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Debit Freeze by Indusind Bank

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A

abhiver

TF Premier
Does anyone ever face this issue. It is totally new for me. I have 2 bank account which are more than 8 year old and never face a single issue. But recently I tried to open Exclusive Variant account with Indusind and got this issue.

There inexperienced staff messed up with my KYC and forced me to do ekyc in order to lift this debit freeze. once I done that, they submitted my account opening check in bank, but due to signature mismatch the check get returned, so they again applied Debit freeze on my account.

now I am very insecure with this bank. Also I have seen so many complaints against them on Twitter regarding this issue. Besides, there customer care cannot lift the debit freeze as it can only be lifted through Branch office.
 
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Tejo

Tejo

TF Legend
abhiver said:
Does anyone ever face this issue. It is totally new for me. I have 2 bank account which are more than 8 year old and never face a single issue. But recently I tried to open Exclusive Variant account with Indusind and got this issue.

There inexperienced staff messed up with my KYC and forced me to do ekyc in order to lift this debit freeze. once I done that, they submitted my account opening check in bank, but due to signature mismatch the check get returned, so they again applied Debit freeze on my account.

now I am very insecure with this bank. Also I have seen so many complaints against them on Twitter regarding this issue. Besides, there customer care cannot lift the debit freeze as it can only be lifted through Branch office.
Click to expand...
What they can do otherwise?

Cheque also used as kyc document. It's returned due to signature mismatch then freezing will be initiated. It's old rule but still rbi guideline.
 
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A

abhiver

TF Premier
Question is what is the need of putting Debit Freeze on customer account. if it KYC concern then they must give customers time frame to do so. also in my case they have already done the ekyc as well as physical verification, then only they opened account and provided me the debit card and cheque book. It is my account opening cheque which they required unnecessarily.

Debit freeze should be used only when someone file complaint against you. I would prefer if they have denied account opening to me.
 
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Tejo

Tejo

TF Legend
abhiver said:
Question is what is the need of putting Debit Freeze on customer account. if it KYC concern then they must give customers time frame to do so. also in my case they have already done the ekyc as well as physical verification, then only they opened account and provided me the debit card and cheque book. It is my account opening cheque which they required unnecessarily.

Debit freeze should be used only when someone file complaint against you. I would prefer if they have denied account opening to me.
Click to expand...
For me just otp, never did vkyc, physical verification.

60k+ transactions very month.

Still signature depending, Actually I don't bothered about chq book, my hdfc, icici, au cheques are unused till now.
 
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V

VijayflyRaven

TF Ace
VIP Lounge
abhiver said:
Does anyone ever face this issue. It is totally new for me. I have 2 bank account which are more than 8 year old and never face a single issue. But recently I tried to open Exclusive Variant account with Indusind and got this issue.

There inexperienced staff messed up with my KYC and forced me to do ekyc in order to lift this debit freeze. once I done that, they submitted my account opening check in bank, but due to signature mismatch the check get returned, so they again applied Debit freeze on my account.

now I am very insecure with this bank. Also I have seen so many complaints against them on Twitter regarding this issue. Besides, there customer care cannot lift the debit freeze as it can only be lifted through Branch office.
Click to expand...
Same happened for me. Signature issue took 7 days to unfreeze. Now it is smooth. I keep zero balance and use only for credit card payment. For a zero balance account, no freeze is possible :)

I always check with UPI of 1 rupee transfer to verify account is active before depositing money. I pay credit card bill immediately to avoid risk.

Note: they did another freeze when I transferred $100 from my US account. Now waiting for that $100 for 1 week. Account unusable for now.
 
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A

abhiver

TF Premier
VijayflyRaven said:
Same happened for me. Signature issue took 7 days to unfreeze. Now it is smooth. I keep zero balance and use only for credit card payment. For a zero balance account, no freeze is possible :)

I always check with UPI of 1 rupee transfer to verify account is active before depositing money. I pay credit card bill immediately to avoid risk.

Note: they did another freeze when I transferred $100 from my US account. Now waiting for that $100 for 1 week. Account unusable for now.
Click to expand...
What is their excuse this time to freeze on USD inflow. I only need this to use their Debit card because they offer Zero markup.

I already have HDFC to handle credit card payment and true, I will also be keeping 0 money with them.
 
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V

VijayflyRaven

TF Ace
VIP Lounge
abhiver said:
What is their excuse this time to freeze on USD inflow. I only need this to use their Debit card because they offer Zero markup.

I already have HDFC to handle credit card payment and true, I will also be keeping 0 money with them.
Click to expand...
They are asking if I am FII/ FDI. I told them I am resident and not FDI. :)

I also raised the issue with nodal officer.
 
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A

abhiver

TF Premier
VijayflyRaven said:
They are asking if I am FII/ FDI. I told them I am resident and not FDI. :)

I also raised the issue with nodal officer.
Click to expand...
Did you able to get any update from Nodal.

I sent email on 5th and didn't get a single response till now. so I called them on their number and told them the matter. they ask the branch to contact me and explain the situation. so far no success in getting the freeze reversed. If it didn't get resolved by Monday then I am giving up on this bank and start looking for ways to file a complaint with RBI on blocking my funds.

seriously worst banking experience ever.
 
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V

VijayflyRaven

TF Ace
VIP Lounge
abhiver said:
Did you able to get any update from Nodal.

I sent email on 5th and didn't get a single response till now. so I called them on their number and told them the matter. they ask the branch to contact me and explain the situation. so far no success in getting the freeze reversed. If it didn't get resolved by Monday then I am giving up on this bank and start looking for ways to file a complaint with RBI on blocking my funds.

seriously worst banking experience ever.
Click to expand...
It is 12 days so far for me. Nodal mentioned that 7days lead time for response. I have only received automated emails so far.

I have decided to keep this as zero balance account. I hope I get my funds.
 
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Wealth is my birth right!

Wealth is my birth right!

TF Prestige
VIP Lounge
vrushanksoni said:
Yesterday I Paid My Credit Card Bill Via Indusind Debit Card.

Amount Was 105000.

Today I Was Busy and I Missed Some Calls From IndusInd.

And Later I Received Text Message that Your Account is Blocked for Debit Transaction.

RM Said Give Written Application for Unblock.

So Now I'm Moving My all Funds To other BANK.


Provide Solution For Unblock..

@Wealth is my birth right! @Batmanbaba @TechnoFino
Click to expand...
Only re kyc will make it possible to activate account again post which only u can move funds
I didn’t got acc freeze but some fee paid to pinnacle card they promised some gv back still pending after a month so thought to quit IndusInd
 
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