Why is money being debited from my account?

A bank account is debited when a transaction is made, usually with a debit card, billpayer system, or a check. The next step in a debit card transaction is that the bank puts a hold on the account for the amount of the transaction.

What is the suspicious transaction in money laundering?

Rule 2(1)(g) of PMLA-2002 defines suspicious transactions as: A transaction whether or not made in cash which, to a person acting in good faith- (a) gives rise to a reasonable ground of suspicion that it may involve the proceeds of crime; or (b) appears to be made in circumstances of unusual or unjustified complexity; …

What type of transactions may be reported as suspicious?

What are Suspicious Transactions? All series of cash transactions connected to each other which have been individually valued below Rs. 10 lakh where they have taken place within a month and the monthly aggregate exceeds Rs. 10 lakh is termed as suspicious transactions.

What happens if the first attempt at online payment fails?

So if you were doing online bill payment etc, and the first attempt fails (i.e money debited but confirmation not received) then do a second transaction. The first one will get refunded. Give your business a competitive advantage with faster payments. Integrate real-time payment technology and send money between bank accounts within seconds!

How many days money will be refunded for failed internet banking?

** RBI guidelines for refund only applies for the third party transfers and that too is 1-2 days at max. Originally Answered: how many days money will be refund to bank for failed internet banking transaction as per RBI guidelines?

What happens if a cash transaction fails?

Once it is confirmed that it was failed transaction and no money was withdrawn, they will credit it back in your bank account. If the cash was withdrawn from your bank, they will follow the same confirmation pro If a cash transaction fails, first thing your bank has to check is, where the transaction took place?..

Why do my SBI net banking transactions keep failing?

Every alternate transaction of mine gets failed because SBI net banking site is super-slow. You get the “account has been debited” SMS but by that time the session has expired so the person who you were paying (say Reliance JIO recharge) has not received the money.