc number , What my uncle did was , he wrote the first two numbers Wrong, His acc# is 049XXXXXXXXXXX , but he wrote 094XXXXXXXXXXX. I went along with my uncle to LIC today morning , & the Additional Branch Manager relieved us from Tension saying " Boss do not worry , your hard earned money is still with us , My compootar says Acc does not exist. "


Phewww
 
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