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high value transaction notice from icici bank

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Deal Cadet
adi22raj

There have been large transactions conducted in your Savings Account XXXX, which appear to be arising in the course 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 recommend that your business needs would be better served through a Current Account.

We request you to regularise operations in your above mentioned Savings Account and route such business transactions through a Current Account. You can open a Current Account by visiting any of the ICICI Bank Branches or through our online facility.

We value you as a customer. However, in case there is a delay in regularising the Savings Account and a similar transaction pattern is observed post 30 days of this notice, your Savings Account XXXX will be closed by ICICI Bank Limited (‘Bank’), without any further notice. This action of the Bank is in accordance with the Savings Account terms and conditions mentioned on the website.

We request you not to 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’. We would also like to state that such dishonour/ return of cheque(s) by the Bank shall be at your own cost, including consequences and risks and the Bank shall not be liable or responsible for such dishonour/ return. Along with closure of your above Savings Account, we will also have to deactivate your Debit-cum-ATM Card and any other such services that you have availed against the above Savings Account. We request you to physically destroy your Debit-cum-ATM Card and any unused cheque leaf/ leaves that may be in your possession. Please arrange for the cancellation of any Electronic Clearance Service (ECS) or standing instructions given from the above Savings Account.

Furthermore, we reserve the right to debit any amount, which is payable by you from your above account, upon such closure. If the account does not have sufficient funds for the services provided by the Bank, you would continue to be liable to us for the payment of the shortfall amount. Any remaining balance in the above Savings Account, will be sent to your communication address in the form of a Banker’s cheque.

What should I do now??? please help

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Super Stud Super Stud
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Don’t do such transactions with the account in question.

Either choose a different bank or get a current account with icici

Deal Lieutenant Deal Lieutenant
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What type of transaction you did? what threshold you breach?  

Deal Cadet Deal Cadet
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That account closure threat is VERY VERY REAL. Take it seriously.

Recently some guy’s account in my branch got closed by the branch after citing the same reason.

Chennai Super Kings Chennai Super Kings
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xxxyyyzzz wrote:

@Tanmayyy @akki.akki

Damn , i also do a lot of transactions but most are transfers from one of my own bank account to another bank account(own) of other bank to take benefit of upi send money offers. Should i be worried too?

Cool Cool
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Omg

Super Stud Super Stud
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Tanmayyy wrote:

Damn , i also do a lot of transactions but most are transfers from one of my own bank account to another bank account(own) of other bank to take benefit of upi send money offers. Should i be worried too?

In same boat as yours 😶 doing self transfers. Sometimes get confirmation call from bank but that’s it.

@adi22raj Please share the type of transaction u did to trigger them 

Deal Cadet Deal Cadet
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Tanmayyy wrote:

Damn , i also do a lot of transactions but most are transfers from one of my own bank account to another bank account(own) of other bank to take benefit of upi send money offers. Should i be worried too?

No, I don’t think that creates a problem. I do a lot of RTGS/NEFT txns regularly to move money into my accounts.

I think what causes the problem is 1. cash deposit and 2. money sent and received to/from many people.

Deal Lieutenant Deal Lieutenant
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@xxxyyyzzz @Tanmayyy

Agar transactions are less than 1crore and/or less than 50 entries in a year then koi tension nahi russia ghoomne jao.kuch bank ki limit isse thodi upar niche hogi.

Deal Subedar Deal Subedar
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in 2018/19 i used to do 4L txn per day with ICICI ..i did for 5/6 months .. all self transfers and used icici debit card  to load idfcbank. never got call/mail from icici

Analyst Analyst
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Op, can you update the post with some information on the amount of transactions that triggered this?

Super Stud Super Stud
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TEMPER wrote:

in 2018/19 i used to do 4L txn per day with ICICI ..i did for 5/6 months .. all self transfers and used icici debit card in to load idfcbank. never got call/mail from icici

You’re a pro bro.

Deal Cadet Deal Cadet
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My account got closed after the same email in december. 

