There is always a problem with poor service of New Delhi Bank, insurance companies etc. People keep complaining from bottom to top in the system, but there is no hearing. Do you know that if your problem is not resolved within a certain time in government institutions, then you are entitled to compensation. Many times people do not know how much compensation they can get. How can you recover damages on bad services, Preity Kulkarni is telling
1. Bank Transaction
A. Money deducted in an ATM transaction
If money is deducted from the account during an ATM transaction, but no cash is received, the bank has 6 days to reverse it (five more days after the transaction day). Penalty: Penalty starts on the bank every day from the seventh day on non-refund of money in the account.
B. Money deducted from POS machine
POS means the money withdrawn from your account during the transaction from a machine with a merchant, if the charge slip is not generated, in this case there is 6 days (five days after the transaction day) for transaction reversal. Penalty: If the money does not come to the account in 6 days, then penalty of Rs 100 daily starts.
C. Money cut through UPI
During the use of prepaid wallet proprietary payment system, the funds transfer through IMPS on UPI fails, but if the money is deducted from your account, then this amount should be returned to the account in 2 days (the transaction and the day after). Penalty: If not, then you will be entitled to a penalty of Rs 100 daily from the third day.
D. Money cut on e-commerce site
While transacting on the website of any e-commerce company, the money is deducted from the card, but if the transaction is not completed, then there is also a time of 6 days for reversal (five days after the day of the transaction). Penalty: You will be entitled to get a penalty of 100 rupees per day for non-payment of money in 6 days.
2. Life Insurance
A. Death Claim
Insurance companies will have to make any inquiry related to the death claim case within 15 days of the filing of the claim. The company also has to provide information about whether the claim has been approved or not, within 30 days of receiving the appropriate documents and explanations. Penalty: If the insurance company is not able to settle the death claim on time, then from the then repo rate (currently 5.4 per cent) on the claim amount due from the day of receipt of the last required document.
The interest of 2% more is to be paid as penalty .
If necessary, an investigation must be completed within 90 days. The claim will have to be accepted or dismissed within 30 days of the completion of the investigation. Penalty: For not handling the case within the deadline, the interest payable on the amount due from the day of receipt of the last document is 2% higher than the bank interest rate.
B. On delay in settlement of maturity, survival benefit and annuity claims
In these cases the insurance company has to inform the insured before due date. Also, a post date check has to be sent or deposited in a registered bank account on due date. Penalty: As a penalty, the insurance company has to pay 2% more than the bank interest rate on the amount due from the day the last document is received.
Refund not received: Refund should be received within 15 days in cases of request for free look cancellation, surrender, withdrawal, proposal deposit withdrawal. Penalty: If the refund is not received, you have to pay 2% more than the bank interest rate on the amount due from the request or the day of receipt of the last document (whichever comes later).
3. General Insurance
If the claim is not settled on time
The insurance company has 30 days after receiving the final survey report and related information to accept or reject the claim. Penalty: If the insurance company is unable to settle the claim on time, then it has to pay 2% more than the bank interest rate for the period from the day of receipt of final document as penalty.
4. Health Insurance
If the claim is not settled on time
In the general case, the company has to settle the claim within 30 days. In case the investigation is necessary, the investigation has to be completed within 30 days of the receipt of the final document, while the claim has to be settled within 45 days. Penalty: In case of delay in claim settlement, the health insurance company has to pay a penalty of 2% above the bank interest rate from the day of receipt of the last document to the payment.
5. Mutual Fund
In case of redemption, the payment should be made within 10 days of receiving the request and within 30 days of the dividend declaration. Penalty: Interest on the amount payable at the rate of 15 per cent for the delayed period.
6. Taxation
A. On paying more amount as advance tax or TDS
Refund of additional amount paid as advance tax or TDS should also be received on time. If the return is filed before 31 July, then interest will be available in the assessment year from 1 April till the date of the refund payment. This period will start from the date of filing the return when the return is filed later. If the refund is not received on time, then you will get 0.5% interest on the refund every month. If the refund amount is less than 10% of the tax liability then no interest will be paid on it.
B. On higher payment of self assessment tax
In this case, the interest paid period for refund will start from the day the tax is paid or the return is filed. After the penalty deadline is missed, the taxpayer will get 0.5% interest every month on the outstanding refund. If the refund is less than 10% of the tax liability then no interest will be paid.
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