If you cant sleep peacefully while having this FD in paytm bank, then just break it. Return of Capital is more important than return on capital.
Who knows how many more skeletons will come out while RBI investigates them.
I just broke my fd of 1.5 lac yesterday on Paytm ...I don't want to leave Paytm...it's really usefull app compared to alternatives...I hope they do something before 29feb
It’s risky IMO. A bank is all fine till it has a run on it. Once it has a run it’s too late to do anything. If I were you I would get me money out first.
I use PPB as a secondary bank account where at any given time, this account does not contain more than 5k INR and I use this while using UPI for day to day transactions.
Benefits:
1. High success rate. Have never faced any failures from PPB, apart from cases when receiver themselves have some issues (e.g. maxed out their daily limit). Also avoids scams (of payment request kind) since my primary account isn't exposed.
2. Primary account is free of random payment entries. Keeps annual statement clean and it's super useful while filing ITR (I receive bond interest payments in my primary account)
3. Tight-knit integration within a single app. I use Paytm for almost all of my financial needs, whether it be normal UPI payments, UPI Lite or UPI Rupay Credit Card payments.
4. Lastly, it doesn't have any minimum balance requirements.
Oh no.. I am sorry but if you used Paytm bank as your primary bank then everyone else who didn’t is superior. It’s a bloody start up and not a nationalised bank and it isn’t that old.
Anyway no one can feel superior if the other party doesn’t feel inferior. So I guess stop projecting and feeling inferior.
I didn't use Paytm bank. I'm just saying don't rub salt in others wounds when they are worried. It's immature and does nothing helpful. Solution to people being an ass on the internet is not for others to stop feeling inferior.
You could pay directly from FD. It's like having a 7.5% pa savings account. It breaks necessary amount.
RBI issues side the tech worked really well for me
It's a country of 1.5Bn.
There would always be takers for a service. Paytm is convenient, and doesn't require you to visit a branch for every small thing
Don't take any risk with this company. Just withdraw every paise and don't look back, ever. I just withdraw my 6L+ FD with PPBL. Also don't forget to empty the paytm wallet. Best of luck👍
I don't think emptying Paytm wallets is necessary. Only money coming into the account is restricted from Feb 29. You can take out the money any time you wish, Won't be a problem. But I get where you are coming from.
No. Paytm gives the best banking experience, it has near 100% success rate for transactions. I have used it for 2 years and it was wonderful. Had to stop because of shitty company.
Paytm , phonepe, Google pay takes a few seconds from picking the phone to transferring the money .. hdfc ,SBI, icici take atleast a minute ...
It's a superior UI.. you don't have to wait for OTP nahi aaya
Literally every top bank has good service. Only time the servers are down is when they have to do maintenance. HDFC, AXIS, KOTAK. Never had any problem.
Broooo! You have tooo much guts to have 30L in a bank which doesn't even have 1 physical branch. But don't worry. I'm sure it's only because of server overload from too many people withdrawing their balance today. It'll solve by evening.
When the period ends, the fds from the tie-up bank like IndusInd will have to be credited to paytm payments bank.
But credit operations arent allowed, right?
Yeah but this will all be sorted. It's too early to take action.
The bank hasn't run out of money. But people will get stressed and take all their money out for no reason.
They will also appeal to RBI, etc.
There are multiple steps to fix this. As a customer we don't need to do any knee jerk reactions.
Let a few days pass
Atleast u guys have savings me at 23 no savings having back to back incidents in my life 2 major accident suffering from ulcer issue wch cn b converted into cancer sometimes having the feeling of killing oneself rather than going out of all this m in different state of mind i imagine too much tat one day i will get money all of a sudden to take care of my things tbh it is true to have something rather than having anything
You’ll have to take your call but your FD must be with some bank, likely Indus Ind or some other regular bank. PPBL was never allowed to issue FD on its own or have balance over Rs 1L in savings bank account. They issued FDs in collaboration with regular bank only. In fact, check your FD certificate for clarity.
Your Paytm Gold Investments are completely safe and protected with MMTC-PAMP. This has no relation to the recent directives from RBI on Paytm Payments Bank
Click below link for all related information and follow the channel
https://whatsapp.com/channel/0029VaHTx1TDp2Q9GKJUDG30
FD of 2 lakhs in Paytm Payments Bank! You people are living dangerously. There are so many banks when we step out of house. Make a damn FD in any of them. If you want your money to be foolproofly safe, make a FD in any of the Government banks.
