Large no. of transaction in Savings account

299°
Deal Cadet
Neo53

I want to know what might be upper limit of transaction you should do in savings account.
I did some p2p transactions (crypto related mostly) and it might go around 20k per day, if I do it daily obviously account will get flagged (I presume) – any idea regarding this?

If we want to open current account especially for these kinda transaction can we open as an individual (no business)? If so what are the options

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Deal Cadet Deal Cadet
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Use PSU bank account

Deal Cadet Deal Cadet
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Some PPL go for co-op bank account ….big banks like HDFC, icici will have algorithms to detect such transactions but local co-op banks won’t have anything of that magnitude

Deal Lieutenant Deal Lieutenant
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keep multiple sb accounts and do transactions in various accounts turn by turn. That is good option

Deal Cadet Deal Cadet
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Bk100 wrote:

keep multiple sb accounts and do transactions in various accounts turn by turn. That is good option

Maybe or maybe not, also it would become too much hassle at certain point and it’s not like I want to do something hiding but wants to know how can we do

Kolkata Knight Riders Kolkata Knight Riders
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How about keep a bank account which you can easily let go off. NSDL Jiffy comes to my mind or some neo banks maybe. 

Deal Lieutenant Deal Lieutenant
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Neo53 wrote:

Maybe or maybe not, also it would become too much hassle at certain point and it’s not like I want to do something hiding but wants to know how can we do

All sb accounts comes with some restrictions. We can’t do consistently high value transactions and high number of transactions every month. 

so it is better if have multiple accounts . 

if don’t want hassle then better open current account. No one will ask any questions here. 

Deal Cadet Deal Cadet
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Seinfeld wrote:

How about keep a bank account which you can easily let go off. NSDL Jiffy comes to my mind or some neo banks maybe. 

Yup – that’s like trail and error to see when notice comes from bank 😂 
Have such banks, will see

Deal Cadet Deal Cadet
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Bk100 wrote:

All sb accounts comes with some restrictions. We can’t do consistently high value transactions and high number of transactions every month. 

so it is better if have multiple accounts . 

if don’t want hassle then better open current account. No one will ask any questions here. 

Yup SB account don’t enjoy these freq transactions

Can current accounts be opened when you don’t have details about business (proofs), I’d heard that individual can open current account but can’t find now wherever I’ve searched it requires business details

Rajasthan Royals Rajasthan Royals
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Seinfeld wrote:

How about keep a bank account which you can easily let go off. NSDL Jiffy comes to my mind or some neo banks maybe. 

😄NSDL Jiffy Freezed My Account Because I Did Nearly 70K Transaction In 9 Months & Then Received Mail From NSDL “Kindly Send Your Video Holding Pan Card & Aadhar Card”

Deal Lieutenant Deal Lieutenant
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Neo53 wrote:

Yup SB account don’t enjoy these freq transactions

Can current accounts be opened when you don’t have details about business (proofs), I’d heard that individual can open current account but can’t find now wherever I’ve searched it requires business details

dont know about big bank. Try smaller or co op banks. 

i opened current account in regional rural bank. Very less restrictions. 

even big banks allow current account. My friend opened in axis bank. But minimum balance is high. 

Deal Subedar Deal Subedar
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Spanjaykumar wrote:

😄NSDL Jiffy Freezed My Account Because I Did Nearly 70K Transaction In 9 Months & Then Received Mail From NSDL “Kindly Send Your Video Holding Pan Card & Aadhar Card”

They opened account without pan and adhaar kyc?

Rajasthan Royals Rajasthan Royals
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drsa478 wrote:

They opened account without pan and adhaar kyc?

No, But They Didn’t do VKYC….So If You have access Someone’s Pan Card & Adhaar Card & Otp You can open account & use for your personal use…So They sent me mail for sending v video holding Pan Card and Aadhar Card.

