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Closure Notice: Large number of Transactions in your Savings Account

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malli_18arjun

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

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Hunk Hunk
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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!

Community Angel Community Angel
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Banking is becoming nightmare day by day better invest in real estate and leave these chindi banks with zero balnce accounts

Pro Blogger Pro Blogger
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insta wrote:
Not only icici
Kotak blocked my acc
And others will follow soon
They expect Savings acc should be used with limited no of txn, even in case of high number of txn cumulative spends should not be crossing a limit that doesn't match with ur declared income
Use NSDL bank or Paytm bank for daily UPI transactions.

No account blocking.
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Budding Star Budding Star
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Received a similar notice by a friend. Please let me know what is further course of action to be done to continue with the account.

Finance Ninja Finance Ninja
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Account will be closed , icici doesn't negotiate in these situations
Crowdpuller Crowdpuller
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Tanmayyy wrote:
Account will be closed , icici doesn't negotiate in these situations
Its used for loan clearing only (bajaj finance) if it was proven will they accept.. since home loan other emi's are debiting from same account 
Tech Guru Tech Guru
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ICICI Becoming too strict now a days. Every month 2-3 Post created on DD of account closure .

I will use icici account for 2 Txn a month 🤣

Tech Guru Tech Guru
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malli_18arjun wrote:
Its used for loan clearing only (bajaj finance) if it was proven will they accept.. since home loan other emi's are debiting from same account 

Also in past as per thread They contacts branch but of no help. Account will be closed automatically.

Any Round figure debit or credit in past 3-4 month that created account closure reason ?

Patron Patron
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malli_18arjun wrote:
Its used for loan clearing only (bajaj finance) if it was proven will they accept.. since home loan other emi's are debiting from same account 
If u think there is no business activity then contact branch Buying regular amazon or other gvs using upi could trigger this
Pro Analyst Pro Analyst
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Got the same mail and call from citi and they warned either u need to stop high no of trns or convert ur saving acc into current. But they didn't block the acc and just issued the warning
Deal Lieutenant Deal Lieutenant
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what does business activity mean here 

suppose if i do UPI , of around 1lakh every month 

will it get considered in business activity ?

Tech Guru Tech Guru
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Also on twitter Too many person reported this 

Deal Cadet Deal Cadet
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How many transactions per month count as "large number" for these banks?

Entertainer Entertainer
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hackerboys wrote:

what does business activity mean here 

suppose if i do UPI , of around 1lakh every month 

will it get considered in business activity ?

Yes, I also would like to know about this.
Deal Cadet Deal Cadet
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gischethans wrote:

How many transactions per month count as "large number" for these banks?

+1
Deal Cadet Deal Cadet
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I guess too many UPI transactions for offers etc are not being liked by banks and this is a growing trend.

Deal Newbie Deal Newbie
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Even I got the message and mine is Salary account where number of credit cards and Emi's are linked.. what to do

Budding Star Budding Star
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adi22raj wrote:

@malli_18arjun

check dm

Let me also know if any recourse is available. Need it for a friend

Critic Critic
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is it possible that u post ur last month statement.

Or tell us the no of dc, upi (sent received), NetBanking, neft transaction.and the average amount u transferred.
Critic Critic
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malli_18arjun wrote:
Its used for loan clearing only (bajaj finance) if it was proven will they accept.. since home loan other emi's are debiting from same account 
Cannot not be just for loan repayment. Each loan will have only one EMI in a month. Bank has flagged the account for large no of txn. How many loans do you have? 
Critic Critic
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Officially, 50-60 debits are permitted from Savings acct in a financial year by the banks. 

Patron Patron
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xuseronline wrote:
Yes, I also would like to know about this.
If bank gateway considers it as merchant payment then surely it triggers. If u do many merchant txn per month continuously then u need to declare appropriate income too else they flag acc for commercial activities @hackerboys
Deal Newbie Deal Newbie
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Aaj mujhe bhi aisa message aaya hai bhai 

Koi to help kro. Kuch hoga to nahi na?? 🥺🥺🥺🥺


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 transactions are usually done through Current Accounts. Your business will be better served through a Current Account and your Savings Account will be closed after 30 days. For detailed notice served to you

Crowdpuller Crowdpuller
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panchabhut wrote:
Cannot not be just for loan repayment. Each loan will have only one EMI in a month. Bank has flagged the account for large no of txn. How many loans do you have? 
It's a bajaj flexi loan where i have withdrawn 5 lakhs 4 months back and paid all due of 8 lakhs from last 4 months of flexi loan
Deal Newbie Deal Newbie
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I have also received few hours back, even I have salaried account. Will discuss tomorrow with my relation manager.

Deal Subedar Deal Subedar
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panchabhut wrote:

Officially, 50-60 debits are permitted from Savings acct in a financial year by the banks. 

Lol i have 50-60 1rs transactions per month due to those Amazon shopping offers.

Deal Newbie Deal Newbie
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Government banks ko badnam kar kar k unka pura business kha gye aur ab manmani kar rhe ye private banks wale
Critic Critic
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Knight11 wrote:

Lol i have 50-60 1rs transactions per month due to those Amazon shopping offers.


So you have already given the Bank the power to close the account. Whether they close it or not is now entirely their discretion. Bank can also levy charges for exceeding the permitted no of transactions.


Critic Critic
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malli_18arjun wrote:
It's a bajaj flexi loan where i have withdrawn 5 lakhs 4 months back and paid all due of 8 lakhs from last 4 months of flexi loan

You withdrew 5 lakhs and paid pack 8 lakhs? 3 Lakh extra payment in jut 4 mths? Thats more expensive than credit card.

The question is not how much you paid but the no of txn in which you paid. whether its just 4 payments of 2 lakh each, or multiple small payments everyday/alternate day etc. The second type of repayment is normally applicable to a business only, where an overdraft is taken and then daily receipts are deposited back.


Crowdpuller Crowdpuller
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panchabhut wrote:

You withdrew 5 lakhs and paid pack 8 lakhs? 3 Lakh extra payment in jut 4 mths? Thats more expensive than credit card.

The question is not how much you paid but the no of txn in which you paid. whether its just 4 payments of 2 lakh each, or multiple small payments everyday/alternate day etc. The second type of repayment is normally applicable to a business only, where an overdraft is taken and then daily receipts are deposited back.


I will get salary around 2L paid in 1 lakh like that
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