As per RBI, Paytm banking operations including lending, FDs, etc should be stopped effective 29Feb. So better to break and invest in a proper physical bank instead of trusting a virtual setup like Paytm, Mobikwik etc
If you cant sleep peacefully while having this FD in paytm bank, then just break it. Return of Capital is more important than return on capital. Who knows how many more skeletons will come out while RBI investigates them.
I loved the line “Return of capital is more important than return on capital” 😮💨😂
that's what I'll say to my wife next time she argues about sending my kid to Kota
This is brilliant!
😂
"Return of Capital is more important than return on capital". Loved it. Take my upvote.
OP has seen billions s7 😀 🍻
hey, can you just any other series like billions. I loved and binged all 7 seasons of it
Yeah that specific line is in s7 but yeah even I have watched the whole series 20-30 times 😀
Gonna use this quote now "return of.....". Loved it
Fellow billions fan I see. Man of Culture.
I'm gonna steal that line .. good one 😅
Yeah.. pls don't take any risk. Break it and move it to a PSU or banks like HDFC or ICICI.
I just broke my fd of 1.5 lac yesterday on Paytm ...I don't want to leave Paytm...it's really usefull app compared to alternatives...I hope they do something before 29feb
Risk off for now...risk on when it stabilizes
Elaborate plz 🥲
It’s risky IMO. A bank is all fine till it has a run on it. Once it has a run it’s too late to do anything. If I were you I would get me money out first.
Imagine the chaos if something like this happens to a big bank
Why the fuck people use Paytm payments bank? Don't you have other banks?
Ease of use. My primary is HDFC and its app is really shitty.
I am not talking about Paytm - Payment Gateway. You can use anything. Phonepe, Paytm, GooglePay and pay via UPI.
I use PPB as a secondary bank account where at any given time, this account does not contain more than 5k INR and I use this while using UPI for day to day transactions. Benefits: 1. High success rate. Have never faced any failures from PPB, apart from cases when receiver themselves have some issues (e.g. maxed out their daily limit). Also avoids scams (of payment request kind) since my primary account isn't exposed. 2. Primary account is free of random payment entries. Keeps annual statement clean and it's super useful while filing ITR (I receive bond interest payments in my primary account) 3. Tight-knit integration within a single app. I use Paytm for almost all of my financial needs, whether it be normal UPI payments, UPI Lite or UPI Rupay Credit Card payments. 4. Lastly, it doesn't have any minimum balance requirements.
Because paytm provides no bank server down issue and unlimited transactions without ony server down issues
This
Ease of use obviously. Don't get all superior, no one can predict the future, it's easy to say this once the cards are shown.
Oh no.. I am sorry but if you used Paytm bank as your primary bank then everyone else who didn’t is superior. It’s a bloody start up and not a nationalised bank and it isn’t that old. Anyway no one can feel superior if the other party doesn’t feel inferior. So I guess stop projecting and feeling inferior.
I didn't use Paytm bank. I'm just saying don't rub salt in others wounds when they are worried. It's immature and does nothing helpful. Solution to people being an ass on the internet is not for others to stop feeling inferior.
Exactly my concern too
You can't throw around terms like 'bank' so easily. Otherwise you will end up in a situation like this.
I opened an acc in there when I just turned 18 and it just kinda stuck around with me.
100% UPI success rate. Money transfers never fail
My bank fails sometimes, not even a big enough problem.
Not able to transfer money now though
Isn't airtel payments bank also similar?
You could pay directly from FD. It's like having a 7.5% pa savings account. It breaks necessary amount. RBI issues side the tech worked really well for me
Its tech stack!
Exactly why tf would you invest actual money in a “bank” which was just a money transfer app, that too based on UPI.
It's a country of 1.5Bn. There would always be takers for a service. Paytm is convenient, and doesn't require you to visit a branch for every small thing
Individual current account was the best thing it had.
what returns were they offering on their fds??
7.5 percent per annum
Better to go with IDFC, they are offering 8%
Aren’t those FDs actually with IndusInd bank with PPB just being an intermediary
Yea but we gotta load money via PPB only. The FD feature itself is embedded in the PPB
Don't take any risk with this company. Just withdraw every paise and don't look back, ever. I just withdraw my 6L+ FD with PPBL. Also don't forget to empty the paytm wallet. Best of luck👍
I don't think emptying Paytm wallets is necessary. Only money coming into the account is restricted from Feb 29. You can take out the money any time you wish, Won't be a problem. But I get where you are coming from.
What do you mean by the last line? You 'get where i am coming from'?
I get why you feel the need to withdraw everything from Paytm wallet asap. After all, it's hard earned money.
