I am writing to express my concern regarding the frequent freezing of accounts by Jupiter due to suspicions of fraudulent transactions or large value transfers.
There appears to be a lack of transparency from Jupiter concerning the criteria and processes involved in these account freezes. Discussions on forums like Technofino reveal that Jupiter has a reputation for being unreliable, as accounts are often frozen without clear justification. This can lead to extended periods of uncertainty, lasting days, weeks, or even months, which is deeply troubling for valued customers like myself.
While I understand and appreciate the need for vigilance against cybercrime, the arbitrary freezing of accounts—especially in cases where users are simply conducting large transactions—causes significant anxiety and inconvenience. Many reports indicate that users were left in a state of constant worry, with their accounts being unfrozen only after prolonged periods.
Furthermore, Jupiter does not provide an option to update profession or annual income-related information within its app, unlike other banks such as Kotak. When I opened my Jupiter account, I was a student with a monthly allowance of â‚ą1,000. However, I am now a freelancer earning a substantial six-figure income. The inability to update this information means Jupiter still categorizes me as a student, which could lead to my account being frozen due to perceived inconsistencies with my transaction volume. This lack of functionality is concerning.
I urge the founders to address this critical issue. Without the ability to instill a sense of security, Jupiter risks losing customer trust and credibility, as evidenced by discussions in the Technofino forum. The thought of needing to access funds urgently—such as withdrawing my mutual fund portfolio—only to find my account frozen is alarming. This situation makes me consider shifting to a larger private bank like ICICI or HDFC, which offer multiple grievance redressal systems and a greater sense of reliability.
Improving transparency, communication, and functionality within the Jupiter app is essential for maintaining customer confidence and satisfaction.