News India Live, Digital Desk: Even in the era of Digital India, many times it happens that we go to withdraw money from ATM, a message comes to deduct money from the bank account, but the cash does not come out of the machine. In such situations people often get nervous. But the strict rules of the Reserve Bank of India (RBI) ensure complete safety of your hard-earned money. Let us know about the T+5 rule and your compensation rights.1. What is T+5 rule of RBI? RBI has set a time limit (Turn Around Time – TAT) for resolution of failed digital and ATM transactions, which is called T+5 rule. ‘T’ means: The day on which you made the transaction. ‘+5’ means: Next 5 calendar days after the day of transaction. Rule: If your transaction fails and money is deducted from the account, then the bank must within T+5 days It is mandatory to credit that money back to your account automatically.2. ₹100 per day compensation If the bank fails to return the money within the stipulated time limit of T+5 days, it will have to pay compensation for the delay. Amount of compensation: ₹100 per day. When will be applicable: Compensation will start from the sixth day (T+6) and will be available till the money is returned. Automatic Credit: According to RBI, this compensation will be given to the bank without any complaint. Should be automatically credited to customer’s account.3. What to do if transaction fails? (Step-by-Step) Keep the receipt: If you have received a receipt from the ATM, keep it safely. This contains the transaction ID and ATM ID. Inform the bank: Although the refund should be automatic, for safety’s sake call your bank’s toll-free number or lodge a complaint at the home branch. Keep an SMS alert: Make sure you have the official message of money deducted safe.4. Rules for other digital transactions: Not only ATM, RBI has set time limit for other digital mediums also: IMPS/UPI: If the money is deducted but not received, then the time for refund is T+1 day. Here also a compensation of ₹ 100/day is applicable on delay. Point of Sale (PoS): T+5 rule is also applicable for failed transactions due to card swiping at shops.5. Where to complain if the bank does not give compensation? If the bank is reluctant to return your amount or compensation, you can take the following steps: Grievance Redressal Officer: Write a letter to the Nodal Officer of the bank. RBI Banking Ombudsman: If the bank does not resolve your problem within 30 days, you can lodge a complaint online by visiting cms.rbi.org.in.