Is it true that we shouldn't transact more than five times a month in a savings bank account?

[rj_arora]

Guys, I had a terrible experience today at Axis Bank. They blocked my savings account three days ago. Credit is allowed, but I can't debit any money. I went to the branch today to confront them, and the manager told me this -

Allegation 1: There were too many transactions in my savings account. That's why their system flagged the account. They told me to use my account like a savings account and not like a current account. The manager clearly told me that RBI has directed the banks not to allow more than five transactions per month.
My view: this is the first time I've heard about this five transaction limit a month. I mean, how is it possible that the government is promoting digitisation and, at the same time, limiting people to use their savings account only five times a month? Isn't it weird?

Allegation 2: the manager was asking me how I was getting money credited to my account so many times. I clearly told him that I had transferred the money from my own ICICI account to my Axis account many times and then transferred it to my own Zerodha/Paytm money as I had linked my Axis account to the broker. Also, my mother and my friends sent me money totalling 4-5 times the previous month, and 3-4 were miscellaneous credits. But he was trying to scare me by saying that I was speaking so much in front of him, but I wouldn't be able to utter a single word against the income tax department.
My view: What does the income tax department have to do with this? I mean, is it illegal to take money from friends? And all of this is white money. They are transferring the money from their bank account to my bank account, right? It's not even cash. How did the income tax department come into the picture? I have no idea. There are a total of 73 debits + credits in my account. I don't know how high it is.

Some other transaction level details:

I received a total of 6.17L from my own other bank accounts in 11 transactions.
I received a total of 86K (my own Business income, declared in ITR, too) in 2 transactions.
I received a total of 1.1Lakh from friends/family in 8 transactions.
All these were IMPS/UPI. All online, bank-to-bank transfers.
The remaining 50 transactions were debit transactions, mainly to my broker account and vendors/shops/friends, etc.

Now, to resolve this, he's asking me to write on a page that I will use my savings account less frequently in the future and that I won't repeat this behaviour when I am doing multiple transactions in my account. Also, he is asking me to write the purpose of the credits in my account and why the money was credited from my friends and from my mother to my account.
What do you guys think I should do here? Has anyone else faced this before?

cc: @TechnoFino @Subhankar @ashwink @S S V @4uziaul @007 @alphadark7 @bhavyegoel

 

[Bugs Bunny]

Remove the writing, it seems unnecessary. This is short and to the point. Good to get the ball rolling.

Naa he didn't mention anything about BM

 

[Pankhuri]

Naa he didn't mention anything about BM

Looking for a swift resolution and not really going after BM.

 

[Bugs Bunny]

Looking for a swift resolution and not really going after BM.

But action on Manager is also necessary

 

[pothi]

The money stuck is about 13K. No urgent requirement as such

What about the time? Do you have time to go through various hierarchy of banking sector / Axis? If yes, never visit the branch again and then go ahead & start with writing an official email to the RM (if you have one) and / or to the BM. Based on their response, escalate the issue. You have to play by the rules of the banks / RBI in order to get what you want. There are so many who don't know the rules and cry everywhere about why certain things happened to their accounts or cards.

Please know that it is okay for them to request you to write a letter confirming that the transactions are non-business. These kind of disclaimers are usually asked when opening an account (online) these days, though. Everything else (that they talked like 5 txns per month) is BS. So, they can't ask anything else (like asking you to bring down the number of transactions). Remember that they have every right to flag and freeze an account (temporarily). Every BM has certain rights (and limitations too).

Think about what you want to achieve and then choose your decision accordingly. Just want the funds back? Want to complain about the RM / BM, etc? Or want to continue dealing with Axis (for SB account or CC) for years to come?

The BM probably had a bad day and you became a victim when you visited the branch. Probably BM wanted you to open a current account. Or he wants you to move to higher MAB account. They are still within the rules when they talked. BM is still a human. Be kind to other people, even to those who did harm to you. Coincidentally, today's Gandhiji's martyr day too. I have seen certain people who did harm to me (by shouting for example) became my best acquaintances / friends later.

Take your time, read the rules, and then move forward. If you do anything in a hurry, you may get caught in an infinite loop, going nowhere (and then you may end up visiting the branch again).

