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Paytm converting A/c without consent

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Ahtsham
Paytm has upgraded my savings account to Current Account without any consent. Neither I requested them to convert nor do they contacted me for same.
I got an sms two days ago saying that my request to upgrade has been received which I didn't requested.  So, I contacted customer care,  she told me that no such request has been received and its just a message to convert your account.  But today, my savings account has been converted to current account.

Can it be converted back to Savings account?

Is there any benefit of Paytm Current account over savings account?
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Critic Critic
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@Ahtsham Payment banks acc are meant for "poor ppl" who can't open/maintain an acc in regular banks. If you need to do 50+ txns every month via upi then you are supposed to open current acc or a savings acc in a psu bank.
Generous Generous
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@guest_999

No, Payment banks are not meant for poor ppl only. We use Payments bank because we don't want our small transactions to be shown in main bank account statement making it cluttered.

Deal Cadet Deal Cadet
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@Watcher I too got notification regarding conversation so no harm in current acc right.
Deal Hunter Deal Hunter
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@SathyaC86 Paytm Now wants to improve Balance Sheet & CASA. So they r forcing users to no interest Current Accounts who have high no of daily transactions. No harm if you are okay with no interest.
Critic Critic
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@kukdookoo

Banks have full right to ask any savings acc holder to either convert to current acc or close the acc in case the acc is having large no. of txns & this is completely as per rbi guidelines.

Benevolent Benevolent
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@guest_999 Banks have full right to ask any savings acc holder to either convert to current acc or close the acc in case the acc is having large no. of txns & this is completely as per rbi guidelines.
They cannot do it own their own without consent
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Pro DealBaba Pro DealBaba
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How to check and how and when you got to know that it is converted.

Current vs savings:

Current - for high no and frequent tranx. Low interest rate.

Savings - less trax, high interest

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Helpful Helpful
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No. Idea brother, stucked in same. Situation, i think they are doing it deliberately 

Generous Generous
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Is ur account converted now? Mine converted today.

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Deal Newbie Deal Newbie
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Average desi men do not understand the concept of 'consent'.

Theoretically, yes they can take the request to revert it to a savings type account.
But it is Paytm, so closing might be easier.
(Closing to start another SBA, i meant).
Tech Guru Tech Guru
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Yet they start misusing things without anticipating/understanding/taking into account the potential repercussions. 
Helpful Helpful
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Ask them about this by email and complaint RBI ombudsman for the same..

Deal Cadet Deal Cadet
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What happens when converted to current acc?

Deal Hunter Deal Hunter
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- 0 Bal account with no savings interest rate.

- Make Huge No of transactions in a day.

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Helpful Helpful
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is this because of cheq trick of 101-201 payments?

Generous Generous
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Bajaj offers I think. Not using Cheq.

Deal Cadet Deal Cadet
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You must be doing lots of transaction so they switched it . Upi is trap remember..bank will charge if transaction number goes up in few year ..dekh lena

Deal Newbie Deal Newbie
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CASA RATIO

Hotshot Hotshot
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This is why I have never trusted paytm, and have never linked my account with them

Generous Generous
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Downgrade bolo bro.. downgrade!

Generous Generous
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I agree with your argument though... it’s better to let it be current account & not fight with cc n risk account freezing.
Just that.. don’t park significant money there now 😈

Generous Generous
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Yes. Not parking more than 1000 now as it offers no interest.  Only thing which keep me using this account is that I never faced transaction failure through Paytm Payments while making small transactions in market.

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Community Angel Community Angel
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What is the problem in current account use it for doing multiple transactions 

Generous Generous
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Zero interest is the only issue. Bcoz of large number of transactions,  earlier I used to park atleast 10k there. But now, zero interest means no point in parking even 1k.

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Deal Cadet Deal Cadet
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It's a very good zero balance current account. Otherwise in current accounts there is MAB.

So I'm happy if it happens with my account.

Deal Lieutenant Deal Lieutenant
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It is not clear how many transactions 😗

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Mobile Guru Mobile Guru
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For UPI, there's only daily limit (Max 10, across all apps) and this applies only to P2P transfers (not P2M). So, even if the banks consider these small-value transactions as misuse (say 200-300 transactions / month) the argument won't stand against a Ombudsman complaint (Assuming the bank freezes/closes account after issuing a notice to the customer). 
Now-a-days, everyone accepts UPI payments (including road side tea stalls / fast-food centers / vegetable or fruit stalls), 10 transactions per day can be genuine in many cases (used to be 20/day until 2018). But one should be careful with the incoming transfers (UPI/IMPS/NEFT), there isn't any official limit on these and banks might use these to brand the usage as commercial (Even if the risk is related to transaction volume, not value) - If you're into a lot of ~10rs transactions via AmazonPay UPI, use multiple recipients (different banks*)
Deal Newbie Deal Newbie
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You people can file a complaint with RBI website. Google RBI complaint. Paytm will rectify it in a week

Deal Newbie Deal Newbie
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Send a complaint to rbi Ombudsman

Post Tycoon Post Tycoon
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if you can't change the bank ..just change the bank joy joy joy

Blaze Blaze
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Yes, last month, i was see notification asking me to convert to current account because my transaction were more else they will restrict my transaction to 40

Deal Newbie Deal Newbie
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Theoretically, yes they can take the request to revert it to a savings type account.
But it is Paytm, so closing might be easier.

Deal Cadet Deal Cadet
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You would have done > 50 credit transactions per month for 3-4 months
Generous Generous
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Yes.  But if they have set 50 credit transactions per month for savings account, and I m doing around 20 per month, then they are not even following their own rules.

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Deal Newbie Deal Newbie
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Never trust on Paytm because same with me Rupay Card Convert to Visa without consent

Generous Generous
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I have physical rupay card. So, I hope they won't convert it without asking.

Deal Cadet Deal Cadet
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Though Paytm is a market leader to revolutionise digital payment in India even at vegi shops, but they are big time cheaters and their customer care is illiterate. You raise a problem and they close ticket with a different reply 😳

Deal Hunter Deal Hunter
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Anyone able to revert current account to savings account back? They are just giving illogical replies in Paytm ticket & twitter. Also warned them about RBI complaint. But M*r*ns are just ignoring. Paytm scammer tha aur rahega. 

Generous Generous
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I didn't complaint them after Conversion.  I knew they will have several excuses.  And I also didn't want to lose my Paytm bank account. Most probably they won't revert it back. If forced,  they will offer only account closing option.

Deal Newbie Deal Newbie
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I have same issue.

On 18th March, Saturday at 8:55 pm i have received a text message from PayTM that my request to upgrade the savings account into current account has been received. I didn't make any such request. I knew PayTM wanted to convert my Savings account into current account as in the app I've seen the prompt so many time which I've dismissed and ignored all the time. So i ignored this text message too as i knew PayTM is pushing. They're not wrong here tho as my transaction volume is actually high so for this reason i believe they're doing it.

However, doing it without customer's concent is 100% wrong here. So today on Monday 20th March I've received another text message from PayTM that my savings account has been upgraded to current account. To double check i went to the app and yep it shows current account.

Generally you need business documents to create a current account so now i have it without doing anything extra. There's no % getting for having balance in current account tho you can convert balance into FD and earn money. I believe due to current account daily number of UPI transfer could be increase but I'm not sure about that. Will know once I'll start to use it.

Another option is i can request for a new savings account as in bank you can have current account and savings account in same bank Hoverer here PayTM assign phone number as account number unless other banks which gives two different account numbers so it might be impossible to have two different accounts, savings and current in PayTM. Will update if getting any issues in current account. 

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