Paytm is the new ICICI Bank

invader

Member
Regulars
#21
I use UCO Bank's android app to transfer money.

The biggest advantage is no time restriction to transfer after adding a new account. Add as many accounts you like and transfer amount through IMPS instantly soon after adding the acc.

Their IMPS service is fast and takes about 3-6 seconds to complete the transfer and it works 24x7 unlike SBI which works from 8AM-8PM and no service on Sundays.
 

Sushubh

Administrator
#22
So why I prefer digital wallets over IMPS? Few reasons probably.

ICICI Charges for IMPS transfers. One of the reasons I shut down my account with them.
Mobile banking mobile apps suck. My current account is in Yes Bank and their mobile app is a piece of turd.
Most banks have just made such transfers painful. There are time limits on new user addition. There are limits on money you can send in one go and stuff like that.
For amount in the range of Rs. 100-200 bucks, I do not want to add more transactions to my bank statements. It adds to the clutter while you are preparing your income tax statements etc.
Plus most of us already need money in our Paytm (etc.) accounts for mobile and dth recharges. So, it works out fine in the end.
 

invader

Member
Regulars
#23
Just open an account in UCO bank for 500 bucks (1000 if you opt for Cheque facility) and use it for instant transfers. No hassles in adding account or sending money.
 


Sushubh

Administrator
#24
Yes. One thing I need in my life is another bank account when Paytm Wallet works just fine for such small transfers. I am very happy with Yes Bank. I have finally made my financial life easy by shutting down DMAT account, all secondary bank accounts. Now I just have one bank account, one ppf account and one credit card account. Working great for me.
 

invader

Member
Regulars
#25
I think it is a big risk to have one account and use it for all purposes. I primarily use SBI and its ATM for all my needs and keep small amounts in that account. If any need arises I transfer the amount from my UCO acc. I have never used UCOs ATM card nor have I used it for online transactions.
 

mhsabir

Xclusive
Regulars
#33
Another friend faced same problem. had to give me money - I was OK with Paytm . He did not fancy downloading Paytm wallet on his 2g slow connection with less data in hand and ended up drawing from ATM and giving me cash.