It is Safe to take paytm business merchant settlement amount in savings account ?

[Solarman]

I usually receive approx 1 to 2k total in paytm merchant account daily it is safe to take settlement amount in Kotak 811 Super Account or in SBI Savings account want to do this to avoid my main business current account getting Frezzed due to suspicious amount or cyber cell.

 

[Jatayu]

Use offline opened savings account only if you want to. Online accounts are more prone to freeze.
Baki 1-2k is not that big so less chances of freeze

 

[Solarman]

Use offline opened savings account only if you want to. Online accounts are more prone to freeze.
Baki 1-2k is not that big so less chances of freeze

I have kotak account since 2019 done offline kyc at that time .no issue till now

 

[Jatayu]

I have kotak account since 2019 done offline kyc at that time .no issue till now

Perfect then. Continue using it. Don't keep high balance so even if some day, account Freeze happens as it's Lotak. You wouldn't be in a huge loss

 

[Dr.AMAN]

1 to 2k daily is fine. But if u receive >5-10k per day then there is risk of account freeze due to business use of savings account and u may be called to the branch to explain the source of funds or open a CA with them.

 

[Jatayu]

If gou have 4 accounts in different banks. Then eery month start, change Paytm settlement account with just a tap. This way, you would use 1 account per quarter and freeze risk will almost go without mich efforts also

 

[Solarman]

If gou have 4 accounts in different banks. Then eery month start, change Paytm settlement account with just a tap. This way, you would use 1 account per quarter and freeze risk will almost go without mich efforts also

no all the account will we in the risk of getting freezed due to cyber cell

 

[Solarman]

1 to 2k daily is fine. But if u receive >5-10k per day then there is risk of account freeze due to business use of savings account and u may be called to the branch to explain the source of funds or open a CA with them.

At that time can I withdraw my fund and close my account with them ?

 

[drvirag]

Why any1 freeze ur ac. I am taking payments since years. And good amount. Never had any problem. If ur business is genuine then what's the problem.

 

[Dr.AMAN]

Why any1 freeze ur ac. I am taking payments since years. And good amount. Never had any problem. If ur business is genuine then what's the problem.

Banks dont want customers to use savings account for business purpose. Because the banks r paying 2.5-3% interest in SA and almost 0% in CA. So they want customers to open CA if they r doing high volume transactions. Some banks may not care much but Kotak, IDFC, Slice are very strict in this regard. Thats y Slice has even opened a zero MAB Current account facility.

 

[Dr.AMAN]

At that time can I withdraw my fund and close my account with them ?

Can u pls elaborate what u mean by closing account with them? Didnt get u

 

[Solarman]

Why any1 freeze ur ac. I am taking payments since years. And good amount. Never had any problem. If ur business is genuine then what's the problem.

Nowadays cybercells are freezing the account via money trail that's my main issue if someone paid me 100 which is fraud money which i don't know then my main account will get freezed due to this there are many cases are there like this

 

[Jatayu]

Nowadays cybercells are freezing the account via money trail that's my main issue if someone paid me 100 which is fraud money which i don't know then my main account will get freezed due to this there are many cases are there like this

There are 7 levels of that. Level 4 & above get easily unfreezed but if you are unlucky and gets into Level 1-3 Freeze then God's blessings. There are organized extortion groups working with Cyber cells. That's why I said before don't keep high balance in it. Use the amount or Withdraw it weekly in cash

 

[Solarman]

There are 7 levels of that. Level 4 & above get easily unfreezed but if you are unlucky and gets into Level 1-3 Freeze then God's blessings. There are organized extortion groups working with Cyber cells. That's why I said before don't keep high balance in it. Use the amount or Withdraw it weekly in cash

I am also thinking of that withdrawing cash weekly or in 10 days to be safe

 

[Solarman]

Can u pls elaborate what u mean by closing account with them? Didnt get u

If bank asked me to open current account if get to know that i am using savings account for business purpose at that time i can withdraw my money and close the account that i am asking

 

[Dr.AMAN]

If bank asked me to open current account if get to know that i am using savings account for business purpose at that time i can withdraw my money and close the account that i am asking

If the bank puts a complete freeze( means debit+credit) then u can neither withdraw money nor add money to ur account. Most banks put this complete freeze if they suspect business use of SA. Then ur money will be stuck with the bank until u unfreeze it (which may take weeks to even months). Dont risk ur savings account for some 2-3% interest. Better get a separate CA and use it exclusively for business purpose. U never know when a level 1 or level 2 cybercrime offender might pay u Rs.10 through UPI leading to account freeze and then u may have to face cybercell police to give explanation.( u must have read about the recent case where a company's Rs.93 crore money was frozen by the bank because they received some Rs.200 cyber fraud money unknowingly)