How to cancel NEFT transaction?

The NEFT cancellation process varies from one bank to another. At times we make hasty mistakes by entering a wrong digit or the amount wrong. What to do during this type of situation? I was successful in cancelling my transaction. So, I will share with you how to cancel NEFT transaction in SBI online. 

How to cancel NEFT transaction in SBI online?

Firstly, I would like to point out that NEFT has to be done within the mentioned cut-off time. You cannot stop the payment or cancel it from your end once the NEFT transaction is initiated. 

If by any chance you have sent the money to the wrong recipient you can inform the bank immediately through the mail. Mailing is a wiser option as you can keep proof for the future. After receiving the mail the bank will reverse the transaction. If everything goes well, money will be credited within 3 to 5 working days after the beneficiary accepts the bank’s request. 

The process to cancel the NEFT transaction is more or less the same for SBI, ICICI, and PNB banks. 

To cancel NEFT you can also call the customer care service at SBI: 1800 1234. But mailing them would be a wiser option since it is difficult to get connected with a customer care representative.

How to cancel NEFT transaction in ICICI?

There are three important steps that you should follow:

• Contact the home branch and tell them about the lapse.

• The remote branch and the account holder should be identified.

• Obtain permission from the remote client for reversal.

How to cancel NEFT transaction in PNB?

You can write a mail regarding the transaction and tell the bank to revert back the money. You won't be able to revert the transaction all by yourself.

As a safety measure, I would suggest you check the details at least twice before transferring money through NEFT.

I hope you know how to cancel NEFT transaction now.

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