Strange IMPS message in bank account statement

Hi Guys,

Do you know what this message in the bank statement means?

IMPS-xxxxx-SETU-UTIB-xxxx3007-IMPSredemptionrequest. and 1Rs was credited.

Many thanks

It’s probably “penny drop”. It is used to verify account name before doing something. They send 1 rupee and verify account holder name.

Setu is mentioned, they provide penny drop services. Did you provide bank account details for verification recently? Mutual funds, stocks, loan etc?

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same thing happened with me. Message came at 2.58 pm with same narration. With mobile number 9019729257. I tried calling back but no one picked call.

Actually i have had my demat and few mutual fund investments opened two months ago on that. But that has been verified by then itself. Is there something i should be worried ?

Yes similar time for me as well. For me the mobile number wasnt this one. Truecaller shows its Freo Financial services and lots of complaints in there about 1Re credit. But i suspect this is some due diligence done by investment agencies due to new government rules on mutual funds and stock market investments.

Were you able to get more details on this? My banker says they don’t have any info as the comment says just that IMPS.

Nothing to worry. No one can do anything just by knowing your account number. They can only send money.

As usual, stay away from scams and do not provide OTPs. If you provide OTP, no one can help you

Did you register on Freo?

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No sir . I never do the loan apps.

Just check your credit report once at the end of month for safety. In case someone took a loan with your details (not likely since they would have withdrawn to their account, not yours). Just for safety.

You can check it for free from CIBIL site once a year

https://myscore.cibil.com/CreditView/enrollShort_new.page?enterprise=CIBIL&offer=FACRA

You can also sign up and get alerts when something is added to credit report (for free, no need to pay)

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Hi sir, I never gave any of my account details to anybody.

How’s anybody can put my account number for loan? Is this even possible by just knowing account number?

Are there any such cases you came across ?

Thank you for your time in spending and answering me🙏🏻

No I have not heard of anything like that. It could be possible that someone typed your account number when applying for their loan too.

FREO is a loan app. They could be doing data mining too but I don’t see any point knowing name of account.

Just asked you to check credit report for safe side. If loan is there in your name it should 100% come in credit report.

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Same thing happened with me recently. 1 rs is credited to my bank account from IMPS and the narration is 9019729257/SETU. I tried calling on that number but no response and the number is coming as FREO PAY service. I suspect Something fishy is happening.

Freo is regulated by RBI. You can contact the support seeking a response, or else can escalate to ombudsman

This message is sent by MF RTA to verify the Bank Account Details mentioned as per Application.
This IMPS Practice was started by CAMS sometime in 2019 to verify the Name as per MF Folio and the Name as per Bank Account are same. Hence Rs 1/- is sent thru IMPS, so that, if the name mismatches the IMPS will get returned. After this practice, almost all MF’s started using this process to verify the bank account details in MF Folio to comply with norms.

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Time in invest in 100 mutual funds. Easy ₹100

Hi sir,

Thank you for your explanation and clarity given. I appreciate your answer :pray:t2:.

Now , I also got continuous Email from freo although I didn’t sign up either. They have all details.I think some suspicious activity is being done by freo company. Does any person from zerodha team validate that weather it is related to zerodha or any MF house ?


icici imobile provide linking all account investment through setu