Hi,
I have an online trading account with Geojit routed in and out through HDFC Bank. Last month, I received a registered letter from HDFC Bank stating that I have been violating bank's norms. On referring the issue to the bank's branch manager, I was told that online fund transfers to and from Geojit was not welcome. Half a dozen terms : money laundering, KYC, RBI norms, ..were used by him in this context, the relevence of which I have not been able to comprehend. Later, I was told in simple English by the bank's staff that I could either use HDFC's online trading feature instead of Geojit or opt for some other bank to transfer funds in and out of Geojit. Interestingly, I have never exceeded 4 online transactions on any given month. The monthly cumulative transaction has not exceded 1.3 lakhs,since opening the account as idle funds are always parked with liquidbees/niftybees. I use this SB account exclusively for Geojit.
Looking forward to seniors for some guidance on this issue.
regards
foolish fellow
I have an online trading account with Geojit routed in and out through HDFC Bank. Last month, I received a registered letter from HDFC Bank stating that I have been violating bank's norms. On referring the issue to the bank's branch manager, I was told that online fund transfers to and from Geojit was not welcome. Half a dozen terms : money laundering, KYC, RBI norms, ..were used by him in this context, the relevence of which I have not been able to comprehend. Later, I was told in simple English by the bank's staff that I could either use HDFC's online trading feature instead of Geojit or opt for some other bank to transfer funds in and out of Geojit. Interestingly, I have never exceeded 4 online transactions on any given month. The monthly cumulative transaction has not exceded 1.3 lakhs,since opening the account as idle funds are always parked with liquidbees/niftybees. I use this SB account exclusively for Geojit.
Looking forward to seniors for some guidance on this issue.
regards
foolish fellow