Are you looking to know about NEFT Return Reasons/NEFT Return Codes? If yes then you came to right article/blog to know about NEFT Return Reasons. NEFT and RTGS are one of the best and fastest way to transfer money from sender to receiver.
In this article you get to know full details about NEFT Return Codes/ NEFT Return Reasons for failing NEFT Transactions. This article is written after referring National Payment Corporation of India Circular and reading more than 7 articles related to NEFT Return Codes.
NEFT RETURN CODES MEANING
In simple words NEFT Return Codes Meaning refers to when bank unable to process the transaction and couldn’t be able to remit the money and remit the money back to sender.
For Example:
Mr. ABC transferred the amount of ₹ 1,00,000/- to Mr. XYZ through NEFT. But due to some reasons Bank couldn’t be able to process the transaction. In this case NEFT return will happen.
NEFT RETURN CODES
NEFT Return may happen due to wrong account number, connectivity failures, IFSC code wrong etc. These codes are also called as ACH Codes (Automatic Clearing House Codes).
R 01: INSUFFICIENT FUNDS
R 01 NEFT/RTGS return code refers to remitting customer not having sufficient balance to complete the transaction. In this case customer needs to deposit the money and complete the transaction.
R 02: ACCOUNT CLOSED
R 02 NEFT/RTGS Return Code refers to when customer remit the transaction to receiver. But receiver account is closed. It results in to failed transaction. In this case receiver give another account number to complete the payment because you can not remit the amount to closed account.
R 03: NO SUCH ACCOUNT
R 03 NEFT/RTGS Return Code refers to when customer remit the transaction to receiver. No such account is available to remit the funds. It results in to failed transaction. In this case receiver give another account number to complete the payment because you cannot remit the amount to No such account or unable to locate the account.
R 04: INVALID ACCOUNT NUMBER
R 04 NEFT/RTGS Return Code refers to Invalid Account Number. It means sender not provided correct/right account number to remit the amount to the receiver. It will result to failed NEFT/RTGS transaction.
R 05: UNAUTHORIZED DEBIT ENTRY ACCOUNT NUMBER STRUCTURE NOT VALID.
R 05 NEFT/RTGS return code refers to unauthorized debit entry account number structure not valid. It means it contain incorrect number of digits.
R 06: RETURN AS PER ODFI’s REQUEST
R 06 NEFT/RTGS Return Codes refer to Return as per ODFI’s request. It means Originating Depository Financial Institution requested to reverse the transaction.
R 07: AUTHORIZATION REVOKED BY CUSTOMER
R 07 NEFT/RTGS Return Codes refer to Authorization revoked by the customer. It means customer requested to reverse the transaction.
R 08: PAYMENT STOPPED OR STOP PAYMENT ON ITEM
R 08 NEFT/RTGS Return Codes refer to Payment Stopped by the customer. It means customer requested to stop the transaction.
R 09: UNCOLLECTED FUNDS
R 09 NEFT/RTGS Return Codes refer to uncollected funds. It means sender of the transaction not having sufficient balance to do the transactions.
R 10: ADVISES NOT AUTHORIZED
R 10 NEFT/RTGS Return Codes refer to
- Advises Not Authorized.
- Item Is Ineligible,
- Notice Not Provided,
- Signatures Not Genuine,
- Item Altered.
R 11: CUSTOMER ADVISES ENTRY NOT IN ACCORDANCE WITH THE TERMS OF THE AUTHORIZATION USED BY THE RDFI
R 11 NEFT/RTGS Return Codes refer to customer advises entry not as per terms of the authorization used by the Receiving Depository Financial Institution.
R 12: NRI ACCOUNT
R 12 NEFT/RTGS Return Codes refer to NRI Account. Foreign transaction only accepted to Foreign Exchange.
R 13: RDFI NOT QUALIFIED TO PARTICIPATE FINANCIAL INSTITUTION
R 13 NEFT/RTGS Return Codes refer to RDFI not qualified to participate financial institution is not qualified to participate in ACH or the routing number is incorrect.
R 14: REPRESENTATIVE PAYEE DECEASED.
R 14 NEFT/RTGS Return Codes refer to representative of payee is deceased.
R 15: BENEFICIARY OR ACCOUNT HOLDER IS DECEASED.
R 15 NEFT/RTGS Return Codes refer to beneficiary/ account holder is deceased.
R 16: ACCOUNT FROZEN
R 16 NEFT/RTGS Return Codes refer Account is frozen due to various reasons. Until frozen will be removed you can not give any credit to this account.
R 18: IMPROPER EFFECTIVE ENTRY DATE
R 18 NEFT/RTGS Return Codes refer to Improper Effective Entry Date. It means effective date of credit entry is more than two days after processing of the banking day.
R 20: NON-TRANSACTION ACCOUNT
R 20 RTGS/ NEFT Return Codes refer Non-Transaction Account it means this account not meant to do any transaction purposes.
R 21: INVALID COMPANY IDENTIFICATION
R 21 NEFT/RTGS Return Codes refer Invalid Company Identification. it means company identification number is not valid.
R 22: INVALID INDIVIDUAL ID NUMBER
R 22 NEFT/RTGS Return Codes refer Invalid Individual ID Number.
R 23: CREDIT ENTRY REFUSED BY RECEIVER
R 23 RTGS/ NEFT Return Codes refer to Credit Entry Refused by the Receiver. It will happen for following reasons.
- Sender didn’t send minimum amount requested by the receiver.
- Sender didn’t send the exact amount requested.
- Legal issue with receiver account to receive the money from the sender.
- If receiver accept the money, it may be more than the amount requested.
- The receiver doesn’t know the sender who sent the money.
- The receiver not given permission to the bank to add money.
R 24: DUPLICATE ENTRY
R 24 NEFT/RTGS Return Codes refer to Duplicate Entry. It means the trace number, date of the transaction, amount and other data matches another transaction.
R 29: CORPORATE CUSTOMER ADVISES NOT AUTHORIZED
R 29 NEFT/RTGS Return Codes refer to Corporate Customer Advises Not Authorized.
R 31: PERMISSIBLE RETURN ENTRY
R 31 NEFT/RTGS Return Codes refer to Permissible Return Entry.
R 33: RETURN OF XCK ENTRY
R 33 RTGS/ NEFT Return Codes refer to Return of XCK Entry.
CONCLUSION ON NEFT RETURN CODES
Dear reader in this article you get to know about NEFT Return Codes Meaning, NEFT Return Reasons/Codes. If you have any query regarding this kindly comment below.
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