 

[sm9811911]

@sm9811911 @Pankhuri @sid16 @Bugs Bunny and other friends too,
What do you think? Should I mail the higher authorities or not?

This is my draft email, which I just completed:
Respected Sir/Ma'am, My Axis Bank savings account (Account Number: XXX, Branch IFSC XXXX) was frozen some days ago. Credits are allowed, but I can't debit my money. I went to the branch today to unfreeze my account, but the operations manager told me this -
Reason 1: There were too many transactions in my savings account. That's why their system flagged the account. They told me to use my account like a savings account and not like a current account. The manager clearly told me that RBI has directed the banks not to allow more than five transactions per month in savings accounts.
My view: This is the first time I've heard about this five transaction limit a month. Can you give me in writing or show me where RBI has stated this five transactions a month limit?

Reason 2: the manager was asking me how I was getting money credited to my account many times. I clearly told him that I had transferred the money from my own other bank accounts to my Axis account many times. Also, my relatives and friends sent me money from their bank accounts, totalling around 8 to 9 times the previous month. But he was trying to scare me by saying that I was speaking in front of him, but I wouldn't be able to utter a single word against the income tax department. Also, I have to give him in writing that these are not business incomes.
My view: I mean, what kind of behaviour is this? How can he scare me by bringing the IT department into this? I mean, is it illegal to take money from friends and relatives for the short term (all bank-to-bank transfers, no cash transfers), which I will anyways return to them in the future? How did the IT department come into the picture? I have no clue at all. Moreover, who gave him the power to question the nature of transactions? When have banks started to track whether a credit was a business credit or a non-business credit and freeze accounts based on that? Can you please educate me here?

Finally, for the resolution/unfreezing process, he asked me to give him in writing that these credit transactions were non-business in nature (Again, I have no idea whether he is even authorised to ask this) and that I would use the bank account little in future and would make very few transactions.
I am pretty sure I will close my account with Axis after such behaviour, but please unfreeze my account first so that I can take my money out.
Looking forward to a swift resolution here.
Regards

looks good. Everyone has his own style for emails.
You should mention UPI transactions, thus high number of transactions, which government promotes.
Do complaint against one person (name him if possible).

 

[rj_arora]

What about the time? Do you have time to go through various hierarchy of banking sector / Axis? If yes, never visit the branch again and then go ahead & start with writing an official email to the RM (if you have one) and / or to the BM. Based on their response, escalate the issue. You have to play by the rules of the banks / RBI in order to get what you want. There are so many who don't know the rules and cry everywhere about why certain things happened to their accounts or cards.

Please know that it is okay for them to request you to write a letter confirming that the transactions are non-business. These kind of disclaimers are usually asked when opening an account (online) these days, though. Everything else (that they talked like 5 txns per month) is BS. So, they can't ask anything else (like asking you to bring down the number of transactions). Remember that they have every right to flag and freeze an account (temporarily). Every BM has certain rights (and limitations too).

Think about what you want to achieve and then choose your decision accordingly. Just want the funds back? Want to complain about the RM / BM, etc? Or want to continue dealing with Axis (for SB account or CC) for years to come?

The BM probably had a bad day and you became a victim when you visited the branch. Probably BM wanted you to open a current account. Or he wants you to move to higher MAB account. They are still within the rules when they talked. BM is still a human. Be kind to other people, even to those who did harm to you. Coincidentally, today's Gandhiji's martyr day too. I have seen certain people who did harm to me (by shouting for example) became my best acquaintances / friends later.

Take your time, read the rules, and then move forward. If you do anything in a hurry, you may get caught in an infinite loop, going nowhere (and then you may end up visiting the branch again).

What a lovely thought. Yeah, let's honour Gandhi martyrs day, Write a letter to him, unfreeze the account and close both my and my brother's account there and be done with it, phew.
BTW, I have 3 Axis CC too (Magnus, Vistara and 1 more I forgot). Will they keep on working after I close the account?

 

[ashwinkashwink is verified member.]

Will they keep on working after I close the account?

Yup without any hiccups

 

[deep@vie]

Guys, I had a terrible experience today at Axis Bank. They blocked my savings account three days ago. Credit is allowed, but I can't debit any money. I went to the branch today to confront them, and the manager told me this -

Allegation 1: There were too many transactions in my savings account. That's why their system flagged the account. They told me to use my account like a savings account and not like a current account. The manager clearly told me that RBI has directed the banks not to allow more than five transactions per month.
My view: this is the first time I've heard about this five transaction limit a month. I mean, how is it possible that the government is promoting digitisation and, at the same time, limiting people to use their savings account only five times a month? Isn't it weird?

