IF YOU HAVE A PUBLIC ACCOUNT, THEN THIS NEWS WILL BLOW YOU AWAY
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IF YOU HAVE A PUBLIC ACCOUNT, THEN THIS NEWS WILL BLOW YOU AWAY
Reserve Bank of India (RBI) announced the account for "Zero Balance, Zero Charge" account. Which was also highly publicized, after which Modi's government has opened public avenues for millions of consumers under the Janataan Yojana, but the banks are being polarized in this matter. Some banks have been freezing the accounts after giving 4 free transactions.
When such banks are being turned into normal accounts by some banks. Banks have come to terms with difficulties due to such intentions. In the month of January, the account holders are given four free transactions, on which no bank can charge any charge and after that the charge is charged at the time of raising the money. But now it seems that such accounts are being frozen by the bank on the completion of these four transactions.
Even after 4 transactions, some banks like HDFC and CITI Bank are transferring the Janshan accounts to the regular accounts on 4 transactions, even if the minimum balance is not maintained, consumers will have to pay penalty.
Moreover, the definition of Free Transaction has been changed by banks. In this, not only the money taken from the ATM but also the transactions including RTGS, NEFT, Branch Withdrawal, Transfer, Internet Debit and EMI have also been included in 4 Free Transactions. In this case, if a customer completes 4 transactions, they will have to wait for a month. Not only that, account holders are unable to make payment even by purchasing online goods by Bhima App or RuPay card.
Bank accounts are being frozen for 4 transactions in a month. This means that the customer can withdraw money twice in 20 days and use a debit card twice. Customers will have to wait again for one month to withdraw their money. This issue was highlighted with BSBDA in the IIT-Bombay technical report written by Ashish Das.
State Bank of India and Axis Bank are not getting more than 4 debit transactions in a month, after 4 transactions, these banks are frozen by the banks. HDFC and CT Bank said that if the customer crosses the 4 transaction limit then they will be able to transfer the basic account to the regular account. Earlier, ICICI Bank had earlier charged the fifth transaction, but after being told they could not charge the charge, they refunded the charged charge. ICICI 4 is giving more free transaction than the transaction. Other banks did not disclose which method they would adopt after 4 transactions
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