The Reserve Bank of India (RBI) today extended the deadline for Paytm Payments Bank to provide certain services to its customers until March 15, 2024. The central bank has also released a list of frequently asked questions (FAQs) to facilitate Paytm banking customers and the general public.
Here are the FAQs for those who have bank accounts with Paytm Payments Bank:
1. 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 still use my debit card issued by Paytm Payments Bank?
Yes. You may continue to use, withdraw or transfer your funds until the available funds in your account are reached.
Likewise, you can continue to withdraw or transfer funds using your debit card until the available balance in your account is reached.
2. I have a savings or current account with Paytm Payments Bank. Can I deposit or transfer money to this account after March 15, 2024?
No. After March 15, 2024, you will no longer be able to deposit funds into your Paytm Payments Bank account. No credits or deposits may be made other than interest, cashbacks, sweep-ins from partner banks or refunds.
3. I am expecting a refund in my Paytm Payments Bank account after March 15, 2024. Can this refund be credited to my account?
Yes. Refunds, cashbacks, sweep-ins from partner banks or interest are also allowed as credits to your account after March 15, 2024.
4. After March 15, 2024, what will happen to deposits held at partner banks under sweep-in/out agreements?
The existing deposits of Paytm Payments Bank customers maintained with partner banks can be remitted (sweep-in) into the Paytm Payments Bank accounts, subject to the balance cap prescribed for a Payments Bank (i.e. ₹ 2 lakh per individual customer at the time of payment). End of the day). Such collection for the purpose of making the credit available for use or withdrawal by the customer remains permitted. However, after March 15, 2024, no new deposits will be allowed with partner banks through Paytm Payments Bank.
Also Read: Paytm Payments Bank Wallet: Can you use money after March 15? This is what the RBI says
5. My salary will be credited to my Paytm Payments Bank account. Can I still receive my salary into this account?
No. After March 15, 2024, you will no longer be able to receive such credits in your Paytm Payments Bank account. To avoid inconvenience, it is recommended to make alternative arrangements with another bank before March 15, 2024.
6. I receive a subsidy or certain direct benefit transfers related to my Aadhar from the government to my Paytm Payments Bank account. Can I still receive it on this account?
No. After March 15, 2024, you will no longer be able to receive such funds in your Paytm Payments Bank account. Please arrange to switch your linked account to another bank before March 15, 2024 to avoid any inconvenience or disruption.
7. My monthly electricity bill will be paid automatically from my Paytm Bank Limited bank account? Can this continue?
Withdrawal/debit mandates (e.g. National Automated Clearing House (NACH) mandates) will continue to execute until funds are available in your account. However, no credit or deposit will be allowed into your account after March 15, 2024. Therefore, to avoid inconvenience, it is recommended to make alternative arrangements through another bank before March 15, 2024.
8. My monthly OTT subscription will be automatically paid via UPI from my Paytm Payments Bank bank account? Can this continue?
Withdrawal/Debit mandates via UPI automatic mandates will continue to execute until funds are available in your account. However, no credit or deposit will be allowed into your account after March 15, 2024. Therefore, to avoid inconvenience or disruption, it is recommended that alternative arrangements be made through another bank before March 15, 2024.
9. Payment of installment (EMI) for my loan will be done automatically through my Paytm Payments Bank account. Can this continue?
Automatic direct debit mandates will continue to run until there is a remaining balance in your account. However, no credit or deposit will be allowed into your account after March 15, 2024. Therefore, to avoid any inconvenience, it is recommended to make alternative arrangements to set up EMI payments through another bank before March 15, 2024.
10. Payment of installment (EMI) for my loan will be made automatically through my account with a bank other than Paytm Payments Bank. Can this continue?
Yes, EMIs registered with a bank other than Paytm Payments Bank can still be availed.
Also Read: Paytm FASTag users can use their balance to pay toll, but no recharge after March 15: RBI
Money transfer via UPI/IMPS
11. Can I transfer my money to my Paytm Payments Bank account via UPI/IMPS after March 15, 2024?
No. You will not be able to transfer the money to your Paytm Payments Bank account after March 15, 2024.
12. Can I withdraw my money from my Paytm Payments Bank account via UPI/IMPS after March 15, 2024?
Yes. You can withdraw your money from Paytm Payments Bank account via UPI/IMPS up to the amount available in your account.
13. My monthly OTT subscription will be automatically paid via UPI from my Paytm Payments Bank bank account? Can this continue?
Withdrawal/Debit mandates via UPI automatic mandates will continue to execute until there is a balance in your account. However, no credit or deposit will be allowed into your account after March 15, 2024. Therefore, to avoid inconvenience or disruption, it is recommended that alternative arrangements be made through another bank before March 15, 2024.
Also Read: After Paytm Bank, RBI cracks down on card network for payments through intermediaries
