Are online accounts are more prone to get freezing than offline accounts ?

[kuchrm]

"This might sound like a silly question to some, but I’m genuinely curious. Are bank accounts opened online more likely to be frozen compared to those opened in person means offline at a branch? Also, is there any difference in the product codes for online vs. offline accounts, even if they’re both labeled the same—for example, 'Regular Savings Account'?"

 

[desiviru]

Yes. Sometimes in online accounts banks fail to fulfill complete criterias. It can happen in offline accounts also if the details filled in form is not entered in system carefully. But it is very rare that offline account will face issues while online accounts are prone to getting restricted for one or other reason. Bigger txn with offline account won't create much fuss.

 

[aniketkr.sharma]

Yes. Sometimes in online accounts banks fail to fulfill complete criterias. It can happen in offline accounts also if the details filled in form is not entered in system carefully. But it is very rare that offline account will face issues while online accounts are prone to getting restricted for one or other reason. Bigger txn with offline account won't create much fuss.

Yeah that's why my account that is more than 15 years old is still operative with only pan card attached with it.

For re-kyc I didn't even got a single call, also not a single call that your aadhar number isn't attached with the account.

 

[desiviru]

Yeah that's why my account that is more than 15 years old is still operative with only pan card attached with it.

For re-kyc I didn't even got a single call, also not a single call that your aadhar number isn't attached with the account.

Aadhaar is not mandatory for bank accounts. It never was. I have not attached aadhaar to any bank account except one and other than that Aadhaar linked only to PAN.

Now re-KYC is required by banks as per RBI norms. People don't generally have information on why they are asked for re-KYC. Like you said you have 15 years old account still active. Maybe you are using it for say 1-10 txns or within limits per year and also your txns are within the KYC data bank already has feeded incl. annual income etc. They will ask for re-KYC only when your txn patterns of say cash deposits, online/offline withdrawls, ecom/pos txn crosses the declared info. Only then they will bug you have re-KYC and update information like annual income, source of income.

Customer can't do much as it is RBI policy to have re-KYC every two years only when bank account txn pattern changes otherwise not required. ICICI never asked me for re-KYC but in 2019 my account was being used more and unusual cash deposits as normally it was in thousands per txn and then it was in lakhs. So they froxe my account. I went to branch and did re-KYC and it was reactivated instantly. They sent me SMS and Email regarding same as to why they need to do re-KYC and I already know why system got triggered. 🙂

 

[hender]

Aadhaar is not mandatory for bank accounts. It never was. I have not attached aadhaar to any bank account except one and other than that Aadhaar linked only to PAN.

Now re-KYC is required by banks as per RBI norms. People don't generally have information on why they are asked for re-KYC. Like you said you have 15 years old account still active. Maybe you are using it for say 1-10 txns or within limits per year and also your txns are within the KYC data bank already has feeded incl. annual income etc. They will ask for re-KYC only when your txn patterns of say cash deposits, online/offline withdrawls, ecom/pos txn crosses the declared info. Only then they will bug you have re-KYC and update information like annual income, source of income.

Customer can't do much as it is RBI policy to have re-KYC every two years only when bank account txn pattern changes otherwise not required. ICICI never asked me for re-KYC but in 2019 my account was being used more and unusual cash deposits as normally it was in thousands per txn and then it was in lakhs. So they froxe my account. I went to branch and did re-KYC and it was reactivated instantly. They sent me SMS and Email regarding same as to why they need to do re-KYC and I already know why system got triggered. 🙂

PSU asks for re-KYC 8-10 years in general
Aadhaar too, they needed

 

[aniketkr.sharma]

Aadhaar is not mandatory for bank accounts. It never was. I have not attached aadhaar to any bank account except one and other than that Aadhaar linked only to PAN.

Now re-KYC is required by banks as per RBI norms. People don't generally have information on why they are asked for re-KYC. Like you said you have 15 years old account still active. Maybe you are using it for say 1-10 txns or within limits per year and also your txns are within the KYC data bank already has feeded incl. annual income etc. They will ask for re-KYC only when your txn patterns of say cash deposits, online/offline withdrawls, ecom/pos txn crosses the declared info. Only then they will bug you have re-KYC and update information like annual income, source of income.

Customer can't do much as it is RBI policy to have re-KYC every two years only when bank account txn pattern changes otherwise not required. ICICI never asked me for re-KYC but in 2019 my account was being used more and unusual cash deposits as normally it was in thousands per txn and then it was in lakhs. So they froxe my account. I went to branch and did re-KYC and it was reactivated instantly. They sent me SMS and Email regarding same as to why they need to do re-KYC and I already know why system got triggered. 🙂

Bro, its exceeding every year, as it was a minor account then converted to major & on that account annual income is mentioned as 1 lakhs & as far I knew monthly transaction is above 4 lakhs on that account now.

 

[desiviru]

PSU asks for re-KYC 8-10 years in general

Again it depends on how you use the account. My mother's acc. re-KYC was done in 2021 and shown valid upto Oct 2031 in PNB netbanking. Last year I put my own money for FDs in her account for 0.50% extra Sr. Citizens and they asked for re-KYC as annual income was not matching those deposits. Although money was transferred online but FD creation lead to system trigger. So savings account put on hold. Now it is valid till 2034 until system detects anything unusual.

 

[hender]

Again it depends on how you use the account. My mother's acc. re-KYC was done in 2021 and shown valid upto Oct 2031 in PNB netbanking. Last year I put my own money for FDs in her account for 0.50% extra Sr. Citizens and they asked for re-KYC as annual income was not matching those deposits. Although money was transferred online but FD creation lead to system trigger. So savings account put on hold. Now it is valid till 2034 until system detects anything unusual.

Special trigger is always different, normal or periodic KYC is 7-10 years, with PSU.