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AU Digital Account opening rant.

joell

TF Buzz
I opened an AU digital Zero MAB account recently. They offered a debit card for Rs236/year. However, I declined thinking it was coming with a virtual card and I didn't need a physical card and mostly use UPI anyway. But after opening I realized you can't setup UPI without a debit card and since I didn't have both I decided to apply for the paid debit card.

During KYC they asked for proof of income which was weird for a bank account. This isn't a credit card. Since I had trading and freelancing income (and no proof since I started this year. Offered bank statements but they only wanted ITR) and I was not going to university (doing CA is considered a course) they had me marked as unemployed.

Overall I will be closing my account after a year unless they offer LIT preapproved. Cheers.
 
They said its policy to ask for source of income for opening a bank account. First I'm hearing about it. and what's with no virtual debit card either?
Most of banks these days asking SoI and whether person is working due to RBI conditions as most of unemployed people account are being used to divert money here and there these days. 2 years back when I opened account at branch with Unity, they asked for ITR and Payslips which I provided.

In future if you are tagged as unemployed in bank records you can't do more than 50K txns including all set of txns pr you better tell the source of income as Funds from Family etc or investment income. Stock Market traders can opt for self-employed and put trading activities as their work.
 
They said its policy to ask for source of income for opening a bank account. First I'm hearing about it. and what's with no virtual debit card either?
Contact them via video banking, and ask o enable netbanking without debit card or with adhar authentication
They will do it
 
Most of banks these days asking SoI and whether person is working due to RBI conditions as most of unemployed people account are being used to divert money here and there these days. 2 years back when I opened account at branch with Unity, they asked for ITR and Payslips which I provided.

In future if you are tagged as unemployed in bank records you can't do more than 50K txns including all set of txns pr you better tell the source of income as Funds from Family etc or investment income. Stock Market traders can opt for self-employed and put trading activities as their work.
I tried to put as a self-employed trader but there wasn't an option in the listed professions.
Contact them via video banking, and ask o enable netbanking without debit card or with adhar authentication
They will do it
I applied for the debit card anyway. So looks like its a done deal.
 
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