Allegation 2: the manager was asking me how I was getting money credited to my account so many times. I clearly told him that I had transferred the money from my own ICICI account to my Axis account many times and then transferred it to my own Zerodha/Paytm money as I had linked my Axis account to the broker. Also, my mother and my friends sent me money totalling 4-5 times the previous month, and 3-4 were miscellaneous credits. But he was trying to scare me by saying that I was speaking so much in front of him, but I wouldn't be able to utter a single word against the income tax department.
My view: What does the income tax department have to do with this? I mean, is it illegal to take money from friends? And all of this is white money. They are transferring the money from their bank account to my bank account, right? It's not even cash. How did the income tax department come into the picture? I have no idea. There are a total of 73 debits + credits in my account. I don't know how high it is.

Some other transaction level details:

I received a total of 6.17L from my own other bank accounts in 11 transactions.
I received a total of 86K (my own Business income, declared in ITR, too) in 2 transactions.
I received a total of 1.1Lakh from friends/family in 8 transactions.
All these were IMPS/UPI. All online, bank-to-bank transfers.
The remaining 50 transactions were debit transactions, mainly to my broker account and vendors/shops/friends, etc.

Now, to resolve this, he's asking me to write on a page that I will use my savings account less frequently in the future and that I won't repeat this behaviour when I am doing multiple transactions in my account. Also, he is asking me to write the purpose of the credits in my account and why the money was credited from my friends and from my mother to my account.
What do you guys think I should do here? Has anyone else faced this before?

cc: @TechnoFino @Subhankar @ashwink @S S V @4uziaul @007 @alphadark7 @bhavyegoel

You should have abused this bully as much as you could & closed the account then & there.
It's not to late either. Just teach him a lesson.
Say ij his face that you dumbf**k you're getting your salary coz of customers like me.

 

[imdjay]

Send this email to pno@axisbank.com. You only have to add your account number in there:


Dear Nodal Officer,

I am writing to you with immense frustration and disappointment regarding my recent experiences at your Axis Bank branch, which have not only inconvenienced me but also raised serious questions about your bank's adherence to customer service standards and regulatory compliance.

1. Unjustified Account Blocking: My savings account# XXXXXXXX has been blocked for three days, preventing me from making any debits. This action is bewildering and has caused me significant distress and inconvenience.
2. Misleading Information about Transaction Limits: I was informed that the blockage was due to "excessive transactions" and was advised to limit my transactions to five per month, purportedly under RBI directives. This is the first instance I have heard of such a restriction. It is perplexing how a policy that severely limits digital transactions aligns with the government's push for digitalization. This misinformation is not only misleading but also hints at a lack of transparency in your operations.
3. Unwarranted Scrutiny of Legitimate Transactions: The questioning of the nature of credits into my account is another point of contention. The funds, including those from my ICICI account, business income, and transfers from friends and family, are legitimate and accounted for. My financial transactions, totaling 73 debits and credits, are well within legal frameworks and conducted through recognized banking channels (IMPS/UPI).
4. Inappropriate Reference to Income Tax Regulations: The manager's insinuation regarding the Income Tax Department was not only inappropriate but also baseless. It is disconcerting that a bank manager would use such tactics to intimidate a customer.
5. Unreasonable Demands: The requirement to submit a written pledge to reduce my transaction frequency and to explain the nature of my credits is both unreasonable and intrusive. It is not the bank’s place to dictate how frequently I should access my funds or to demand explanations for legitimate transactions.

Given these points, I urge you to:

• Immediately unblock my account and ensure such unwarranted actions are not repeated.
• Provide a clear explanation for the blockage and the misinformation regarding transaction limits.
• Address the unprofessional conduct of the branch manager and ensure customers are treated with respect and without undue suspicion.

I expect a prompt response to this issue, failing which I will be compelled to take further action, including escalating this matter to higher authorities and considering a change in my banking relationship.

Thank you for your immediate attention to this serious matter.

