Paytm Payments Bank Deadline Nears: All You Need To Know Before March 15
Here's all you need to know if you are still banking with Paytm Payments Bank as the deadline for restriction draws near.
As the Reserve Bank of India's deadline for restrictions on Paytm Payments Bank draws near, customers are bracing for several changes. After March 15, services such as deposit acceptance and credit transactions will be halted at the payments bank, according to the regulator.
In light of this transition, the RBI has not just released a detailed set of frequently asked questions, but also urged the public to seek alternative banking options.
While parent Paytm continues to seek alternative arrangements for its operations, official announcements are still awaited. In the interim, if you are still banking with Paytm Payments Bank, here's all you need to know.
What Stops After March 15?
Deposit or transfer money in a savings bank or current account with Paytm Payments Bank
After March 15, customers will not be able to deposit money into their bank accounts. No credits or deposits other than interest, cashbacks, sweep-in from partner banks or refunds will be allowed
Salary credit, direct benefit transfers or subsidy
Customers will not be able to receive any such credits in their Paytm Payments Bank accounts.
Top-up or transfer money
After March 15, customers will not be able to avail these facilities in their wallets
FASTag recharge
Customers will not able to top-up or recharge their FASTag issued by Paytm Payments Bank after March 15. Customers can continue to pay tolls via FASTag up to the available balance though. It is suggested by the regulator that they get a new FASTag issued by another bank.
NCMC recharge
Customers will not be able to top-up or recharge any funds in their NCMC card issued by Paytm Payments Bank
Transfer money into a Paytm Payments Bank account through UPI or IMPS
This facility won't be available after March 15.
What Doesn't Change After March 15?
After the deadline, customers will be able to use only certain services of Paytm Payments Bank. Depending on the nature of service, some would be possible, only up to the balance available in the account.
Withdrawal of money from a Paytm Payments Bank account
Customers will be able to withdraw or transfer funds from their accounts up to the available balance.
Credit for refunds
Refunds, cashbacks, and sweep-in from partner banks or interest will be allowed in Paytm Payments Bank account even after March 15.
Payment of the electricity bill, OTT subscription and EMI for the loan
Customers will be able to make these payments after March 15 till there is balance available in their bank account. However, it is advised by the regulator to make alternative arrangements, as more money cannot be added to these accounts.
Money in wallet with Paytm Payments Bank
Customers can continue to use, withdraw or transfer to another wallet or bank account up to the balance available in the wallet. However, minimum KYC wallets can only be used for merchant payments.
Withdrawal of money from Paytm Payments Bank account through UPI/ IMPS
Yes, this would be available even after March 15, till the balance is completely withdrawn. Further deposits are blocked though.
