https://www.desidime.com/discussions/received-this-e-mail-from-axis-bank?page=1#post_9023164
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received this e-mail from axis Bank
I am an axis Bank customer from the last 9 years but never received email like this i am self employed and updated everything few years ago . Is it mandatory to do it again ?
Dear Customer,
Thank you for banking with us.
We wish to inform you that the annual income against your Customer ID XX XXXX is not updated in our records.
To help us serve you better, kindly update your income details through any of the channels available in the link below within 30 days of receipt of this communication:
https://axisbank.com/channels
Always open to help you.
Regards,
Axis Bank Ltd.
Dear Customer,
Thank you for banking with us.
We wish to inform you that the annual income against your Customer ID XX XXXX is not updated in our records.
To help us serve you better, kindly update your income details through any of the channels available in the link below within 30 days of receipt of this communication:
https://axisbank.com/channels
Always open to help you.
Regards,
Axis Bank Ltd.
Expired
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https://www.desidime.com/discussions/received-this-e-mail-from-axis-bank?page=1#post_9023234
Just to offer you loans or cards accordingly
https://www.desidime.com/discussions/received-this-e-mail-from-axis-bank?page=1#post_9023261
Do update it with Axis, might help avoiding certain account freeze scenarios like some NeoBanks are into these days. Banks are supposed to file suspicious activity reports with FIU and since its the AI that flags accounts/transactions, good chances annual income is one of factors considered in doing so
https://www.desidime.com/discussions/received-this-e-mail-from-axis-bank?page=1#post_9023323
getready wrote:what is fiu? and what if one selects income as 500 crore, they update to it for matching with itr?
Do update it with Axis, might help avoiding certain account freeze scenarios like some NeoBanks are into these days. Banks are supposed to file suspicious activity reports with FIU and since its the AI that flags accounts/transactions, good chances annual income is one of factors considered in doing so
https://www.desidime.com/discussions/received-this-e-mail-from-axis-bank?page=1#post_9023458
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No, this is basic info. Savings account don't need ITR but when we try credit score checks with banking apps, the report gets shared with them too. So, if not accurately they get some idea about your annual income, other wise they can only guess based on banking transactions (In & Out). Sometime back when Niyo/Equitas froze bank accounts, they started asking questions like "Source of funds" & "Occupation" (Ref)
kukdookoo wrote:FIU - Financial Intelligence Unit
what is fiu? and what if one selects income as 500 crore, they update to it for matching with itr?
No, this is basic info. Savings account don't need ITR but when we try credit score checks with banking apps, the report gets shared with them too. So, if not accurately they get some idea about your annual income, other wise they can only guess based on banking transactions (In & Out). Sometime back when Niyo/Equitas froze bank accounts, they started asking questions like "Source of funds" & "Occupation" (Ref)
https://www.desidime.com/discussions/received-this-e-mail-from-axis-bank?page=1#post_9024096
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getready wrote:Why does it matter to neo banks what are source of funds?i mean do they have authority to ask this?
FIU - Financial Intelligence Unit
No, this is basic info. Savings account don't need ITR but when we try credit score checks with banking apps, the report gets shared with them too. So, if not accurately they get some idea about your annual income, other wise they can only guess based on banking transactions (In & Out). Sometime back when Niyo/Equitas froze bank accounts, they started asking questions like "Source of funds" & "Occupation" (Ref)
https://www.desidime.com/discussions/received-this-e-mail-from-axis-bank?page=1#post_9024404
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kukdookoo wrote:
Why does it matter to neo banks what are source of funds?i mean do they have authority to ask this?
Every bank should set key indicators for such accounts, taking note of the background of the customer, such as the country of origin, sources of funds, the type of transactions involved and other risk factors. High risk associated with accounts of bullion dealers (including sub-dealers) & jewelers should be taken into account by banks to identify suspicious transactions for filing Suspicious Transaction Reports (STRs) to Financial Intelligence Unit- India (FIU-IND)
Check from 2.8 to 2.15, 2.21 in the below circular
Reserve Bank of India - Know Your Customer (KYC) norms / Anti-Money Laundering (AML) standards
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