Sincerely,

 

[Bugs Bunny]

Send this email to pno@axisbank.com. You only have to add your account number in there:


Dear Nodal Officer,

I am writing to you with immense frustration and disappointment regarding my recent experiences at your Axis Bank branch, which have not only inconvenienced me but also raised serious questions about your bank's adherence to customer service standards and regulatory compliance.

1. Unjustified Account Blocking: My savings account# XXXXXXXX has been blocked for three days, preventing me from making any debits. This action is bewildering and has caused me significant distress and inconvenience.
2. Misleading Information about Transaction Limits: I was informed that the blockage was due to "excessive transactions" and was advised to limit my transactions to five per month, purportedly under RBI directives. This is the first instance I have heard of such a restriction. It is perplexing how a policy that severely limits digital transactions aligns with the government's push for digitalization. This misinformation is not only misleading but also hints at a lack of transparency in your operations.
3. Unwarranted Scrutiny of Legitimate Transactions: The questioning of the nature of credits into my account is another point of contention. The funds, including those from my ICICI account, business income, and transfers from friends and family, are legitimate and accounted for. My financial transactions, totaling 73 debits and credits, are well within legal frameworks and conducted through recognized banking channels (IMPS/UPI).
4. Inappropriate Reference to Income Tax Regulations: The manager's insinuation regarding the Income Tax Department was not only inappropriate but also baseless. It is disconcerting that a bank manager would use such tactics to intimidate a customer.
5. Unreasonable Demands: The requirement to submit a written pledge to reduce my transaction frequency and to explain the nature of my credits is both unreasonable and intrusive. It is not the bank’s place to dictate how frequently I should access my funds or to demand explanations for legitimate transactions.

Given these points, I urge you to:

• Immediately unblock my account and ensure such unwarranted actions are not repeated.
• Provide a clear explanation for the blockage and the misinformation regarding transaction limits.
• Address the unprofessional conduct of the branch manager and ensure customers are treated with respect and without undue suspicion.

I expect a prompt response to this issue, failing which I will be compelled to take further action, including escalating this matter to higher authorities and considering a change in my banking relationship.

Thank you for your immediate attention to this serious matter.

Sincerely,

Almost perfect draft, I get a different level of satisfaction seeing such drafting.

 

[Vasuki]

Guys, I had a terrible experience today at Axis Bank. They blocked my savings account three days ago. Credit is allowed, but I can't debit any money. I went to the branch today to confront them, and the manager told me this -

Allegation 1: There were too many transactions in my savings account. That's why their system flagged the account. They told me to use my account like a savings account and not like a current account. The manager clearly told me that RBI has directed the banks not to allow more than five transactions per month.
My view: this is the first time I've heard about this five transaction limit a month. I mean, how is it possible that the government is promoting digitisation and, at the same time, limiting people to use their savings account only five times a month? Isn't it weird?

Allegation 2: the manager was asking me how I was getting money credited to my account so many times. I clearly told him that I had transferred the money from my own ICICI account to my Axis account many times and then transferred it to my own Zerodha/Paytm money as I had linked my Axis account to the broker. Also, my mother and my friends sent me money totalling 4-5 times the previous month, and 3-4 were miscellaneous credits. But he was trying to scare me by saying that I was speaking so much in front of him, but I wouldn't be able to utter a single word against the income tax department.
My view: What does the income tax department have to do with this? I mean, is it illegal to take money from friends? And all of this is white money. They are transferring the money from their bank account to my bank account, right? It's not even cash. How did the income tax department come into the picture? I have no idea. There are a total of 73 debits + credits in my account. I don't know how high it is.

Some other transaction level details:

I received a total of 6.17L from my own other bank accounts in 11 transactions.
I received a total of 86K (my own Business income, declared in ITR, too) in 2 transactions.
I received a total of 1.1Lakh from friends/family in 8 transactions.
All these were IMPS/UPI. All online, bank-to-bank transfers.
The remaining 50 transactions were debit transactions, mainly to my broker account and vendors/shops/friends, etc.

Now, to resolve this, he's asking me to write on a page that I will use my savings account less frequently in the future and that I won't repeat this behaviour when I am doing multiple transactions in my account. Also, he is asking me to write the purpose of the credits in my account and why the money was credited from my friends and from my mother to my account.
What do you guys think I should do here? Has anyone else faced this before?

cc: @TechnoFino @Subhankar @ashwink @S S V @4uziaul @007 @alphadark7 @bhavyegoel

There is quite normal.

