The Reserve Bank of India (RBI) has not only extended the deadline for restriction imposed on Paytm Payments Bank (PPBL) till March 15, 2024, but has also issued a detailed list of Frequently Asked Questions (FAQs) for customers of the bank. While customers can’t transfer or deposit money into the PPBL accounts after March 15, they can use the money lying in PPBL accounts till it’s exhausted.Moreover, you can continue to use, withdraw or transfer to another wallet or bank account upto the balance available in the wallet.
Here is everything you wanted to know about the Paytm wallet:
I have a wallet with Paytm Payments Bank. Can I continue to use money from this wallet after March 15, 2024?
Yes. You can continue to use, withdraw or transfer to another wallet or bank account upto the balance available in the wallet. Minimum KYC wallets can, however, be used only for merchant payments.
I have a wallet with Paytm Payments Bank. Can I top-up or transfer money into this wallet after March 15, 2024? Can I receive money from any other person into this wallet after March 15, 2024?
No. After March 15, 2024 you will not be able to top-up or transfer money into the wallet or receive any credits, other than cashbacks, or refunds into this wallet.
I have a cashback due in my wallet with Paytm Payments Bank. Can I receive this cashback after March 15, 2024?
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Yes. Refunds and cashbacks are allowed to be credited.
I have a wallet with Paytm Payments Bank. Can I close this wallet and have the balance transferred to my bank account with another bank?
Yes. You may approach Paytm Payments Bank or use its banking app to close your wallet and transfer the balance to an account maintained with another bank in the case of full KYC wallets.
Money Transfer through UPI/ IMPS
Can I transfer my money into my Paytm Payments Bank account through UPI/ IMPS after March 15, 2024?
No. You cannot transfer the money into your Paytm Payments Bank account after March 15, 2024.
Can I withdraw my money from my Paytm Payments Bank account through UPI/ IMPS after March 15, 2024?
Yes. You can withdraw your money from Paytm Payments Bank account through UPI/ IMPS upto the balance available in your account.
Bank Accounts with Paytm Payments Bank
I have a savings or current account with Paytm Payments Bank. Can I continue to withdraw money from this account after March 15, 2024? Can I continue to use my debit card issued by Paytm Payments Bank?
Yes. You can continue to use, withdraw or transfer your funds from your account upto the available balance in your account. Similarly, you can continue to use your debit card to withdraw or transfer funds upto the available balance in your account.
I have a savings bank or current account with Paytm Payments Bank. Can I deposit or transfer money into this account after March 15, 2024?
No. After March 15, 2024, you will not be able to deposit money into your account with Paytm Payments Bank. No credits or deposits other than interest, cashbacks, sweep-in from partner banks or refunds are allowed to be credited.
I am expecting a refund in my account with Paytm Payments Bank after March 15, 2024. Can this refund be credited to my account?
Yes. Refunds, cashbacks, sweep-in from partner banks or interest are permitted credits into your account even after March 15, 2024.
What will happen to the Deposits maintained with partner banks through ‘sweep in/out’ arrangements, after March 15, 2024?
The existing Deposits of Paytm Payments Bank customers maintained with partner banks can be brought back (sweep-in) to the accounts with Paytm Payments Bank, subject to the ceiling on balance prescribed for a Payments Bank (i.e. ₹2 lakh per individual customer at the end of day). Such sweep-ins for the purpose of making available the balances for use or withdrawal by the customer will continue to be allowed. However, no fresh deposits with partner banks through Paytm Payments Bank will be allowed after March 15, 2024.
My salary is credited into my account with Paytm Payments Bank. Can I continue to receive my salary into this account?
No. After March 15, 2024, you will not be able to receive any such credits into your account with Paytm Payments Bank. It is suggested that you make alternative arrangements with another bank before March 15, 2024 to avoid inconvenience.
I receive a subsidy or certain direct benefit transfers linked to my Aadhar from the Government in my account with Paytm Payments Bank. Can I continue to receive it into this account?
No. After March 15, 2024, you will not be able to receive any such credit into your account with Paytm Payments Bank. Please arrange to change your linked account to another bank before March 15, 2024 to avoid any inconvenience or disruption.
My monthly electricity bill is paid automatically from my bank account with Paytm Bank Limited? Can this continue?
Withdrawal/debit mandates (such as National Automated Clearing House (NACH) mandates) will continue to get executed till there is balance available in your account. However, after March 15, 2024, credit or deposit in your accounts will not be allowed. Therefore, to avoid inconvenience, it is suggested that you make alternative arrangements through another bank, before March 15, 2024.
My monthly OTT subscription is paid automatically through UPI from my bank account with Paytm Payments Bank? Can this continue?
Withdrawal/debit mandates through automatic UPI mandates will continue to get executed till there is balance available in your account. However, after March 15, 2024, credit or deposit in your accounts will not be allowed.
The instalment (EMI) for my loan is automatically paid through my account with Paytm Payments Bank. Can this continue?
Auto debit mandates will continue to get executed till there is balance available in your account. However, after March 15, 2024, credit or deposit in your accounts will not be allowed.
The instalment (EMI) for my loan is automatically paid through my account with a bank other than Paytm Payments Bank. Can this continue?
Yes, EMIs registered with any bank other than Paytm Payments Bank can continue.
FASTag issued by Paytm Payments Bank
I have a FASTag issued by Paytm Payments Bank. Can I continue to use it to pay toll after March 15, 2024?
Yes. You can continue to use your FASTag to pay toll upto the available balance. However, no further funding or top ups will be allowed in the FASTags issued by Paytm Payments Bank after March 15, 2024. It is suggested that you procure a new FASTag issued by another bank before March 15, 2024 to avoid any inconvenience.
I have a FASTag issued by Paytm Payments Bank. Can I recharge the balance after March 15, 2024?
No. After March 15, 2024 you will not be able to top-up or recharge your FASTag issued by Paytm Payments Bank.
Can I transfer the balance from my old FASTag issued by Paytm Payments Bank to a new FASTag obtained from another Bank?
Credit balance transfer feature is not available in the FASTag product. Therefore, you will have to close your old FASTag issued by Paytm Payments Bank and request the bank for a refund.
National Common Mobility Card (NCMC) issued by Paytm Payments Bank
I have an NCMC card issued by Paytm Payments Bank. Can I continue to use it after March 15, 2024?
Yes. You can continue to use your NCMC card upto the available balance. However, you will not be able to load or top up funds into the card after March 15, 2024.
I have an NCMC card issued by Paytm Payments Bank. Can I add to its balance through top-up, recharge, etc. after March 15, 2024?
No. After March 15, 2024 you will not be able to top-up or recharge your NCMC card issued by Paytm Payments Bank.
Can I transfer the balance from my old NCMC card issued by Paytm Payments Bank to a new card obtained from another Bank?
Balance transfer feature is not available in the NCMC card. Therefore, you may use the card upto the available balance. In case you have some more balance which you have not been able to use, you may request Paytm Payments Bank for a refund.
