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
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
Last edited:
sure mate
