Can a bank close Active savings account without Notice ?

128°
Helpful
Tekk

Due to my personal queries with icici bank.. today I randomly scrolling through ICICI Twitter support..

Found that 4, 5 customers in last 24 hours reported that, their icici savings account closed by ICICI Bank without any notice.. those people claimed that..

*They have balance of 25k to 2 lakh

*They never got any prior information 

*Bank just thrown a message on their faces that, their account is debited TOTAL BALANCE and account is closed..

It's just horrible..How could a bank do this..what should we do to avoid this..

14 Comments  |  
6 Dimers
  • Sort By
Deal Newbie Deal Newbie
Link Copied

Use ICICI as a backup account with little balance. Lately, multiple things have happened that's making me lose trust in their services

Flame Flame
Link Copied

It will great, if you will share the tweet links here as well. 

View 3 more replies
Finance Mentor Finance Mentor
Link Copied

Half truth. 

Banks will tell the reason of closer of account. If account is used for illegal activities / money laundering /criminal activities then they close it immediately without notice . Other reasons than these -  accounts not going close without notice. If sb account is used for business purpose banks will issue notice for same and ask for upgrade to current account. If this message ignored then they will close account after 30 days. 

Helpful Helpful
Link Copied

All those customers mentioned they never received any prior notice from ICICI Bank..

For high value transactions ..banks generally put temporary freeze and asks for written confirmation..won't close accounts for this reason..

PS: as they say , don't put all eggs in one basket..now I have Decided to use 2 primary accounts..

View 6 more replies
replyuser
Click here to reply
Reply