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Kotak Bank Froze My Account Without Notice & Forcing Me to Close It – Need Advice!

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SJM said:
Why through DC? Why not NEFT or IMPS? And to keep an account active you need to do only 1 transaction in 2 years.
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I have heard that it gave points was curious to find out so that's why I have tried to load via debit card that to in 2 consecutive days as kotak have 3 load per day, I don't think so loading via dc total 4 times in 2 years could have caused me this much problem also I told this to kotak cc that if this is why they have blocked me but they didn't have any specific reason,although I avoid using sbi debit cards because I have heard that they also block their debit cards,
 
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I would suggest to OP and others who want to do large imps/neft transactions or self transfers, plz visit any sbi/hdfc branch and open premium savings ac(if not possible then open regular or normal) and submit 2-3x of your income while opening the account.Usually HDFC,SBI don't freeze accounts which were opened offline by visiting branch.
 
First of all, savings accounts are meant to be used for savings purposes only. If you do lots of transactions on your savings account, the bank may freeze your account citing transaction patterns. I suggest everyone open an individual current account if you make lots of transactions.

Second thing, the bank's RCU (Risk Containment Unit) can take the decision, and generally, RBI won't interfere in this kind of matter, so escalating such cases won't help in most cases.

I agree nowadays bank account freeze is very common, but honestly, the majority of people make lots of credit and debit transactions using a savings account, or do lots of UPI transactions using a savings account.

What you can do to prevent such things:
  1. If your purpose is to make lots of transactions, open an individual current account. You don't need a business to open a current account, an individual can also open a current account. Or at least get a higher variant savings account.
  2. Avoid using digital or zero balance accounts for high-value transactions.
  3. Always declare your financial profile correctly. Sometimes people quote lower income while opening a bank account fearing tax-related issues, but such mistakes can create issues like account freeze, as you'll be doing a lot more transactions than your declared income.
  4. Update your profile (on the bank's file) from time to time.
If you still face any account freeze-related issue, you should work with your bank to identify the issue and try to resolve it. If your bank is not willing to unfreeze your account, close it and move to another bank or open a new account. And obviously, file a complaint against the bank if your local branch or their employees don't help you resolve the issue.
 
TechnoFino said:
First of all, savings accounts are meant to be used for savings purposes only. If you do lots of transactions on your savings account, the bank may freeze your account citing transaction patterns. I suggest everyone open an individual current account if you make lots of transactions.

Second thing, the bank's RCU (Risk Containment Unit) can take the decision, and generally, RBI won't interfere in this kind of matter, so escalating such cases won't help in most cases.

I agree nowadays bank account freeze is very common, but honestly, the majority of people make lots of credit and debit transactions using a savings account, or do lots of UPI transactions using a savings account.

What you can do to prevent such things:
  1. If your purpose is to make lots of transactions, open an individual current account. You don't need a business to open a current account, an individual can also open a current account. Or at least get a higher variant savings account.
  2. Avoid using digital or zero balance accounts for high-value transactions.
  3. Always declare your financial profile correctly. Sometimes people quote lower income while opening a bank account fearing tax-related issues, but such mistakes can create issues like account freeze, as you'll be doing a lot more transactions than your declared income.
  4. Update your profile (on the bank's file) from time to time.
If you still face any account freeze-related issue, you should work with your bank to identify the issue and try to resolve it. If your bank is not willing to unfreeze your account, close it and move to another bank or open a new account. And obviously, file a complaint against the bank if your local branch or their employees don't help you resolve the issue.
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+
How to prevent lots of UPI transactions using a savings account?

By using following methods to pay local merchants:
CC on UPI,
UPI Lite (revised limit is 1k/txn, auto top-up is also available so convenient as well),
UPI Wallet, etc.

The above, will also make your statement clutter free.

And choose other payments mode if available, especially credit card.

For fund transfer better to use:
IMPS, NEFT & RTGS instead of UPI every now & then.

Avoid: Same amount Dr. couple of times within short period of time, same amount Dr. & Cr quickly.
Must: High income profile (justifiable if questioned) & reasonable occupation as already said.

P.S: If possible and convenient always prefer physical KYC via branch using any means including digital one like TAB, their computer, physical form, etc. instead of V-KYC. And, start slowly and gradually with the frequency and materiality of txns to make the algorithm familiar.
 
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TechnoFino said:
First of all, savings accounts are meant to be used for savings purposes only. If you do lots of transactions on your savings account, the bank may freeze your account citing transaction patterns. I suggest everyone open an individual current account if you make lots of transactions.

Second thing, the bank's RCU (Risk Containment Unit) can take the decision, and generally, RBI won't interfere in this kind of matter, so escalating such cases won't help in most cases.

I agree nowadays bank account freeze is very common, but honestly, the majority of people make lots of credit and debit transactions using a savings account, or do lots of UPI transactions using a savings account.

What you can do to prevent such things:
  1. If your purpose is to make lots of transactions, open an individual current account. You don't need a business to open a current account, an individual can also open a current account. Or at least get a higher variant savings account.
  2. Avoid using digital or zero balance accounts for high-value transactions.
  3. Always declare your financial profile correctly. Sometimes people quote lower income while opening a bank account fearing tax-related issues, but such mistakes can create issues like account freeze, as you'll be doing a lot more transactions than your declared income.
  4. Update your profile (on the bank's file) from time to time.
If you still face any account freeze-related issue, you should work with your bank to identify the issue and try to resolve it. If your bank is not willing to unfreeze your account, close it and move to another bank or open a new account. And obviously, file a complaint against the bank if your local branch or their employees don't help you resolve the issue.
Click to expand...

Aniket said:
+
How to prevent lots of UPI transactions using a savings account?

By using following methods to pay local merchants:
CC on UPI,
UPI Lite (revised limit is 1k/txn, auto top-up is also available so convenient as well),
UPI Wallet, etc.

The above, will also make your statement clutter free.

And choose other payments mode if available, especially credit card.

For fund transfer better to use:
NEFT, IMPS & RTGS instead of UPI every now & then.

Avoid: Same amount Dr. couple of times within short period of time, same amount Dr. & Cr quickly.
Must: High income profile & reasonable occupation as already said.

P.S: If possible and convenient always prefer physical KYC via branch using any means including digital one like TAB, their computer, physical form, etc. instead of V-KYC. And, start slowly and gradually with the frequency and materiality of txns to make the algorithm familiar.
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+1,
But...🤑😭
Thread 'Over CashBack - Account Flood' https://www.technofino.in/community/threads/over-cashback-account-flood.38102/
 
Aniket said:
Lucky: Cashback ko mana nahi karte, all good. 😅

Or better make your primary/ default account; payments bank or some other mostly for UPI.
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They (BHIM) already know stock market is down, (so no 🍻 🥃 )at least give them (Poor Man) some peanuts so that they can enjoy time being.
 
Even I also got an email from ICICI salary account. They are asking to open current account and given 30 days time. Though transaction are online transfers and no cash deposits. Not sure why they are doing like this? Not even a notification received earlier but direct account closure email with 30 days of notice. Operating a saving bank account also tricky nowadays. Hope RBI should do something about this. For on-line transactions not sure what do they have any problem with.
 
praveeng said:
Even I also got an email from ICICI salary account. They are asking to open current account and given 30 days time. Though transaction are online transfers and no cash deposits. Not sure why they are doing like this? Not even a notification received earlier but direct account closure email with 30 days of notice. Operating a saving bank account also tricky nowadays. Hope RBI should do something about this. For on-line transactions not sure what do they have any problem with.
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Can you share more details? How many UPI transactions and total transaction value.
 
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