Which Saving Bank account is the best
So, I just tried to access my SBI account and whaddya know? It's BLOCKED! Apparently, my KYC needs updating, which is fine, except SBI DIDN'T TELL ME! No email, no SMS, no little pop-up warning - nothing. Just a big, fat "Account Blocked" message. Thanks, SBI.
This whole KYC thing is important, I get it. But come on, a little heads-up would have been nice! Anyway, now I gotta scramble to get my account reactivated. Ugh.
Speaking of banks, this whole ordeal has me thinking about switching. Being a salaried person, I need a good savings account with decent features and benefits. So, if any of you have recommendations for banks with awesome savings accounts for working folks, hit me up in the comments!
Let's all share some good bank knowledge and avoid this frustrating situation.
One interview, 1000+ job opportunities
Take a 10-min AI interview to qualify for numerous real jobs auto-matched to your profile 🔑
Ummm.. I may be wrong, but in most likelihood, your account hasn't been blocked for the reasons mentioned.
It's a very high chance that your account was blocked due to AML (anti money laundering) guidelines and FRM (Financial Risk Management) guidelines. Sometimes, even innocent accounts get blocked by CBS (central banking systems) and the banks are not a liberty to disclose the actual reason for the block. Repeating the KYC is a solution to the problem. However, banks themselves have very little to play a role here. It's all managed by external agencies.
Yes Possible
Mine has been blocked for same reason. I only use that account for car loan EMI payment.
Switch to HDFC, they're the lesser of all evils. SBI is a bureaucratic nightmare. Kotak and ICICI are just pretenders.
Hdfc
Go to a SBI branch and submit the KYC,they will reactivate within a day. HSBC is a good option if they have tie up with Company. If you're planning home loan, shift the salary account to that bank, you get better offers in interest, top up loan and personal loan
You can open kotak 811 account within 5 minutes
SBI is like a strict school teacher, HDFC is like a savvy businessman. Choose your adventure. What's your priority - discipline or flexibility?
ICICI AU