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

[smnrock]

I failed to find similar info(account number is the only requirement) in RBI site... Whatever i found is already linked in few posts above!

 

[Sanav3]

Its better for all of us if there is verification for Account holders name, Account number and IFSC code for bank branch.

 

[Raghav_K]

I always transfer 100 rs to the party in question, call dem up and confirm them receiving money and then send the remaining amount... Saves lot of headaches ;-)

 

[bitsandpieces]

I failed to find similar info(account number is the only requirement) in RBI site... Whatever i found is already linked in few posts above!

Section 5. iv in this notification. I also would prefer both the account name/number being used, but this is the rule they have come up with.
http://rbi.org.in/scripts/NotificationUser.aspx?Id=6043&Mode=0

 

[smnrock]

^Thanks and thats it

 

[varkey]

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.

The amount got credited, no issues at all. ICICI to SBI.

 

[RoBoGhOsT]

The amount got credited, no issues at all. ICICI to SBI.

oh .. that means just account no and bank are used while transferring .. no branch or account holder's name ..

 

[ayanavish]

I always transfer 100 rs to the party in question, call dem up and confirm them receiving money and then send the remaining amount... Saves lot of headaches ;-)

+1, do the same always

 

[m-jeri]

SHIT!!!!!!!!!!. So i have to be careful now.

 

[raksrules]

I always transfer 100 rs to the party in question, call dem up and confirm them receiving money and then send the remaining amount... Saves lot of headaches ;-)

I do the exact same thing when transferring for first time to someone. Do a small transfer of 50 or 100 Rs and then once it is confirmed, I transfer the remaining amount.

 

[sharktale1212]

Banks look at account numbers only. Not the bene. name. Though the structure of account number is such that first 2-3 denote branch number, and last 2-3 denote account type. So if you mess up first 2-3 numbers not an issue because IFSI + Account number wont match. If you mess up last 2-3 digits then pray that the account type is something in which money cant be deposited.

 

[TheBroker]

Again it depends. On most banks that use finacle, the first few numbers denote tht branch code. My employer(SBI) doesn't have the same methodology coz we use a diff software.