What will happen in the case of "Initial funding cheque bounce" while Indusind account opening?

[Das.N]

I wanted to open a Indusind Select account for my sister as I have Select+Legend Combo already.

But while opening the account in the branch offline, they were unable to open that account by digital process because My sister's aadhar card was linked to my phone number and when they proceed, it was showing my existing account and they were unable to proceed further .

So, they suggested to open the account physically by filling the offline form. But the problem was , they wanted a cheque from my sister's account only and said they don't support IMPS/NEFT/UPI/CASH for offline account opening, A cheque is mandatory. We gave them a cheque from my sister's Canara Bank account.

But another problem happened here, My sisters Canara Bank account was opened also when she was a minor and her handwriting changed a lot now. So we went to Canara Bank to update the signature ( same to that which was given to Indusind Bank).

Today, we have got the account opening mail, sms from Indusind.
But, Canara Bank still dishonored the cheque due to signature mismatch.
I instantly called my Indusind BM and described what happened and requested him if we could fund the account digitally as account number, IFSC is already generated. He said he don't fund the account now, The account may be freezed as IP cheque is bounce and he will inform me about it later.

Now, what should we do?
Will the account remain active or automatically be closed by Indusind?
I am bit worried to fund the account now, as the money can stuck there if account is frozen.

 

[NCD]

Many TF members have many unique problems in the case of Indusind.

 

[jetesh]

I wanted to open a Indusind Select account for my sister as I have Select+Legend Combo already.

But while opening the account in the branch offline, they were unable to open that account by digital process because My sister's aadhar card was linked to my phone number and when they proceed, it was showing my existing account and they were unable to proceed further .

So, they suggested to open the account physically by filling the offline form. But the problem was , they wanted a cheque from my sister's account only and said they don't support IMPS/NEFT/UPI/CASH for offline account opening, A cheque is mandatory. We gave them a cheque from my sister's Canara Bank account.

But another problem happened here, My sisters Canara Bank account was opened also when she was a minor and her handwriting changed a lot now. So we went to Canara Bank to update the signature ( same to that which was given to Indusind Bank).

Today, we have got the account opening mail, sms from Indusind.
But, Canara Bank still dishonored the cheque due to signature mismatch.
I instantly called my Indusind BM and described what happened and requested him if we could fund the account digitally as account number, IFSC is already generated. He said he don't fund the account now, The account may be freezed as IP cheque is bounce and he will inform me about it later.

Now, what should we do?
Will the account remain active or automatically be closed by Indusind?
I am bit worried to fund the account now, as the money can stuck there if account is frozen.

Don't worry; ask them to represent the cheque or transfer the amount directly to your new account. Thats it.

 

[jetesh]

I wanted to open a Indusind Select account for my sister as I have Select+Legend Combo already.

But while opening the account in the branch offline, they were unable to open that account by digital process because My sister's aadhar card was linked to my phone number and when they proceed, it was showing my existing account and they were unable to proceed further .

So, they suggested to open the account physically by filling the offline form. But the problem was , they wanted a cheque from my sister's account only and said they don't support IMPS/NEFT/UPI/CASH for offline account opening, A cheque is mandatory. We gave them a cheque from my sister's Canara Bank account.

But another problem happened here, My sisters Canara Bank account was opened also when she was a minor and her handwriting changed a lot now. So we went to Canara Bank to update the signature ( same to that which was given to Indusind Bank).

Today, we have got the account opening mail, sms from Indusind.
But, Canara Bank still dishonored the cheque due to signature mismatch.
I instantly called my Indusind BM and described what happened and requested him if we could fund the account digitally as account number, IFSC is already generated. He said he don't fund the account now, The account may be freezed as IP cheque is bounce and he will inform me about it later.

Now, what should we do?
Will the account remain active or automatically be closed by Indusind?
I am bit worried to fund the account now, as the money can stuck there if account is frozen.

The bank cannot close your account without your consent.

 

[phoenix1386]

The bank cannot close your account without your consent.

Are you sure of this? The bank CAN close an account without consent, especially one that is neonatal and not yet funded 'initially' as the IP cheque bounced. A bounced cheque opens up a different can of worms, were the bank to go by rules. The issuer can be handed a severe penalty for a bounced cheque.