Deal Cadet Deal Cadet
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You can get current account on your name too. Visit any bank branch ask for current account, Explain that you do small business gigs e.g contractor, land broker etc…
usually they don’t ask if you say personal business.
SBI have lowest min balance CA – 10000rs/m

Deal Cadet Deal Cadet
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Also I had questions what is use of these payment banks, if they don’t allow frequent transactions and block accts?
I thought they were created to offer online banking for frequent payments.
eg Airtel Payment Bank
Paytm Payment Bank
etc

Deal Cadet Deal Cadet
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Bk100 wrote:

dont know about big bank. Try smaller or co op banks. 

i opened current account in regional rural bank. Very less restrictions. 

even big banks allow current account. My friend opened in axis bank. But minimum balance is high. 

Hmm will check later if I get time to visit banks Thanks!, 

Can keep 25k it won’t be a problem just wanted to know if someone has current account where they don’t ask for what’s business – it’s like I need to transfer same money multiple times that’s it

Critic Critic
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Contact the banks. Some allow for small business, interior decorators etc. 

Hunk Hunk
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Ok so I had a similar situation 5 years back. On an average I had 10+ txn everyday, and each txn would be more than 50k. This continued for about 2 years or so and in 2nd year, each txn was about 95k. So per day 4-5L txn debit and similar amounts credited too!

ICICI NEVER BOTHERED.

Yes Bank RM called asked politely why so many txns within 2 months and requested that I should open a current account as both my account and him could get flagged 😂

Both ICICI and Yes accounts were my salary account.

Important point to note: I stopped doing this when that bug got resolved in mid 2018. No one bothered till date. Not even IT dept

Although, there is a possibility ICICI might have learned the lesson and improved their algorithm, but I think if they ever found out what I was doing, they’d be sending their team of lawyers to my home to recover their money. But in your case, if its just crypto txns, you can simply say that you’re doing ‘investments in virtual assets’ on daily basis. At the most, they’ll push you to open a trading account with them after hearing this but not necessary as trading account is not needed for trading in ‘virtual assets’! 😬

Deal Cadet Deal Cadet
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atx88 wrote:

Ok so I had a similar situation 5 years back. On an average I had 10+ txn everyday, and each txn would be more than 50k. This continued for about 2 years or so and in 2nd year, each txn was about 95k. So per day 4-5L txn debit and similar amounts credited too!

ICICI NEVER BOTHERED.

Yes Bank RM called asked politely why so many txns within 2 months and requested that I should open a current account as both my account and him could get flagged 😂

Both ICICI and Yes accounts were my salary account.

Important point to note: I stopped doing this when that bug got resolved in mid 2018. No one bothered till date. Not even IT dept

Although, there is a possibility ICICI might have learned the lesson and improved their algorithm, but I think if they ever found out what I was doing, they’d be sending their team of lawyers to my home to recover their money. But in your case, if its just crypto txns, you can simply say that you’re doing ‘investments in virtual assets’ on daily basis. At the most, they’ll push you to open a trading account with them after hearing this but not necessary as trading account is not needed for trading in ‘virtual assets’! 😬

Frequent trading comes under buisness income, he should open Current account and show income as buisness income to taxman.

Deal Lieutenant Deal Lieutenant
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Spanjaykumar wrote:

😄NSDL Jiffy Freezed My Account Because I Did Nearly 70K Transaction In 9 Months & Then Received Mail From NSDL “Kindly Send Your Video Holding Pan Card & Aadhar Card”

paji apka icici ne bhi block kiya account. kahi kala dhan safed to nahi kar rahe?

Community Angel Community Angel
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atx88 wrote:

Ok so I had a similar situation 5 years back. On an average I had 10+ txn everyday, and each txn would be more than 50k. This continued for about 2 years or so and in 2nd year, each txn was about 95k. So per day 4-5L txn debit and similar amounts credited too!

ICICI NEVER BOTHERED.

Yes Bank RM called asked politely why so many txns within 2 months and requested that I should open a current account as both my account and him could get flagged 😂

Both ICICI and Yes accounts were my salary account.

