Solution for those who don't want to convert their Paytm payments Bank from savings to current
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I've received msg from Paytm saying that my request has been for converting my savings account to current account which I didn't request for
Then I've clicked on the link which I've received in SMS and redirected to Paytm help and then I've selected the option to opt-out from this conversation of my savings account to current account
Try it out ... This might help
Then I've clicked on the link which I've received in SMS and redirected to Paytm help and then I've selected the option to opt-out from this conversation of my savings account to current account
Try it out ... This might help
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https://www.desidime.com/discussions/solution-for-those-who-don-t-want-to-convert-their-paytm-payments-bank-from-savings-to-current?page=1#post_9109572
It's very late now. They have converted my account already. If I would have known that after clicking on this link, I will get option to cancel the upgrade, I would have definitely tried this.
https://www.desidime.com/discussions/solution-for-those-who-don-t-want-to-convert-their-paytm-payments-bank-from-savings-to-current?page=1#post_9109577
Even I have requested customer care executive to not process any such upgrade request. To which she replied that no such request has been received and I need not to worry. But two days later, it got converted without my consent.
https://www.desidime.com/discussions/solution-for-those-who-don-t-want-to-convert-their-paytm-payments-bank-from-savings-to-current?page=1#post_9109583
Ahtsham wrote:Even I have requested customer care executive to not process any such upgrade request. To which she replied that no such request has been received and I need not to worry. But two days later, it got converted without my consent.
I didn't talk with an agent...it's just a chat bot....and it said my account will not be converted that means they're already having the request...so I'm guessing it'll not get converted cuz I've contacted immediately through link...and yeah that's what I'm thinking....based on your experience I'll wait for 2 days and then I'll update again it it's converted
https://www.desidime.com/discussions/solution-for-those-who-don-t-want-to-convert-their-paytm-payments-bank-from-savings-to-current?page=1#post_9109584
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vin_vin wrote:I didn't talk with an agent...it's just a chat bot....and it said my account will not be converted that means they're already having the request...so I'm guessing it'll not get converted cuz I've contacted immediately through link...and yeah that's what I'm thinking....based on your experience I'll wait for 2 days and then I'll update again it it's converted
Have u checked Paytm bank page? Is that still showing "request under process "??
https://www.desidime.com/discussions/solution-for-those-who-don-t-want-to-convert-their-paytm-payments-bank-from-savings-to-current?page=1#post_9109594
https://www.desidime.com/discussions/solution-for-those-who-don-t-want-to-convert-their-paytm-payments-bank-from-savings-to-current?page=1#post_9109599
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vin_vin wrote:Same was showing for me. That means urs account will also be converted after 2 days. You should contact customer care and ask them clearly not to upgrade. Maybe that helps.
I didn't even observe...I've just checked after your comment...and yes it's still showing "request under process"
https://www.desidime.com/discussions/solution-for-those-who-don-t-want-to-convert-their-paytm-payments-bank-from-savings-to-current?page=1#post_9109605
https://www.desidime.com/discussions/solution-for-those-who-don-t-want-to-convert-their-paytm-payments-bank-from-savings-to-current?page=1#post_9109906
https://www.desidime.com/discussions/solution-for-those-who-don-t-want-to-convert-their-paytm-payments-bank-from-savings-to-current?page=1#post_9109985
https://www.desidime.com/discussions/solution-for-those-who-don-t-want-to-convert-their-paytm-payments-bank-from-savings-to-current?page=1#post_9111958
https://www.desidime.com/discussions/solution-for-those-who-don-t-want-to-convert-their-paytm-payments-bank-from-savings-to-current?page=1#post_9112088
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+ This is happening with many other banks too (Private & PSU), some even froze accounts before but this is first (converting savings to current account without user-consent). I can think of multiple reasons why this is happening: Commercial use, Complications related to tracking suspicious activity and filing SFTs, Zero MDR on UPI transactions.
vin_vin wrote:Bulk incoming transactions give the impression of non-genuine/commercial use. Technically speaking, self-transfers shouldn't be considered under this 50/month limit but then by default, banks sees sender as a different user.