 

[jetesh]

Are you sure of this? The bank CAN close an account without consent, especially one that is neonatal and not yet funded 'initially' as the IP cheque bounced. A bounced cheque opens up a different can of worms, were the bank to go by rules. The issuer can be handed a severe penalty for a bounced cheque.

When a cheque is bounced due to insufficient funds in the bank account, only the bank has the right to decide whether to represent the cheque or close the account.

But here, the situation is different. This is a small and common error in banking.

Are you sure of this? The bank CAN close an account without consent, especially one that is neonatal and not yet funded 'initially' as the IP cheque bounced. A bounced cheque opens up a different can of worms, were the bank to go by rules. The issuer can be handed a severe penalty for a bounced cheque.

 

[Das.N]

Is there a chance of credit score going down for a cheque bounce?

 

[RAMESH BABU N]

Returned cheque needs to be re-presented.
Or, if it is OK with IndusInd, a new cheque can be issued. Or, they can accept the initial funding amount via any other approved type of credit.

 

[jetesh]

Is there a chance of credit score going down for a cheque bounce?

Not at all.

 

[phoenix1386]

When a cheque is bounced due to insufficient funds in the bank account, only the bank has the right to decide whether to represent the cheque or close the account.

Precisely what I said. The bank CAN close the account.

 

[KGSIPO]

I wanted to open a Indusind Select account for my sister as I have Select+Legend Combo already.

But while opening the account in the branch offline, they were unable to open that account by digital process because My sister's aadhar card was linked to my phone number and when they proceed, it was showing my existing account and they were unable to proceed further .

So, they suggested to open the account physically by filling the offline form. But the problem was , they wanted a cheque from my sister's account only and said they don't support IMPS/NEFT/UPI/CASH for offline account opening, A cheque is mandatory. We gave them a cheque from my sister's Canara Bank account.

But another problem happened here, My sisters Canara Bank account was opened also when she was a minor and her handwriting changed a lot now. So we went to Canara Bank to update the signature ( same to that which was given to Indusind Bank).

Today, we have got the account opening mail, sms from Indusind.
But, Canara Bank still dishonored the cheque due to signature mismatch.
I instantly called my Indusind BM and described what happened and requested him if we could fund the account digitally as account number, IFSC is already generated. He said he don't fund the account now, The account may be freezed as IP cheque is bounce and he will inform me about it later.

Now, what should we do?
Will the account remain active or automatically be closed by Indusind?
I am bit worried to fund the account now, as the money can stuck there if account is frozen.

What is the initial funding indusind is asking to open select account. You should have opened a normal account for your sister and grouped to your account so that your sister account also become select account.

 

[Das.N]

What is the initial funding indusind is asking to open select account. You should have opened a normal account for your sister and grouped to your account so that your sister account also become select account.

They asked for 50K initial funding for select account.
I was not sure about the normal account become select account after grouping. That's why we decided to open select account and later group it.

 

[zaid_2913]

I wanted to open a Indusind Select account for my sister as I have Select+Legend Combo already.

But while opening the account in the branch offline, they were unable to open that account by digital process because My sister's aadhar card was linked to my phone number and when they proceed, it was showing my existing account and they were unable to proceed further .

So, they suggested to open the account physically by filling the offline form. But the problem was , they wanted a cheque from my sister's account only and said they don't support IMPS/NEFT/UPI/CASH for offline account opening, A cheque is mandatory. We gave them a cheque from my sister's Canara Bank account.

But another problem happened here, My sisters Canara Bank account was opened also when she was a minor and her handwriting changed a lot now. So we went to Canara Bank to update the signature ( same to that which was given to Indusind Bank).

Today, we have got the account opening mail, sms from Indusind.
But, Canara Bank still dishonored the cheque due to signature mismatch.
I instantly called my Indusind BM and described what happened and requested him if we could fund the account digitally as account number, IFSC is already generated. He said he don't fund the account now, The account may be freezed as IP cheque is bounce and he will inform me about it later.

Now, what should we do?
Will the account remain active or automatically be closed by Indusind?
I am bit worried to fund the account now, as the money can stuck there if account is frozen.

How many days did it take to receive the account opening email after submitting the forms? I faced the same issue with Aadhaar OTP when trying to open an exclusive account for my family. Today, they visited our home, filled out the offline form, and took an IP cheque.