Deal Cadet Deal Cadet
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DimeDime wrote:

No, I don’t think that creates a problem. I do a lot of RTGS/NEFT txns regularly to move money into my accounts.

I think what causes the problem is 1. cash deposit and 2. money sent and received to/from many people.

Oh, I almost forgot about this one(that might be relevant to many here on DD): Multiple credits from (different) Rent Pay apps to your account.

If you are a genuine landlord of multiple properties, either get a CA or use multiple SB accounts.

Deal Lieutenant Deal Lieutenant
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Even Sending 4 rupees for Paytm Bug 👾🐞👾🐞👾, will be reported and May get Notice from banks. Please appoint a Genuine CA passed from WA UNV as early as possible stuck_out_tongue_winking_eye stuck_out_tongue_winking_eye

Deal Cadet Deal Cadet
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head_shark wrote:

My account got closed after the same email in december. 

+1

Deal Cadet Deal Cadet
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It is a genuine threat. If you don’t want your account to be closed then i would suggest stop doing such transactions in your account.

I used to have a savings account in Kotak 811 which i used to load money via SBI debit card and transfer the same back to bank via imps and again repeating the same until per day transaction limit on the debit card was exhausted. I used to earn reward points in SBI debit cards for these. I had multiple debit cards also. I used to transact 125000 per day. After around 3 months i got a call from the branch manger of kotak bank citing the same reasons and asked me to stop continuing such transactions which i didn’t and they closed my account after that.

Chennai Super Kings Chennai Super Kings
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DimeDime wrote:

No, I don’t think that creates a problem. I do a lot of RTGS/NEFT txns regularly to move money into my accounts.

I think what causes the problem is 1. cash deposit and 2. money sent and received to/from many people.

So sending money to own accounts shouldn’t be an issue right?

Chennai Super Kings Chennai Super Kings
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kukdookoo wrote:

@xxxyyyzzz @Tanmayyy

Agar transactions are less than 1crore and/or less than 50 entries in a year then koi tension nahi russia ghoomne jao.kuch bank ki limit isse thodi upar niche hogi.

Transactions to yaar kaafi ho hi jaati hai account mai , monthly 100-150 but all are small amounts like 100 for send money offers on amazon and paytm etc.

Deal Lieutenant Deal Lieutenant
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Tanmayyy wrote:

Transactions to yaar kaafi ho hi jaati hai account mai , monthly 100-150 but all are small amounts like 100 for send money offers on amazon and paytm etc.

Tension choro aur jo rajesh khanna ka pyaj vala dialogue hai us se inspire hoke araam karo.

Deal Cadet Deal Cadet
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Tanmayyy wrote:

So sending money to own accounts shouldn’t be an issue right?

Within reasonable limits, yeah sure, won’t be an issue.

Deal Lieutenant Deal Lieutenant
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akki.akki wrote:

I never do any kind of these high value transactions. Coz I don’t have that much money either.

Bro be like: Gajab beizzati hai yaar XD

Deal Cadet Deal Cadet
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bohemian wrote:

What type of transaction you did? what threshold you breach?  

80% upi….no cash deposit 20% just shopping
mostly money received from friends, also do self transfer 

Deal Cadet Deal Cadet
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xxxyyyzzz wrote:

In same boat as yours 😶 doing self transfers. Sometimes get confirmation call from bank but that’s it.

@adi22raj Please share the type of transaction u did to trigger them 

no idea bro
mostly i do upi transactions only 
no cash deposit

Deal Cadet Deal Cadet
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adi22raj wrote:

80% upi….no cash deposit 20% just shopping
mostly money received from friends, also do self transfer 

But how much in 1 month?

Deal Cadet Deal Cadet
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Ripalbaria wrote:

But how much in 1 month?

it crossed mostly 1 lac including merchant payment

Deal Lieutenant Deal Lieutenant
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adi22raj wrote:

80% upi….no cash deposit 20% just shopping
mostly money received from friends, also do self transfer 

Self transfer should not be problem. But seems you received high value from friends or different accounts triggered. High value means?…exchange in few lakhs or above 50 lac via rotation?

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