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I have previously accepted payments from unknown parties in my primary bank account, but I am now contemplating whether directing payments to a non-primary account would be a more suitable approach to prevent account freezing.?
If receiving UPI payments from random people would make bank freeze the accounts then almost all merchants would have experienced that from vegetable vendor to snacks vendor to any shopkeeper.You are right. It is a good idea to have an alternative (SB/current) account. These days, we don't know when a bank freezes an account (for whatever reason), even if temporarily.
But I have been taking payments from unknown people in my primary bank account for the last 2-3 years. Till when will the risk of account freezing remain?You are right. It is a good idea to have an alternative (SB/current) account. These days, we don't know when a bank freezes an account (for whatever reason), even if temporarily.
A lot of unknown payments have come into my account in the last 3-4 years. Now I am a bit tensed as to when and whom should I file a fraud report.Your account only gets frozen mostly when an automated fraud detection system triggers a red flag in your transactions or your bank receives a request to do so by a certified authority. Otherwise, you should be fine. If the purpose of those payments are genuine, you don't need to worry about it. If you know they are unethical in nature, then stop it.
If receiving UPI payments from random people would make bank freeze the accounts then almost all merchants would have experienced that from vegetable vendor to snacks vendor to any shopkeeper.
For these transactions a current account would be better.
However banks can't arbitrarily freeze accounts. I hope business and finance press would take up this issue soon. Banks can't bully the customers.
A lot of unknown upi imps rtgs payments have come into my account in the last 3-4 years. Now I am a bit tensed as to when and whom should I file a fraud report.If receiving UPI payments from random people would make bank freeze the accounts then almost all merchants would have experienced that from vegetable vendor to snacks vendor to any shopkeeper.
For these transactions a current account would be better.
However banks can't arbitrarily freeze accounts. I hope business and finance press would take up this issue soon. Banks can't bully the customers.
The payments were mine but the person who made the payment is unknown to me because he made the Transaction from different different persons bank accountsAre you implying you weren't expecting those payments but have been credited to your account despite no service from your end?
If receiving UPI payments from random people would make bank freeze the accounts then almost all merchants would have experienced that from vegetable vendor to snacks vendor to any shopkeeper.
For these transactions a current account would be better.
However banks can't arbitrarily freeze accounts. I hope business and finance press would take up this issue soon. Banks can't bully the customers.
The payments were mine but the person who made the payment is unknown to me because he made the Transaction from different different persons bank accounts
For example
I had to take money from Dinesh, so Dinesh sent me money from Suresh, Ramesh and Jayesh's accounts
RBI will always side with the Bank on all freeze cases. Even if Banks freezw 1Cr accounts at random tomorrow given India's population it wont matter.
No amount of regulation, law, enforcement, goodwill, or hard work, (ANYTHING IN THE WORLD), will protect you from incompetence and malice. NSDL might be facing some cash problems so they go ahead and block the money, this will increase their liquidity ratio. This is a major flaw with RBI, RBI can be rendered incompetent just with the number of complaints. I have been saying this for the past decade, you don't need corruption to destroy RBI, just reduce the head count and banks can destroy the whole nation in 24 hours.Totally agree. 💯
Recent (similar) case is NSDL Payment Bank freezing most (or all) of its accounts on Jan 1, 2025 (New Year Day!). People are still running from posts to pillars. Ref: https://x.com/search?q=@nsdlpb&f=live
In X(twitter), NSDLPB has closed its comments due to too many requests (even after nearly 2.5 months of blocking of accounts). Ref: https://x.com/nsdlpb
RBI has done nothing to unblock the accounts. RBIO paid Rs.500 compensation for everyone who made a formal complaint for the delay to do vKYC, though. For the first days, X page of NSDLPB was sickening to see people crying, begging, etc. Even the current accounts in collaboration with Cheqbook were blocked. True madness, it was.