@Harsh Newguru Kya hoga kis limit tak hoga ye bank to bank thoda vary kar sakta hai.
But in short, a 'hold' is a promise to the receiver that they will get the amount if the deal is done from their side.
Allotment is their deal, already done. Transaction failures in money transfer are a common issue. If you don't have sufficient amount at the time of re-attempting debit, an empty 'hold' may get created. Normally this means as soon as your account has sufficient amount again, it will go to the 'hold', and get debited from there (whether on receiver's re-request, or done by your own bank - that I don't know).
But in my case something weird happened that I warned in my comment about. Prepare for a long story now -
It was a series of dozens of IPOs one after another, and I stopped paying attention to which one got debited which one unblocked. So in the month-end I used almost all the money in my account somewhere, thinking no hold means no debits remaining. Then an empty hold got created again without any sms or email notification. Later, when my salary of next month got credited, the IPO amount got blocked in the hold. But the same amount got debited, almost immediately after that, from my remaining balance !
It was then when I realized something is wrong (almost 30k is obviously not a small amount for me). Then I checked the account, noticed the hold, matched transactions from previous month and realized IPO was allotted but the amount did not leave my account at all, though the mandate was revoked (I don't remember any failed transaction at my end). I thought okay, fair deal, the hold should get removed now. But it didn't.
Took me 3+ months of communicating with officials and customer care to remove it (my home-branch number they gave were out-of-service!). Have over a dozen email communications from their highest officials (of SBI) instructing one another to remove the hold, CC'ing the emails to me - all useless.
Finally, a visit to my home branch in my hometown, and a simple handwritten application did it. Lesson learnt - SBI online services work when they do. When they don't, only a branch visit will do.
Second lesson - always keep track of allotments received, and respective debits + balance yourself. Don't rely on these automated systems !
Hope it wasn't too long, confusing the issue instead of explaining it.
Zerodha (Trading & Demat Account)
RHP
Top Contributor (300+ Posts, 100+ Likes)
