Closure Notice: Large number of Transactions in your Savings Account
Hi
Received sms from ICICI bank stating below.
Dear Customer, numerous transactions have been carried out in your ICICI Bank Savings Account XX towards business activities, which are not in accordance with the purposes of a Savings Account. Such high value transactions are usually carried out through Current Accounts. Carry out such transactions by opening a Current Account at any ICICI Bank Branch or digitally by visiting https://www.icicibank.com/blogs/current-account... . Your ICICI Bank Savings Account will be closed after 30 days. For the detailed notice,
Is account will be closed automatically after 30days . what action need to be taken from my side.
Please suggest
I called my relationship manager, she referred to call customer care. Customer care told me to talk to branch. Now I again approached to relationship manager, she told me once talk to branch manager. Meanwhile I have sent a mail to customer care mail id. No info to these people what is going.
can any one share to customer care email id of icici??? i
But real estate can't be liquidated in a moments notice unless you decide to bury gulaks filled with notes. Very very risky venture. 🐒🐒🤣
Just now spoke with customer care they said it’s technical error asked me to ignore it
Core reason: High number of credit transaction is the main culprit. However have received these notices, please check your last few monthly statements. I'm sure you'd be having more than 10-15 credit transactions. Debit txns, even if 100 in a month, won't trigger such action.
Why this happens? It is a govt/RBI instruction, been there for years now. I do not remember what was exactly there, but there is infact an instruction which says something like banks need to proactively check account transaction behavior and accounts with high txn number need to be classified correctly as business/current accounts. This is probably because it is commonly believed that number of credit transactions in a salaried or regular savings account would not exceed 8-10 txns in a month! Only business people including retailers or commission agents etc would have higher number of incoming txns than this.
Why is it necessary? It is because current accounts are routinely checked/audited by banks and IT dept so that business owners do not escape tax net by routing txns via savings account, as saving account are not subject to such checks.
What to do now? Some people have said that nothing can be done now and some have mentioned that on twitter, bank customer care said it was some technical glitch. But if it was not a technical glitch and you got a notice, first option is to talk it out with branch manager. Branch manager can definitely pull the plug. But in case things are above her/his grade, then get in touch with nodal officer. Be prepared with proof like your last 6 months statements which would have txns details and some other app details like Amazon txn history etc through which you can prove those txns to be genuine and not business related. But in case you tried rotating money or txns were done just to earn reward points or even some commission was earned, forget it. Not only your account will be closed, you'll be charged for breaking bank rules and current account charges too. And IT dept will be notified to via SFT information, where IT dept will assume entire txn amount you rotated to be your income. 😂
I had rcvd call from yes bank few years ago, and they requested me to convert my account to current account, no other action. ICICI never bothered me!
Normal Saving A/c Holders will never do such things for offers and that's why banks target these users by their Technical things.
Also, people are buying GV for a 2-5% discount and in the quantity of 20k-1Lac. But, Why?
The customer service just confirming that the account will be closed for sure after 30days and need to apply for new account
got little information from branch they they just got this thing...they received update that all accounts we be close but if they reduce transection in step 2022 month their is chance that you account will get save.
Customer care people are saying we need to go to branch tomorrow with our KYC documents like Aadhar and pan to branch and give written clarification to bank ………then if convinced that it’s not business transactions then account won’t be closed ……bank can’t offers to lose customers coz of mere upi payments
Again I spoke just now they are saying that message is genuine not technical error and have to visit branch with ID prof to solve the issue 😂😂😂
i got the below mail from icici after i sent them the mail
Greetings from ICICI Bank.
We observe that there have been large transactions conducted in your Savings Account , which appears to be arising out of business activities. Such high transactions are generally done through Current Accounts and are not in accordance with the purpose of a Savings Account. We suggest that your business needs can be better served through a Current Account.
In view of these transactions, ICICI Bank Limited ( Bank ) will close your Savings Account upon expiry of <30> days from the date of this sms without any further notice. This action of the Bank is in accordance with Savings Account terms and conditions mentioned on the website." In case of any further disconnect please visit nearest Branch.
To avoid any inconvenience, please do not issue any cheque(s) from the account, since any such cheque(s) presented to us against the account, on or after the account closure date, will be returned with the reason Account Closed .
In case of dishonour/ return of cheque(s) by the Bank, post closure of the account, the same shall be at your cost, consequences and risks. The Bank shall not be liable or responsible for such dishonour/ return.
We suggest that you must physically destroy your Debit-cum-ATM Card and any unused cheque leaf/ leaves that may be in your possession.
We also request you to arrange for cancellation of any Electronic Clearance Service (ECS) or standing instructions given from the Savings Account.
Thank you for giving us the opportunity to serve.
Bank Digitally and Stay Safe!
Sincerely,
Ramya A
Customer Service Associate
ICICI Bank Limited
They have sent the same notice that has been sent to everyone … copy paste …. I called the customer care almost 5 times today … they told that we need to cost branch with our I’d proof and branch will further give clarity on same ….
I have linked my sovereign gold bond for saving purpose but i am getting the msg too for account closure
pls share how to transfer sovereign gold bond to another account
Just visited my home branch … if we regularise our account in September month it will be excluded from closure … they have received this intimation from back end team …..so if possible reduce No of credit transactions in account for September
Has anyone got his account closure issue resolved ?
This issue does not come if you keep large deposit in bank
Issue is there as you are using bank resources and not giving them any profit
Each transaction you do has to be stored in bank servers forever, which costs money
Seems they are testing something nasty
I went to the bank and actually saw the mail which they received today , it states that 1.7 lakh customers have received the message and to close their account . It stated that if the customers transactions subside in September then the accounts will be excluded from closure . Also if the bank feels that a certain account should not be closed and is not in the category they can send the details to the central team for it to be excluded .
also the transactions were mentioned in the mail , i'll try to recollect it since he showed it in his laptop 
*More than 170 transactions in a quarter.
*Transfer to an entity -Less than 10k but total amounting to one lakh in a month.
*Transfer to Person->100 and 500 will be monitored
He also mentioned if you attach a dmat account to your account the account cannot be closed from the backend .
After considering all the above I still don't believe if the account will survive . I suggest to start moving out your salary account to another bank when you have time . i.e. now
Transfer to Person->100 and 500 will be monitored
No. of Txn or amount ?
I am playing online games so I do 200 500 rupees multiple time to the same game UPI I'd almost 50times in a day will there be any problem for me from bank or Income tax
Current account easily khulta nahi personal id pe, business registration ke pachde mein koi small shop rehdi padtri wala nhi padna chahega, he has two options and accepting only cash is easiest for him no bank involved no registration no current account needed apna batua apna bank
Ohh aisa bhi hota hai
One of the Bank employee suggested me it will be blocked for sure and request to open account in different bank.
I went to the branch they said to call the customer care , customer care said to go to the branch when I said I'm already in the branch and they asked me talk to you. Customer care said that it's a technical problem and in the backend they were working but they said if you are not using your account as a current account then don't worry but they are not confirming anything like of the said account will close or not that's what passed me, the deputy manager in the bank told me to mail the customer care ,nothing other than this for now