Glide Invest FAQ: My Bank Verification failed. Please help.

My Bank Verification failed. Please help.

We verify your bank account by depositing one rupee into your account.  In return, your bank shares the name registered with the bank account.  (This process is also popularly known as Penny Drop.)  We then use a matching algorithm to match the name on your PAN card, with the name in your bank account.  If the result falls below a certain threshold, your bank verification will fail.  Typical reasons of failures include:

  • No middle name in one of your accounts

  • Joint holder account in your bank name

If you feel that your name is adequately represented in both your PAN card and your bank account, we can use other methods to verify your bank account.  You can send us an electronic copy of any TWO of the following:

  1. Cancelled cheque with your name clearly printed on the cheque
  2. Latest copy (within last 3 months) of your Bank statement (with password) with your name and bank account clearly printed on the statement
  3. Scan copy of your Bank Pass Book (within last 3 months) with your name and bank account clearly printed on the book

We will then verify your bank accounts with this additional information.  Your Investment Readiness status will get updated once we confirm the validity from our end.