I have been using Paytm Payments Bank for more than 4 years now. And to be honest at the beginning I was not too keen on trusting the said bank as it was fairly new, not to mention I did not know much about it back then. It takes time to earn trust, and I must say that this bank has most certainly earned its trust over the years. Let me get to the points why Paytm Payments Bank has a certain edge over the conventional Banks.
For starters, it has a quick response customer support for any help or queries. I had found this very useful a couple of months back. I had contacted the customer support to know about the system of interest earned over the savings account. I was having a doubt over the calculation of interest. They responded immediately through message and also I got a call from their associate and the query was solved.
Another feature I found very useful is the mechanism of the Fixed Deposit option they have. I can create or break fixed deposits at a whim, any time. There’s no hidden charges, no waiting time, everything is instantaneous. Also no fee is charged for breaking the fixed deposit before maturity and on top of that the interest amount earned up until the premature breaking point is also credited to the savings account. No other conventional bank has this level of flexibility.
It also has a feature of Virtual Debit Card, which can be used in the same way as any other debit cards for making online purchase. It can be deactivated / activated as needed instantly. Users can also order for a physical debit card, but I never opted for a physical one cause the virtual one is more than enough.
Its UPI server is always active. Contrary to other banks, Paytm Payment Banks’s UPI service is always online. For online transactions this is a very fundamental aspect.
Overall this Bank does what it promises, which is seamless Mobile Banking. Time is money, so wasting time by waiting in the line of the conventional banks is a big hassle. Whereas in this bank I can perform most of the tasks in my phone. That’s why I tend to use this bank.