Bank Annual Income threshold limit - Do credits and debits both count ?

[Hedgewar]

Namaste 🙏,

I have provided 3-5 lakhs as Annual Income while opening an Online Zero Balance Account. I want to make sure I do not do too much transactions that will exceed my declared income level.

So if I have total 3 lakhs as credit transactions and 3 lakhs as debit transactions, have I already exceeded it?

In other words, are both debit and credit transactions considered for this? Or only credit transactions?

Dhanyawad 🙏.

 

[Trust Me]

I have provided 3-5 lakhs as Annual Income while opening an Online Zero Balance Account. I want to make sure I do not do too much transactions that will exceed my declared income level.

I frankly don't know what purpose this self-declaration of annual income serves! As everyone knows (banks as well) that that declared number could likely be just fiction.

Banks do have other, more reliable ways to ascertain customers' actual income.
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[Hedgewar]

I frankly don't know what purpose this self-declaration of annual income serves! As everyone knows (banks as well) that that declared number could likely be just fiction.

Banks do have other, more reliable ways to ascertain customers' actual income.
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But people here often report their accounts getting blocked or frozen because they exceeded transactions over the total annual income limit and need to do re-kyc.

 

[Trust Me]

But people here often report their accounts getting blocked or frozen because they exceeded transactions over the total annual income limit and need to do re-kyc.

The question is, was the reason actually confirmed by the bank, or was it just speculation, and the actual reason was something else?!
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[Anupama_Jha]

Namaste 🙏,

I have provided 3-5 lakhs as Annual Income while opening an Online Zero Balance Account. I want to make sure I do not do too much transactions that will exceed my declared income level.

So if I have total 3 lakhs as credit transactions and 3 lakhs as debit transactions, have I already exceeded it?

In other words, are both debit and credit transactions considered for this? Or only credit transactions?

Dhanyawad 🙏.

Hey, it counts credits only. Bcs when money will came in, they only it will get debited na

 

[Hedgewar]

The question is, was the reason actually confirmed by the bank, or was it just speculation, and the actual reason was something else?!
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Yes, it was confirmed by the Branch Manager in cases where people had their accounts frozen. 😳

 

[Hedgewar]

Hey, it counts credits only. Bcs when money will came in, they only it will get debited na

Glad to know that, I gave 3-5 lakhs as annual income and did already credits of 3 lakhs.

Meaning I could do further 2 lakhs credits in this year, correct?

How strict are they, if the credits exceed by 2-3 lakhs,.will they immediately freeeze?

 

[Trust Me]

Yes, it was confirmed by the Branch Manager in cases where people had their accounts frozen. 😳

How strict are they, if the credits exceed by 2-3 lakhs,.will they immediately freeeze?

I am surprised! As a rule I never give my income information to the banks while submitting KYC (such information is not mandatory). I do have substantial transactions in my accounts. Yet, I have never had any of my accounts frozen, ever!
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[Hedgewar]

I am surprised! As a rule I never give my income information to the banks while submitting KYC (such information is not mandatory). I do have substantial transactions in my accounts. Yet, I have never had any of my accounts frozen, ever!
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Thats a good idea not to provide annual income information. But when you open an account online, it is mandatory and during Video KYC they even ask how much is your annual income. If you say it different than what you provided earlier while opening account, then your KYC will fail. Sometimes even you will have to visit branch.

 

[Anupama_Jha]

I am surprised! As a rule I never give my income information to the banks while submitting KYC (such information is not mandatory). I do have substantial transactions in my accounts. Yet, I have never had any of my accounts frozen, ever!
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Which bank's are u using bro, if u are comfortable to share!

 

[Hedgewar]

Which bank's are u using bro, if u are comfortable to share!

Indusind Digistart Zero balance

 

[Trust Me]

Which bank's are u using bro, if u are comfortable to share!

Top four large banks plus a few medium ones. Never had any of my accounts frozen.
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