I created account with Paytm for good. Later they made it mandatory to do KYC in order to use transfer money services as par RBI circular. Till now the story was good.
I requested on call for KYC verification, got an appointment, the PayTM KYC agent called me for the venue and time, which I allotted him/them, later the KYC team did not show up. Not my problem.
I transferred money from my bank account to my payTM wallet and tried transferring it to someone I wanted to pay the sum. The transaction was denied for the reason that the KYC was not done at all. I later decided to transfer it back to my bank to account of origin. There was no such option. I decided to pay the money to intended user in cash. I later called customer care, they just refused to transfer it back referring their policy. Now they will enjoy the money and its interest till day their KYC agents verify my KYC docs.
There is a catch in paytm policy that if you transfer money to your own paytm wallet and if you do not want to use that money, They wont transfer back the money to the account of origin. This policy is good for paytm and not for all customers. This shows greed for money, they want your unutilized money and that too they wont return it and on the top of it, they wont give interest on it. Fraudy and greedy policy, and hence the company. "HOW COME THEY ALLOW TRANSFER THE MONEY FROM MY BANK ACCOUNT TO MY WALLET AND DO NOT ALLOW TO TRANSFER IT BACK TO MY BANK ACCOUNT IF I DO NOT WISH TO TAKE THEIR SERVICES. If KYC is to be mandatory, it should be mandatory on "bank to wallet" transaction also.
I’ve raised a complaint with them, its case no. is: 56787623.
The customer care lady agent rudely told that there is no such policy, she said I can utilize it with shopping and I can pay to their merchants, asking me to forcefully shop from them. While there is no policy on "bank to your own wallet" money transfer. I am worried on how they get their bread and butter from your own money. Think about how many such customers may have added their own money in paytm "DEAD" wallet.
Question is, it is my money which I transferred to payTM wallet, by which rule they are not giving "MY" money back? Don’t fall pray to them, they keep changing their policies to facilitate themselves and not the customers.
Dont waste your money(if you earned it) on all these kind of crap services. Ask yourself a question, do any industrialist use Paytm or similar services to pay their bills or transfer money? Answer is NO, it is us(middle class people) whose money is being USED for their good and not ours.
Please avoid PayTM. "BEWARE". "BEWARE". "BEWARE". "BEWARE". "BEWARE".
Regards
Vishal