Go Digit General Insurance Limited IPO Message Board (Page 10)

​@IPOse Dukhi Atma  Did you apply ?

Not sure. Now seems may list 10-15% positive. I missed to apply as did not want to take risk.

Turmoil conditions in geopolitical globally.
But it's US who has upper hand
I think Dow and Nasdaq will gain today

For Indian point of view,

Iran is strategically important and late president of Iran was good for India, so some reaction in ports and infrastructure co. Like adani ports can give negative impact

Other views are welcome

The president in Iran is only a "policy implementer" and not "decision maker". The Supreme Leader Ali is still alive and procedures for appointment of next president are likely begin shortly. Plus there are no signs yet of cross border engagements into the crash

More concerning will be our own 5th Phase Polls and its private exit polls data @Rajiv RR

​@MuStrFc Agree,I feel getting majority might not be a problem, but market expecting with 400+ is the problem. Hoping for the best..
Yeah, also agreed Supreme Leader Ali is still alive, just hoping is there is no conspiracy theory in the crash.

​@GrayIsTheNewBlack i think your account is marked debit freeze. There can be many reasons for debit freeze. Please check if you have received any message or email regarding this. If not then you need visit your branch to know the reason. Some possible reasons are kyc requirement, FV failed , high value transactions, not using the since long time or freeze by fraud monitoring dept.
Generally account can be unfreeze by giving fresh kyc docs or letter on plain paper stating all the transactions done by me and mention source of fund transfer in case of high value transactions.

I assume the account is not a salary account

Still if that block is done due to the amount and transactions done in the bank account which probably have not matched with the bank account holder's profile records in the bank, by which its auto flagged somehow, only a visit to the branch will help out to update profile and provide KYC and other proofs if needed to unfreeze it

@GrayIsTheNewBlack

​@MuStrFc 
Not a salary account it is minor account of my son. There have been transactions in the tune of 10 lakhs for bHNI applications.
Mustrfc/@Ayank - are you aware of the time needed to unfreeze the account ?
If you guys have minor account do you always keep the funds in that account or remove once the ipo is done ?

​@GrayIsTheNewBlack With HDFC mostly I used to keep balance with minors account but sometimes I do transfer between mine and minors account as required (both a/c's under same customer ID) So far didn't face any problems. To avoid such situation initially always receiving 3rd party payments to my primary a/c rather than minors.

​@GrayIsTheNewBlack yes it happened with me twice in last 6 months. My newly opened minor account was marked debit freeze by Indusind bank due to high value transactions. The only option is visit your branch and meet the branch manager. First time they asked me kyc documents & FV report(home visit verification) along with letter on plain paper mentioning all the transaction done by me and source of fund of the transactions and second time just letter on plain paper same like before. 
First time it took 1 week to unfreeze the account because nobody in the bank was aware how to unfreeze it so firstly branch manager sent an email to fraud monitoring dept to know about the requirement and second time it took just 2 days
The good thing in my case was I am the guardian in this account and all the fund transfer was done by my account only with other banks. Now I am not doing any high value transactions in this account for some time suggested by bank.

If the branch personnel is knowledgeable enough, then a week or probably lesser time. That is the general timeline the branch people take and as other members mentioned, SVR (Site Verification Report) is highly probable to take place by the branch people. Explanation of funds and its sources in the name of the Branch manager should be given, self attested along with ITRs and KYC Documents.

Its better to keep so much so funds in the account that are needed for the application and in / out should be less frequent so that it doesn't get flagged.

Further, its actually not the customers fault entirely. Even though HDFC and other banks are aware of these practices themselves, but still they allow to open Minor accounts, owing to their employees' own vested interests.

None of them yet do anything in advance, for eg. the least they can do is to take a mandatory declaration at the time of account opening stating such issues and its consequences, specifying amounts and thresholds in addition to the general documents needed to open the account. @GrayIsTheNewBlack

​@GrayIsTheNewBlack In my opinion, it is not a good idea to transfer funds frequently between accounts of family members. Dealing with an account freeze is one thing , but if it gets flagged by the Income Tax systems , having to face a scrutiny assessment is far more painful.