Important point to note: I stopped doing this when that bug got resolved in mid 2018. No one bothered till date. Not even IT dept

Although, there is a possibility ICICI might have learned the lesson and improved their algorithm, but I think if they ever found out what I was doing, they’d be sending their team of lawyers to my home to recover their money. But in your case, if its just crypto txns, you can simply say that you’re doing ‘investments in virtual assets’ on daily basis. At the most, they’ll push you to open a trading account with them after hearing this but not necessary as trading account is not needed for trading in ‘virtual assets’! 😬

No one can beat icici no objection on 4 lakh+ daily transactions tried myself 

Rajasthan Royals Rajasthan Royals
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kukdookoo wrote:

paji apka icici ne bhi block kiya account. kahi kala dhan safed to nahi kar rahe?

🤣 Aaaaa Eeee Senorita Naam To Suna Hoga “Money Rotation, Money Rotation”

Bro Actually Kya H 2 – 2.5% Ki Income Hoti Hai, Ab Us Chakar Main 10-20 Thousand Bhi Lakho Main Pahunch Jate Hai….😟

Ab Us Hisab Se 4 L Ke Transaction Per 10K Ki Income Hoti Hai Bhai… Village Main Koi Job H Nhi…H to 10K se Jayda koi Deta Nhi….City k hisab Se Apne Andar Koi Talent Nhi Like Fluent English, Computer Knowledge….☹️


Hunk Hunk
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Spanjaykumar wrote:

🤣 Aaaaa Eeee Senorita Naam To Suna Hoga “Money Rotation, Money Rotation”

Bro Actually Kya H 2 – 2.5% Ki Income Hoti Hai, Ab Us Chakar Main 10-20 Thousand Bhi Lakho Main Pahunch Jate Hai….😟

Ab Us Hisab Se 4 L Ke Transaction Per 10K Ki Income Hoti Hai Bhai… Village Main Koi Job H Nhi…H to 10K se Jayda koi Deta Nhi….City k hisab Se Apne Andar Koi Talent Nhi Like Fluent English, Computer Knowledge….☹️


bhai to be honest, dheere dheere sab loophole plug ho jayenge… Tab kya karoge?

unsolicited advise: Upskilling ka option hi bacha hai aapke paas bas. Aise 10-20 thousand karke ab tak jo kamaya hai, usme se thoda invest karlo kuch learning me, kaafi zyada kar loge 10-20 thousand se bade aaram se.

Deal Lieutenant Deal Lieutenant
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Spanjaykumar wrote:

🤣 Aaaaa Eeee Senorita Naam To Suna Hoga “Money Rotation, Money Rotation”

Bro Actually Kya H 2 – 2.5% Ki Income Hoti Hai, Ab Us Chakar Main 10-20 Thousand Bhi Lakho Main Pahunch Jate Hai….😟

Ab Us Hisab Se 4 L Ke Transaction Per 10K Ki Income Hoti Hai Bhai… Village Main Koi Job H Nhi…H to 10K se Jayda koi Deta Nhi….City k hisab Se Apne Andar Koi Talent Nhi Like Fluent English, Computer Knowledge….☹️


paji can u share more info about this money rotation?

Rajasthan Royals Rajasthan Royals
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atx88 wrote:

bhai to be honest, dheere dheere sab loophole plug ho jayenge… Tab kya karoge?

unsolicited advise: Upskilling ka option hi bacha hai aapke paas bas. Aise 10-20 thousand karke ab tak jo kamaya hai, usme se thoda invest karlo kuch learning me, kaafi zyada kar loge 10-20 thousand se bade aaram se.

Bro Kya Kare Kya Nhi….. Tension To Kafi Rahti Hai…. Gharwalo Ka Bhi Pressure Rahta H Koi Job Dekhlo…Pr Bina Jaan Pehchaan Koi Job Nhi Milti Village Main…. Mujhe To Bhai Koi Net Salary 15k Bhi De De To Bahut H….Lekin 10K Se Upper Koi Job nhi Usme Bhi Jaan Pehchaan Chayie…☹️ Ye Mobile Se Earning Bhi Bahut sardardi H Kabhi Refund/Failed.