I'm not getting what's up with this new 50 transactions rule....no bank is having this rule for savings account
+ This is happening with many other banks too (Private & PSU), some even froze accounts before but this is first (converting savings to current account without user-consent). I can think of multiple reasons why this is happening: Commercial use, Complications related to tracking suspicious activity and filing SFTs, Zero MDR on UPI transactions.
https://www.desidime.com/discussions/solution-for-those-who-don-t-want-to-convert-their-paytm-payments-bank-from-savings-to-current?page=1#post_9112204
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getready wrote:One thing they did was instant settlement for the merchant account....before it used to be just one time settlement of all the collected amounts in the merchant account...now that they've shifted to instant settlement, every transaction that I receive in the merchant account is immediately credited to my savings account and it's being counted as a transaction....in that case anyone who has a merchant account will obviously cross 50 transactions in a month....Paytm needed current accounts for some reason and they did this...well played paytm
Bulk incoming transactions give the impression of non-genuine/commercial use. Technically speaking, self-transfers shouldn't be considered under this 50/month limit but then by default, banks sees sender as a different user.
+ This is happening with many other banks too (Private & PSU), some even froze accounts before but this is first (converting savings to current account without user-consent). I can think of multiple reasons why this is happening: Commercial use, Complications related to tracking suspicious activity and filing SFTs, Zero MDR on UPI transactions.
https://www.desidime.com/discussions/solution-for-those-who-don-t-want-to-convert-their-paytm-payments-bank-from-savings-to-current?page=1#post_9112267
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vin_vin wrote:Aren't merchant accounts meant for businesses? If you got a merchant account with Paytm, then they already got some idea on what kinda user you are and which account type is appropriate for you.
One thing they did was instant settlement for the merchant account....before it used to be just one time settlement of all the collected amounts in the merchant account...now that they've shifted to instant settlement, every transaction that I receive in the merchant account is immediately credited to my savings account and it's being counted as a transaction....in that case anyone who has a merchant account will obviously cross 50 transactions in a month....Paytm needed current accounts for some reason and they did this...well played paytm
https://www.desidime.com/discussions/solution-for-those-who-don-t-want-to-convert-their-paytm-payments-bank-from-savings-to-current?page=1#post_9112319
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getready wrote:That doesn't mean every merchant account holder should have a current account.... everyone uses savings account only for the withdrawals of merchant account transactions
Aren't merchant accounts meant for businesses? If you got a merchant account with Paytm, then they already got some idea on what kinda user you are and which account type is appropriate for you.
https://www.desidime.com/discussions/solution-for-those-who-don-t-want-to-convert-their-paytm-payments-bank-from-savings-to-current?page=1#post_9112380
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Not just PayTm, even RazorPay got instant settlement for select sellers and this is being promoted as a feature.
vin_vin wrote:Not suggesting that merchants should only have current accounts. With a merchant account link to a savings account, there's no way to contest actions taken by the bank (w/ user consent ofcourse) be it with them directly or RBI.
That doesn't mean every merchant account holder should have a current account.... everyone uses savings account only for the withdrawals of merchant account transactions
Not just PayTm, even RazorPay got instant settlement for select sellers and this is being promoted as a feature.
https://www.desidime.com/discussions/solution-for-those-who-don-t-want-to-convert-their-paytm-payments-bank-from-savings-to-current?page=1#post_9112408
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And also changing my bank account (which is linked to my merchant) from Paytm to other might help
getready wrote:Instant settlement was there before ... But I'd be our wish when to perform that ...now that they've changed it to this and settling every payment instantly.. everything is a mess
Not suggesting that merchants should only have current accounts. With a merchant account link to a savings account, there's no way to contest actions taken by the bank regarding this aspect (w/ user consent ofcourse) be it with them directly or RBI.
Not just PayTm, even RazorPay got instant settlement for select sellers and this is being promoted as a feature.
And also changing my bank account (which is linked to my merchant) from Paytm to other might help
https://www.desidime.com/discussions/solution-for-those-who-don-t-want-to-convert-their-paytm-payments-bank-from-savings-to-current?page=1#post_9112445
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vin_vin wrote:It should. This monthly transaction limit (incoming/outgoing) is bank-specific and digital banks seem to be more concerned compared to the rest
Instant settlement was there before ... But I'd be our wish when to perform that ...now that they've changed it to this and settling every payment instantly.. everything is a mess
And also changing my bank account (which is linked to my merchant) from Paytm to other might help
https://www.desidime.com/discussions/solution-for-those-who-don-t-want-to-convert-their-paytm-payments-bank-from-savings-to-current?page=1#post_9159753
Do we have to pay any tax for transactions above 10L in Paytm current account
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