Don't do more credit debit transaction in any account...if u apply bhni then put in one account this monkey dont debit and credit many times...more transaction more suspicious

​@colcol To manage the funds, we have to transfer the funds between family accounts. On what basis bank is freezing the accounts? Also, what assessment income tax will do?

​@GrayIsTheNewBlack 

REASON 1
once happened with me
i added beneficiary(beneficiary account for transfer)in my account (my aunty's account, which i using for ipo)nd
i received call from hdfc customer care for confirmation
nd they directly blocked my account after hearing my voice...

i unblocked my account through email(u can got that email id from customer care,different from normal hdfc email id)

REASON 2
When u transferred money in UPI,u receive robo call from hdfc
nd u failed to verify
then they will temporary freeze ur account...

​@colcol Now a days IT department is not anti assessee rather friendly. If one has proper sources of income and inflow /outflow of funds and matched with profile then don't afraid. Days are gone when people harassed by scrutiny now first department used to ask the genuineness of transaction and sources and if not answered properly then takes next step . If wrong pl update ....

​@PLAZA These days all IT scrutiny assessments, except a few special cases, are done in a faceless and anonymous manner over electronic media and you don't even get to know who the assessing officer is or which city they are based in. So, from that perspective, there is less harassment because you don't have to make visits to the Income Tax office. On the other hand, because all communication is one -sided and not interactive, it can take several exchanges over months to explain a matter that could be explained in minutes sitting face to face. The timelines to complete the assessment have also been shortened drastically and assessing officers are under strict deadline pressure and also pressure to increase tax collection . That can lead to adverse orders sometimes being passed because either the assessee did not fully understand the information asked for or the assessing officer did not properly go through the reply because of heavy workload. There is always the option of appeal but because of the backlog of appeals against aggressive orders passed after the switch to the faceless assessment system , the average time for the appeal to be heard has gone up quite a lot.

Ultimately , if your return is in order and you have valid explanations, you will prevail, after appeal , if required, but while making the process faceless has reduced the scope of direct harrassment and asking for bribes, it has also lengthened the timeline for simple cases and made the process more cumbersome , especially for those who are not as comfortable giving written response to formal notices or don't have CAs with good drafting skills.

It is always better to stay out of the IT radar and avoid the hassle and aggravation even if your returns are 100% in order.

​@colcol Agreed sir with your conversation but if u see the latest guidelines of scrutiny selection for selection of cases till 30th june 24 for AY 23 -24 is very much open and asessee friendly.

​@PLAZA Even in prior years, the CBDT has issued very taxpayer friendly guidelines. CBDT acts as an advisory and policy formulating body and assessing officers are supposed to follow the guidelines but their reporting line is to the Revenue Secretary. The government needs tax revenue to fund social welfare schemes and other expenditure and the Revenue Secretary and the officers under him are responsible for achieving the tax collection goals. It is supposed to be done in a fair manner but there is too much time and revenue pressure and sometimes unfair orders are passed, especially if the assessee was unable to properly communicate his point of view . If an assessing officer has a 100 scrutiny cases and does not make additions in any of them, his superiors are not going to applaud him for being taxpayer friendly but question his competence . ITAT tribunals and higher courts are generally a lot more taxpayer friendly, but getting justice can be a long, costly and stressful process . If you have access to high quality CAs and tax lawyers and regularly face assessments , you can afford to test the boundaries, but for everyone else my advice would always be to avoid triggering any thresholds and stay under the radar if possible.

​@GrayIsTheNewBlack Today's My child hdfc account has blocked too. It seems they are blocking recently open account (last 6 months) on frequent money transfer b/w family accounts. Is your child an infant?