Rajasthan Royals Rajasthan Royals
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kukdookoo wrote:

paji can u share more info about this money rotation?

1.Mobikwik AMEX (Stopped On November End): Mobikwik Amex Card>Lazypay>Paytm Merchant Account( Have More Than 10+ Accounts So Per Month Earned 10-12K…Using This Trick Earned Nearly 2L) (Although Lazypay stopped Repayment Using Credit Card On April But I Found A Bug On Lazypay So Enjoy Benefit Till November)

2.Easemytrip (Stopped On March): Paid EMI/Bill Payment & Earned 10% (Earned Nearly 1L) (Easemytrip Flight Offer Payment Offer Worked On Recharge & Bill Payment Too But Finally They Removed Bill payment Services)

3.Paid Loan EMI at Justdial Portal Using Payment Method Amazonpay & earned 2.5% (Earned 1 L) ( Since They Charging 1.65% Convenience Charge So not Useful now)

4.Now I am earning via OneCard + Amazon ICICI Card + Lazypay Card + Flipkart AXIS Card + Akudo +Junio

Deal Lieutenant Deal Lieutenant
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Spanjaykumar wrote:

1.Mobikwik AMEX (Stopped On November End): Mobikwik Amex Card>Lazypay>Paytm Merchant Account( Have More Than 10+ Accounts So Per Month Earned 10-12K…Using This Trick Earned Nearly 2L) (Although Lazypay stopped Repayment Using Credit Card On April But I Found A Bug On Lazypay So Enjoy Benefit Till November)

2.Easemytrip (Stopped On March): Paid EMI/Bill Payment & Earned 10% (Earned Nearly 1L) (Easemytrip Flight Offer Payment Offer Worked On Recharge & Bill Payment Too But Finally They Removed Bill payment Services)

3.Paid Loan EMI at Justdial Portal Using Payment Method Amazonpay & earned 2.5% (Earned 1 L) ( Since They Charging 1.65% Convenience Charge So not Useful now)

4.Now I am earning via OneCard + Amazon ICICI Card + Lazypay Card + Flipkart AXIS Card + Akudo +Junio

paji itna dimaag hota to aj me ias hota

Deal Cadet Deal Cadet
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Spanjaykumar wrote:

1.Mobikwik AMEX (Stopped On November End): Mobikwik Amex Card>Lazypay>Paytm Merchant Account( Have More Than 10+ Accounts So Per Month Earned 10-12K…Using This Trick Earned Nearly 2L) (Although Lazypay stopped Repayment Using Credit Card On April But I Found A Bug On Lazypay So Enjoy Benefit Till November)

2.Easemytrip (Stopped On March): Paid EMI/Bill Payment & Earned 10% (Earned Nearly 1L) (Easemytrip Flight Offer Payment Offer Worked On Recharge & Bill Payment Too But Finally They Removed Bill payment Services)

3.Paid Loan EMI at Justdial Portal Using Payment Method Amazonpay & earned 2.5% (Earned 1 L) ( Since They Charging 1.65% Convenience Charge So not Useful now)

4.Now I am earning via OneCard + Amazon ICICI Card + Lazypay Card + Flipkart AXIS Card + Akudo +Junio

Did u file income tax on all portals? 

Rajasthan Royals Rajasthan Royals
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kukdookoo wrote:

paji itna dimaag hota to aj me ias hota

Bro Yehi To Problem H… Study Main Man Nhi Lagta H…….Nhi Kuch Bhi Impossible Nhi H Life Main…. Study Main Starting Main Kuch Nhi Milta  Pr Jab Milta H To Puri Life Settled Ho Jati H….

Rajasthan Royals Rajasthan Royals
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FreakingAwesome wrote:

Did u file income tax on all portals? 

No Bro….I File Income Tax First Time This Year.

Mujhe Laga Ab ITR File Kar Deni Chayie Nhi Pata Nhi Faltu Ka Koi Problem Ho Jayegi

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