What to Do When IMPS Transfer Fails to Be Credited: A Comprehensive Guide

If you have transferred an amount from your HDFC account to your ICICI bank account via IMPS but the amount is not credited, do not panic. Here are the steps you can take to resolve this issue effectively.

Step 1: Check the Transaction Status

The first step is to verify the transaction status. Log in to your HDFC bank app or website and look for any confirmation or error messages related to the IMPS transfer. Make sure you have entered the correct account details to avoid any unintended account transfers.

Step 2: Wait a Bit

Although IMPS transactions are usually immediate, sometimes they may take a few minutes to reflect in the destination account. Wait for a short period of time to see if the amount gets credited.

Step 3: Contact HDFC Customer Care

If the funds are still not credited, it is advisable to contact HDFC Bank's customer care. Provide them with the transaction details, including the date, time, amount, and reference number, to help them track your transaction.

Step 4: Contact ICICI Customer Care

Reach out to ICICI Bank's customer service as well. They can check if there are any issues on their end that might be preventing the amount from being credited.

Step 5: Maintain Documentation

It is crucial to keep a record of all communications with the banks. Record the date, names of representatives, and any reference numbers provided to ensure you have a clear trail of the transaction status.

Step 6: File a Complaint

If the issue is unresolved within a reasonable time frame, consider filing a formal complaint with both banks. You can also escalate the matter to the banking ombudsman as a last resort.

Step 7: Follow Up

Continue to follow up with both banks until the issue is resolved. Persistence is key to making sure that the funds are traced and credited appropriately.

Here are some additional tips:

Firstly, make sure the account details were entered correctly to ensure the money is not transferred to a wrong account. Secondly, IMPS transactions are usually immediately credited, but sometimes they may take 10-15 minutes. If it is still not credited, call the customer care to understand if there is any system downtime or technical issues. Lastly, if the account details were correct and there is no technical issue at your bank, the debited amount will get credited back to your account within 24 hours. If it is not credited back, raise a dispute with your bank. If they refuse to raise the dispute as the transaction was successful, share the account statement of the other bank for proof that the amount is not credited.

Rest assured, you will get your money back. The key is patience and adherence to the steps outlined here.