 

[FinoGuy]

Now, to resolve this, he's asking me to write on a page that I will use my savings account less frequently in the future and that I won't repeat this behaviour when I am doing multiple transactions in my account.

You do this. Write on a paper, to close account in this sh**ty bank. Banks need customer, customer doesn't need bank.!
Btw what was your account variant? Regular savings or any other type?

 

[rj_arora]

You do this. Write on a paper, to close account in this sh**ty bank. Banks need customer, customer doesn't need bank.!
Btw what was your account variant? Regular savings or any other type?

Regular only, at Axis. BTW, I have ICICI wealth and HDFC preferred. Will close this sh**ty Axis account soon

 

[rj_arora]

Send this email to pno@axisbank.com. You only have to add your account number in there:


Dear Nodal Officer,

I am writing to you with immense frustration and disappointment regarding my recent experiences at your Axis Bank branch, which have not only inconvenienced me but also raised serious questions about your bank's adherence to customer service standards and regulatory compliance.

1. Unjustified Account Blocking: My savings account# XXXXXXXX has been blocked for three days, preventing me from making any debits. This action is bewildering and has caused me significant distress and inconvenience.
2. Misleading Information about Transaction Limits: I was informed that the blockage was due to "excessive transactions" and was advised to limit my transactions to five per month, purportedly under RBI directives. This is the first instance I have heard of such a restriction. It is perplexing how a policy that severely limits digital transactions aligns with the government's push for digitalization. This misinformation is not only misleading but also hints at a lack of transparency in your operations.
3. Unwarranted Scrutiny of Legitimate Transactions: The questioning of the nature of credits into my account is another point of contention. The funds, including those from my ICICI account, business income, and transfers from friends and family, are legitimate and accounted for. My financial transactions, totaling 73 debits and credits, are well within legal frameworks and conducted through recognized banking channels (IMPS/UPI).
4. Inappropriate Reference to Income Tax Regulations: The manager's insinuation regarding the Income Tax Department was not only inappropriate but also baseless. It is disconcerting that a bank manager would use such tactics to intimidate a customer.
5. Unreasonable Demands: The requirement to submit a written pledge to reduce my transaction frequency and to explain the nature of my credits is both unreasonable and intrusive. It is not the bank’s place to dictate how frequently I should access my funds or to demand explanations for legitimate transactions.

Given these points, I urge you to:

• Immediately unblock my account and ensure such unwarranted actions are not repeated.
• Provide a clear explanation for the blockage and the misinformation regarding transaction limits.
• Address the unprofessional conduct of the branch manager and ensure customers are treated with respect and without undue suspicion.

I expect a prompt response to this issue, failing which I will be compelled to take further action, including escalating this matter to higher authorities and considering a change in my banking relationship.

Thank you for your immediate attention to this serious matter.

Sincerely,

Done bro. Just sent this email to NO and PNO

 

[FinoGuy]

Regular only, at Axis. BTW, I have ICICI wealth and HDFC preferred. Will close this sh**ty Axis account soon

True, unless they beg you, close the account! Peace of mind is better than any amount of offers /rewards.

 

[ashwinkashwink is verified member.]

Send this email to pno@axisbank.com. You only have to add your account number in there:


Dear Nodal Officer,

I am writing to you with immense frustration and disappointment regarding my recent experiences at your Axis Bank branch, which have not only inconvenienced me but also raised serious questions about your bank's adherence to customer service standards and regulatory compliance.