​@ashish.jain Yes, my son is 1.5 years old.
In my case also the minor account was opened 6-7 months back.
Initially for first few months I used to get a call from branch asking the purpose of transfer, for last 2-3 months haven't received any calls for in/out transfers.
Have you spoken with RM or anyone from the bank ?
What is the next step you are planning to do ?

​@GrayIsTheNewBlack  I will check with RM. They have sent an email for how to resolve the matter. it says you need to go to branch and provide details related to source of funds and nature of transactions.

Same here..my 2 year old daughter account was blocked today by HDFC opened 6-7 months back..same BHNI money is there and frequent money transfers between family account .. written mail to branch manager and also forwarded the mail received..let's see tomorrow

​@ashish.jain 
The email they have sent is a generic one.
From what I've seen about the freeze cases on the internet that HDFC takes long time to unfreeze it (some cases it took months).
And that's what is getting me concerned (have 10 lakh+ in the account used for GoDigit bHNI application)

Anyways hoping the gets resolved quickly for both of us 🤞

Bhai ..darao mat..I have more than 2 bhni worth in account.. capital pura block ho jayega ..

​@Anshujii - I'm in the same boat brother.
Dara nahi raha just sharing what I've read on the internet.

​@ashish.jain /@Anshujii @Ankit agarwals 
I checked with the home branch today, they have given estimate of 10 working days to unfreeze the account.
Any time estimates given by your branch ?

Provided ITR and other bank account 6 months statement. Though they wanted me to come physically and submit hard copy but since I don't stay in that city anymore I requested them to send it through email. Estimate 4-5 days but seeing their knowledge level it will be more time..next 2-3 IPOs are gone as of now.

Hi sir do you get solution I have also get mail and my father account got freezed two day before in hdfc bank

​@Anshujii - The lady at the branch I visited seemed knowledgeable.
They took my biometrics and asked me for ITR or 3-months salary slip as income proof.
They would now do a home visit for address verification and if everything is clear, they would forward the request to back end team for unblocking process.
Let's see how long it takes.
@risingstarpatel

Recently I faced in kotak bank( freeze for debit) for my daughter account. I visited branch and given the bank and broker statement for source of fund also written the mail for purpose of transfer. It took 3 days to unfreeze the account.

​@IPO smart - was the freeze from Kotak also due to same issue of high value credit/debit transactions ?

@GraylsTheNewBlack,. Yes. There was transaction of credit and debit while applying in HNI category.

The bank is saying it is EDD block and asking whether I have done any suspicious txn or received any money in this account.. since the only debit/credit is from my and wife's account and other blood relations, I told her the same. She says she needs to check from the backend team for the suspected txn than only she can proceed further..looks like money stuck for long..

​@Anshujii - I got bHNI allotment in the blocked minor account.
Now interesting to see how bank will debit that money ??
Hope - it won't attract any charges ?

​ @IPO smart Is ur daughter a minor?

My grand daughter account in hdfc was debit freeze on the same day with yours minor -today it is unfreeze.I contacted local hdfc branch and given total transfer details.which was from family accounts.They mailed my details to the center. Today it is unfreeze.
Hope yours is also unfreeze

​@Rajendra sethia - Yes Sir, it got un-freezed today after (GoDigit allotment amount got debited today)
Are you keeping the fund in that account now or withdrawing ?

@Anshujii /@ashish.jain /@Ankit agarwals - I hope your minor accounts also got un-freezed today.

Not yet bro..house visit pending since Home branch is at different place and my work place in different city..

Sir, I have 21 lakh fund in each account of three minor. Hdfc bank local Rm told me. Don't remove fund
Also not to transfer and withdraw fund frequently.
But I think we should withdraw funds and make a gift to the minor for the required fund.so in future when account debit freeze we have a gift deed in our favour.
I am going to do same in three account.
What you think. Please reply. Mine all three account in Hdfc bank.
Thanks

Yes, REs which are neither subscribed nor renounced on or before the Issue Closing Date shall lapse and shall extinguished after the closing date. Hence, will not show in Upstox holding too.