 

[Das.N]

How many days did it take to receive the account opening email after submitting the forms? I faced the same issue with Aadhaar OTP when trying to open an exclusive account for my family. Today, they visited our home, filled out the offline form, and took an IP cheque.

Approx 5 days.

 

[Das.N]

Update: Went to Canara Bank today, they said you updated the signature, but the cheque was submitted by Indusind bank On Friday, But the signature was updated on Monday (Saturday was a holiday last week).
So, the clearing house matched with older signature and cheque was bounced.
After that we informed the same to Indusind Bank.
They said, they will launching the older cheque, as the new signature is already updated now in Canara Bank .
Hope, this time it's cleared.

I wanted to open a Indusind Select account for my sister as I have Select+Legend Combo already.

But while opening the account in the branch offline, they were unable to open that account by digital process because My sister's aadhar card was linked to my phone number and when they proceed, it was showing my existing account and they were unable to proceed further .

So, they suggested to open the account physically by filling the offline form. But the problem was , they wanted a cheque from my sister's account only and said they don't support IMPS/NEFT/UPI/CASH for offline account opening, A cheque is mandatory. We gave them a cheque from my sister's Canara Bank account.

But another problem happened here, My sisters Canara Bank account was opened also when she was a minor and her handwriting changed a lot now. So we went to Canara Bank to update the signature ( same to that which was given to Indusind Bank).

Today, we have got the account opening mail, sms from Indusind.
But, Canara Bank still dishonored the cheque due to signature mismatch.
I instantly called my Indusind BM and described what happened and requested him if we could fund the account digitally as account number, IFSC is already generated. He said he don't fund the account now, The account may be freezed as IP cheque is bounce and he will inform me about it later.

Now, what should we do?
Will the account remain active or automatically be closed by Indusind?
I am bit worried to fund the account now, as the money can stuck there if account is frozen.

 

[Das.N]

Another important point to mention, Indusind will not accept any amount by IMPS/UPI/NEFT/CASH as initial funding for accounts opened by physical forms.

The cheque must be given from Account holder's account.
We asked them if we can give cheque from My account/My father's/mother's account. But they denied.

So anyone, who doesn't have a bank account already, can't open account in Indusind bank in such cases.

 

[Das.N]

I think Indusind bank employees themselves don't believe that, They could be the primary bank for Indians.
And I think also the same, probably no one in this community has Indusind Bank as their primary account

 

[ak418228]

I wanted to open a Indusind Select account for my sister as I have Select+Legend Combo already.

But while opening the account in the branch offline, they were unable to open that account by digital process because My sister's aadhar card was linked to my phone number and when they proceed, it was showing my existing account and they were unable to proceed further .

So, they suggested to open the account physically by filling the offline form. But the problem was , they wanted a cheque from my sister's account only and said they don't support IMPS/NEFT/UPI/CASH for offline account opening, A cheque is mandatory. We gave them a cheque from my sister's Canara Bank account.

But another problem happened here, My sisters Canara Bank account was opened also when she was a minor and her handwriting changed a lot now. So we went to Canara Bank to update the signature ( same to that which was given to Indusind Bank).

Today, we have got the account opening mail, sms from Indusind.
But, Canara Bank still dishonored the cheque due to signature mismatch.
I instantly called my Indusind BM and described what happened and requested him if we could fund the account digitally as account number, IFSC is already generated. He said he don't fund the account now, The account may be freezed as IP cheque is bounce and he will inform me about it later.

Now, what should we do?
Will the account remain active or automatically be closed by Indusind?
I am bit worried to fund the account now, as the money can stuck there if account is frozen.

I faced the same issue ,bank put account in debit freeze if initial cheque return. My rm told me that i have to closed the account then he reopen the same account again .

 

[NCD]

Sahi kaha, maine bhi kisi ko Nehi dekha abhi tak Indusind ka primary account.
Jyadatar logo ka, 3rd/4th/5th preference hai Indusind

 

[Card_Crafter]

Another important point to mention, Indusind will not accept any amount by IMPS/UPI/NEFT/CASH as initial funding for accounts opened by physical forms.

The cheque must be given from Account holder's account.
We asked them if we can give cheque from My account/My father's/mother's account. But they denied.

So anyone, who doesn't have a bank account already, can't open account in Indusind bank in such cases.

I had the same experience with RBL Bank. Branch people didn't accept any other mode of Initial funding other than a cheque even though the amount was only 20k.