Dear All
With the increasing number of accounts being frozen, particularly due to a high volume of UPI transactions, it has become crucial to identify the few reliable banks that refrain from taking such actions. Account freezes can affect credit, debit, or even the entire account, which means your money becomes inaccessible, often leaving you with no choice but to close the account. Upon closure, the bank may return your funds via transfer or demand draft (DD). While unfreezing the account is possible, it can be a lengthy process, sometimes requiring the assistance of a chartered accountant (CA) to resolve.
Here are a few examples based on my personal experience:
1. Indusind Bank:- Total Freeze customer H.N.I. and has a pioneer account. He choose to try an unfreeze the said account and has been dealing with the BM almost daily but they have also involved the AML team which means this will either not get unfrozen or will take a long time. The number of UPI transactions exceeded 300 per month and was always of an mid-heavy amount "15000-90000"
2. Federal Bank:- Credit Freeze customer H.N.I and has a celesta account. He choose to close his account after trying to get the account unfrozen but the bank BM asked for his stock trading record which has nothing to do with the account or bank and is seperate to all this. The account generally had been used to park fund from O.D. to hedge against bad/lost trades. All the credit & debit was done via UPI generally 90-120 in a month but all high value.
3. HDFC Bank:- No freeze till date this is the orignal account of a H.N.I. customer and the only issue he has had was the BM telling him to not use UPI and shift to something else or if he wants to use UPI then open A/C in another bank. Similar high U.P.I. usage patterns as above examples but thankfully the account is working fine till date.
4. IDFC Bank:- Oddly enough no freeze till date the account was opened by an H.N.I. customer last year in March and had large number of U.P.I. transactions initially but then the account was left unused for a few months and yet again he has started to use this as his go to UPI account since the last 2 months without a freeze yet.
What are your experiences and opinions on this matter?
With the increasing number of accounts being frozen, particularly due to a high volume of UPI transactions, it has become crucial to identify the few reliable banks that refrain from taking such actions. Account freezes can affect credit, debit, or even the entire account, which means your money becomes inaccessible, often leaving you with no choice but to close the account. Upon closure, the bank may return your funds via transfer or demand draft (DD). While unfreezing the account is possible, it can be a lengthy process, sometimes requiring the assistance of a chartered accountant (CA) to resolve.
Here are a few examples based on my personal experience:
1. Indusind Bank:- Total Freeze customer H.N.I. and has a pioneer account. He choose to try an unfreeze the said account and has been dealing with the BM almost daily but they have also involved the AML team which means this will either not get unfrozen or will take a long time. The number of UPI transactions exceeded 300 per month and was always of an mid-heavy amount "15000-90000"
2. Federal Bank:- Credit Freeze customer H.N.I and has a celesta account. He choose to close his account after trying to get the account unfrozen but the bank BM asked for his stock trading record which has nothing to do with the account or bank and is seperate to all this. The account generally had been used to park fund from O.D. to hedge against bad/lost trades. All the credit & debit was done via UPI generally 90-120 in a month but all high value.
3. HDFC Bank:- No freeze till date this is the orignal account of a H.N.I. customer and the only issue he has had was the BM telling him to not use UPI and shift to something else or if he wants to use UPI then open A/C in another bank. Similar high U.P.I. usage patterns as above examples but thankfully the account is working fine till date.
4. IDFC Bank:- Oddly enough no freeze till date the account was opened by an H.N.I. customer last year in March and had large number of U.P.I. transactions initially but then the account was left unused for a few months and yet again he has started to use this as his go to UPI account since the last 2 months without a freeze yet.
What are your experiences and opinions on this matter?