1. Unjustified Account Blocking: My savings account# XXXXXXXX has been blocked for three days, preventing me from making any debits. This action is bewildering and has caused me significant distress and inconvenience.
2. Misleading Information about Transaction Limits: I was informed that the blockage was due to "excessive transactions" and was advised to limit my transactions to five per month, purportedly under RBI directives. This is the first instance I have heard of such a restriction. It is perplexing how a policy that severely limits digital transactions aligns with the government's push for digitalization. This misinformation is not only misleading but also hints at a lack of transparency in your operations.
3. Unwarranted Scrutiny of Legitimate Transactions: The questioning of the nature of credits into my account is another point of contention. The funds, including those from my ICICI account, business income, and transfers from friends and family, are legitimate and accounted for. My financial transactions, totaling 73 debits and credits, are well within legal frameworks and conducted through recognized banking channels (IMPS/UPI).
4. Inappropriate Reference to Income Tax Regulations: The manager's insinuation regarding the Income Tax Department was not only inappropriate but also baseless. It is disconcerting that a bank manager would use such tactics to intimidate a customer.
5. Unreasonable Demands: The requirement to submit a written pledge to reduce my transaction frequency and to explain the nature of my credits is both unreasonable and intrusive. It is not the bank’s place to dictate how frequently I should access my funds or to demand explanations for legitimate transactions.

Given these points, I urge you to:

• Immediately unblock my account and ensure such unwarranted actions are not repeated.
• Provide a clear explanation for the blockage and the misinformation regarding transaction limits.
• Address the unprofessional conduct of the branch manager and ensure customers are treated with respect and without undue suspicion.

I expect a prompt response to this issue, failing which I will be compelled to take further action, including escalating this matter to higher authorities and considering a change in my banking relationship.

Thank you for your immediate attention to this serious matter.

Sincerely,

Jay Bhai Vakeel ban Gaye aur bataye bhi nahi

 

[ccdc]

Guys, I had a terrible experience today at Axis Bank. They blocked my savings account three days ago. Credit is allowed, but I can't debit any money. I went to the branch today to confront them, and the manager told me this -

Allegation 1: There were too many transactions in my savings account. That's why their system flagged the account. They told me to use my account like a savings account and not like a current account. The manager clearly told me that RBI has directed the banks not to allow more than five transactions per month.
My view: this is the first time I've heard about this five transaction limit a month. I mean, how is it possible that the government is promoting digitisation and, at the same time, limiting people to use their savings account only five times a month? Isn't it weird?

Allegation 2: the manager was asking me how I was getting money credited to my account so many times. I clearly told him that I had transferred the money from my own ICICI account to my Axis account many times and then transferred it to my own Zerodha/Paytm money as I had linked my Axis account to the broker. Also, my mother and my friends sent me money totalling 4-5 times the previous month, and 3-4 were miscellaneous credits. But he was trying to scare me by saying that I was speaking so much in front of him, but I wouldn't be able to utter a single word against the income tax department.
My view: What does the income tax department have to do with this? I mean, is it illegal to take money from friends? And all of this is white money. They are transferring the money from their bank account to my bank account, right? It's not even cash. How did the income tax department come into the picture? I have no idea. There are a total of 73 debits + credits in my account. I don't know how high it is.

Some other transaction level details:

I received a total of 6.17L from my own other bank accounts in 11 transactions.
I received a total of 86K (my own Business income, declared in ITR, too) in 2 transactions.
I received a total of 1.1Lakh from friends/family in 8 transactions.
All these were IMPS/UPI. All online, bank-to-bank transfers.
The remaining 50 transactions were debit transactions, mainly to my broker account and vendors/shops/friends, etc.

Now, to resolve this, he's asking me to write on a page that I will use my savings account less frequently in the future and that I won't repeat this behaviour when I am doing multiple transactions in my account. Also, he is asking me to write the purpose of the credits in my account and why the money was credited from my friends and from my mother to my account.
What do you guys think I should do here? Has anyone else faced this before?

cc: @TechnoFino @Subhankar @ashwink @S S V @4uziaul @007 @alphadark7 @bhavyegoel

first of all the big myth is money in bank account is white money.........any undeclared income in ITR is black money...(in short money on which tax hasn't been paid)....secondly just like you explained to the bank how credits you got in your account....same you'll have to explain ITD (if they pull up your case for scrutiny).....thirdly same thing happened with me......i closed the account and took my money back....

 

[imdjay]

Jay Bhai Vakeel ban Gaye aur bataye bhi nahi

kuch bhi.
can't take @Bugs Bunny place.

 

[HumorSimpson]

Almost perfect draft, I get a different level of satisfaction seeing such drafting.

Bugs certified

 

[sm9811911]

kuch bhi.
can't take @Bugs Bunny place.

Are you actually a lawyer? @Bugs Bunny.
What kind of law and where do you practice if you don’t mind me asking