Resolving Uncredited NEFT Transactions from HDFC Bank to Canara Bank: A Comprehensive Guide

When an NEFT (National Electronic Fund Transfer) transaction from HDFC Bank to Canara Bank has not been credited even after two weeks, it is important to follow a structured process to resolve the issue promptly. This article outlines the necessary steps to ensure the transaction is completed, or appropriate action is taken.

1. Verify Transaction Details

The first step in resolving a delayed NEFT transaction is to verify the transaction details. Ensure that the following information was entered correctly:

Transaction reference number Beneficiary account number IFSC code of the beneficiary's bank

These details are essential for tracking and resolving the issue. Keeping a copy of the transaction receipt for your records can be very helpful.

2. Contact HDFC Bank

If the transaction details are verified and still not credited, the next step is to contact HDFC Bank. Explain the situation and provide the transaction details. Request them to track the transaction and provide insights into any potential issues. HDFC Bank can:

Check if the transaction has been queued or delayed Verify if the transaction has been successfully debited from your account Provide an estimated timeframe for resolution

It is important to maintain a record of all communications with HDFC Bank.

3. Contact Canara Bank

Even if HDFC Bank confirms that the transaction has been debited from your account, it is advisable to contact Canara Bank to inquire about the status of the funds. Sometimes, delays may be due to processing issues within their system. You can:

Provide the transaction details and the date and time of the transfer Request insights into any delays or processing issues within their bank

Retaining a record of all communications with Canara Bank is crucial.

4. Raise a Formal Complaint

If neither HDFC Bank nor Canara Bank can resolve the issue, you may need to raise a formal complaint. To do this:

Access HDFC Bank’s grievance redressal system and file a complaint through their official channels Contact Canara Bank’s customer service and escalate the issue through their customer service channels

It is important to document all steps taken and communications, as these can be critical during the resolution process.

5. Follow Up

After raising a formal complaint, it is crucial to follow up regularly. Keep a record of all communications and inquiries. Continue to monitor the status of the transaction and request updates from both banks. If you do not receive satisfactory responses, consider:

Escalating the issue to the banking ombudsman or relevant regulatory authority in your country Finding out the process for obtaining a refund of the debited amount

Time is of the essence, and prompt resolution of such issues can prevent further complications.

NEFT Transaction Guidelines

It is important to note that while NEFT transactions usually take 30 minutes to complete, the maximum time I have experienced is 10 hours. However, if the money has not been credited even after 15 days, it is considered a serious issue, and you should definitely complain to the bank.

My suspicion is that you might have entered the wrong details for the beneficiary, and the money might have been credited to someone else’s account. Only a formal complaint to the bank can provide clarity and resolve the issue.

If the transaction still cannot be completed, inquire about the process for getting a refund of the debited amount. Technically, this should happen within seven working days.