Geojit/Has this happened to anyone

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.

foolish fellow
Hmmm so this is a new move by HDFC to promote its own trading feature?

I guess you need to check with Geojit also.
If they have previously observed any such problems with HDFC account holders ...
ICICI bank asked me for a written mandate for transferring money thru online facility to brokers. Earlier they used to allow transfer based on my internet banking instructions. They say this is new instructions from RBI

Check with HDFC if what they want is written instuction only.

What I have heard is that the contract between HDFC bank and Geojit for the payment gateway is over and Geojit is having payment gateway with UTI bank that might be one reason that you are facing problem with HDFC Bank.

Hi all,
I have been in contact with geojit, and they on their part have been in touch with hdfc bank. Hope a status quo can be maintained.

On hindsight, it does seem more profitable to be shareholders of agressive banks such as hdfc,icici,.... For plain banking needs, old PSU banks look better.

Only when technology driven requirements such as elctronic transfer funds arise,does on find the going tricky.

Foolish fellow