India: Has Your Bank Closed Your Account For Crypto-Related Transactions?

in #india3 years ago

Indian banks have in the past threatened to close down customer accounts with or without notice for engaging in any cryptocurrency related transactions. In fact now there are newer reports of other banks doing it. Recently Citi Bank India has closed a salary account of their customer.

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Salary accounts are also a type of savings account usually used by corporate customers to get their salary credited into it.

In the past Kotak Mahindra bank has shut down accounts of its customer with a 24 hr notice.

If you have used a cryptocurrency exchange chances are your banker might have flagged your account internally for further action. However if you are using P2P mechanisms for trading cryptos then you will be fine.

What can I do If Bank closed my account without warning

  1. It is possible to get it sorted out. Don't panic.
  2. Try approaching your bank's customer grievances cell and speak to them and see if you can get an extension or they would reconsider their decision.
  3. Irrespective of what happens at this stage you can approach your banking ombudsman in whose jurisdiction your bank falls after 30 days of talking to your bank's customer grievances cell.
  4. If all else fails file a consumer complain against your bank in the consumer court. Consumer courts are quite efficient in most parts of our country.

You can do (4) for any irregularities in services discharged by the bank to you.

In the worst case there is no resolution it's best to change your banking partner. It's not always the most feasible option but sometimes you aren't left with any choice at all.

You can always pursue legal action against your bank for any failure from their side to render services to you.

If you come across any such reports please let me know.


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That sucks. That would be worse for research scholar like me, a lot of my friends who have invested in crypto. The fellowship they give is mostly tied to one bank account, which is mostly decided by govt agency paying the fellowship. I hope they don't do this . I think the best course of action from now onwards would be to keep your salary and trading bank account separate. But this is really ridiculous behaviour by banks. And then they wonder why people prefer the idea of decentralization over them. Anyway, thanks for the information.