ICICI bank froze my Basic Savings Account (zero balance) that I opened with valid KYC documents.
They claim they have done this as my total transactions exceeded 50k in last year, which is true. But as per RBI guidelines, any Basic savings account opened with KYC are not subject to any transaction limits - even ICICI's own website suggests that. http://www.icicibank.com/Personal-Banking/account-deposit/basic-savings/documentation.page?#toptitle
I use this account to keep the remainder of my salary on the last day of every month as savings.
I have two options now:
1. Fight it out with complaints to the bank and RBI (if required).
2. Just get my money out and close the account out of this $hitty bank.
They claim they have done this as my total transactions exceeded 50k in last year, which is true. But as per RBI guidelines, any Basic savings account opened with KYC are not subject to any transaction limits - even ICICI's own website suggests that. http://www.icicibank.com/Personal-Banking/account-deposit/basic-savings/documentation.page?#toptitle
I use this account to keep the remainder of my salary on the last day of every month as savings.
I have two options now:
1. Fight it out with complaints to the bank and RBI (if required).
2. Just get my money out and close the account out of this $hitty bank.