I used to transfer money from my kotak savings account to my family and friends account for ipo purpose and takes the amount back to my kotak savings account when ipo is not allotted.
Today kotak bank imposed debit freeze on my account. What wrong did i do here. All of these funds are my white money What should i do now. I visited branch gave a letter for unfreeze bit they said they wil take 5-7 working days.
All my funds are freezed now and im worried. Please help me on this
49.1. MuStrFc| Link| Bookmark|
July 20, 2024 8:49:31 PM
IPO Guru (2900+ Posts, 2200+ Likes)
If you on your part have explained it all to them along with supporting evidence, this thing generally takes it time and will take 7 working days probably to get resolved as it passes through different stages to get approved.
Many people face this due to system built in. Practically its harassment but can't do much. @🔥Black Rock 🔥
49.2. KGSKIPO| Link| Bookmark|
July 20, 2024 11:12:21 PM
Top Contributor (400+ Posts, 100+ Likes)
You should ask for the circulars the bank has on guidelines for freezing funds. If it is under those guidelines, then it is fine, otherwise you may escalate to the senior bank officials, and thereafter RBI ombudsman if you find this freezing unfair. Getting to know the reason is your right. Even to me, you are doing nothing that is illegal.