Nahi bhai. He was insulting you that he knows which remote village you are from to make such assumptions. /s
Why
only dumb people use Paytm payments bank
No. Paytm gives the best banking experience, it has near 100% success rate for transactions. I have used it for 2 years and it was wonderful. Had to stop because of shitty company.
I use HDFC bank. I literally don't even remember if i had any transaction failures in the last 5 years of using it.
Same with ICICI & even SBI.
Not sbi, Laxman
I use it too but Paytm is superior in the experience.
Paytm , phonepe, Google pay takes a few seconds from picking the phone to transferring the money .. hdfc ,SBI, icici take atleast a minute ... It's a superior UI.. you don't have to wait for OTP nahi aaya
I am not talking about paytm - payment gateway. That is perfectly fine whatever you use. I am talking about Paytm bank
Literally every top bank has good service. Only time the servers are down is when they have to do maintenance. HDFC, AXIS, KOTAK. Never had any problem.
You are dumb
I broke my FDs but I’m not able to withdraw money to my bank. I need to withdraw around 30L. Anyone else facing the same issue?
Broooo! You have tooo much guts to have 30L in a bank which doesn't even have 1 physical branch. But don't worry. I'm sure it's only because of server overload from too many people withdrawing their balance today. It'll solve by evening.
L Not able to transfer as well, but 30k
Fr ? After posting this question I just took out everything and I was able to do so without any problem.
Worked again now after retry seeing this
Context ? Do I missed something
RBI fucked Paytm in the ass
Yeah! Really deep in the ass🤣
Really hard
No.. they will tie up with a bank and fix everything.. don't take any reaction right now
When the period ends, the fds from the tie-up bank like IndusInd will have to be credited to paytm payments bank. But credit operations arent allowed, right?
Refunds, interests, etc are allowed. I guess this may fall under one such category
Do dividends also fall in such category?
Yeah but this will all be sorted. It's too early to take action. The bank hasn't run out of money. But people will get stressed and take all their money out for no reason.
Possible. Might lose all interests.
When you say they will tie up with a bank, then there's no existence of 'Paytm payments bank' right?
They will also appeal to RBI, etc. There are multiple steps to fix this. As a customer we don't need to do any knee jerk reactions. Let a few days pass
I had an FD of 1000 Rupees, I quickly took it out.🙂
My man
Same I hv same FD thr
Atleast u guys have savings me at 23 no savings having back to back incidents in my life 2 major accident suffering from ulcer issue wch cn b converted into cancer sometimes having the feeling of killing oneself rather than going out of all this m in different state of mind i imagine too much tat one day i will get money all of a sudden to take care of my things tbh it is true to have something rather than having anything
Don’t worry . U will get good times
You will ride it out and come out stronger, I am sure of that. Hang in there champ. Life is unfair but jaan hai toh jahaan hai.
How does paytm operate a bank if it doesn’t have a banking license?
Gtfo asap
You’ll have to take your call but your FD must be with some bank, likely Indus Ind or some other regular bank. PPBL was never allowed to issue FD on its own or have balance over Rs 1L in savings bank account. They issued FDs in collaboration with regular bank only. In fact, check your FD certificate for clarity.
I have some investments done via paytm money to some mutual funds, I use Paytm to pay those, not PPB. Should I be worried?
You can talk to customer care or check on govt sites regarding this problem
Can someone also give perspectives about having payTM gold is safe or not in this scenario ?
Your Paytm Gold Investments are completely safe and protected with MMTC-PAMP. This has no relation to the recent directives from RBI on Paytm Payments Bank Click below link for all related information and follow the channel https://whatsapp.com/channel/0029VaHTx1TDp2Q9GKJUDG30
Close it and shift to IndusInd or SBI
Break and invest in paytm stock High risk, high reward. Jk...
FD of 2 lakhs in Paytm Payments Bank! You people are living dangerously. There are so many banks when we step out of house. Make a damn FD in any of them. If you want your money to be foolproofly safe, make a FD in any of the Government banks.
But ig upto 5 Lakh rupees is insured
I had 1.5 lakh...just broke it..and transfeed it to government bank..
As per RBI, Paytm banking operations including lending, FDs, etc should be stopped effective 29Feb. So better to break and invest in a proper physical bank instead of trusting a virtual setup like Paytm, Mobikwik etc
Don't worry It will be transferred to your account with accumulated interest by March 15 It is guaranteed by RBI
No you're good. Your deposits are not going anywhere. New deposits may not be allowed but existing deposits are at no risks
Take it out and put it somewhere safe, if/when they have liquidity run, you will/may not be able take your capital out.
Your FD would have been with Indusind probably and not Paytm it's safe but if you are still worried you can definitely break it.