Lakhs of rupees accidentally credited to your account? Know what the rules say before you celebrate..

Imagine waking up, checking your bank account, and suddenly seeing an extra ₹7 lakh. Initially, you would feel happy, but then fear would set in—"Could there be a mistake?" Many people have experienced this situation; conversely, there are times when excess money gets deducted. Upon investigation, it often turns out to be due to a technical glitch. Let’s understand what a technical glitch is, how it happens, and what steps should be taken.

What is a technical glitch? A technical glitch refers to a technical error—minor or major—within the banking system. Bank computer systems are vast and complex, handling millions of transactions daily. Sometimes, due to software bugs, server issues, or errors during updates, money might accidentally be transferred to the wrong account.

This does not happen intentionally; it is a system error. Just as a file might accidentally get duplicated on a computer, funds in a banking system can get duplicated or transferred to the wrong account.

How does this happen?