RBI extends to March 15th the deadline for credit and deposit transactions.
No one will be allowed to make deposits into their Paytm Payments Bank account after March 15, 2024.
On February 16, the Reserve Bank of India published Frequently Asked Questions (FAQs) for Paytm Payments Bank bank account holders. The whole text is available here:
1. I have a Paytm Payments Bank current or savings account. Am I?
Is it still possible to take out cash from this account after March 15, 2024? able to perform
Will I keep using the debit card that Paytm Payments Bank gave me?
Indeed. You are still able to access, withdraw, and move your money.
account up to the whole amount that is now accessible. In a similar vein, you may keep making cash withdrawals and transfers using your debit card.
up to the amount that is currently in your account.
2. I have a Paytm Payments Bank current account or savings account. able to perform
After March 15, 2024, may I make a deposit or a transfer of funds to this account?
No, after March 15, 2024, you won't be allowed to make deposits into your account.
a Paytm Payments Bank account. Other than interest, cashback, sweep-in, or refunds from partner banks, no credits or deposits are permitted.
3. After this, I'm anticipating a reimbursem*nt on my Paytm Payments Bank account.
15 March 2024. Is my account eligible to get this refund?
Indeed. Refunds, cashbacks, sweepstakes, or interest from affiliated banks are available.
Credit is still available in your account even after March 15, 2024.
4. What will transpire about the deposits made with affiliated banks?
"Sweep in/out" plan following March 15, 2024?
Customers of Paytm Payments Bank have had their existing savings kept.
You may sweep in partner banks to Paytm accounts.
Payment Bank, subject to the specified payment balance limit
Bank (that is, at the end of the day, Rs 2 lakh for each individual client). The goal of allowing such sweep-ins is to make balances accessible for the consumer to utilize or remove. But after March 15, 2024, Paytm Payments Bank will no longer accept new deposits from partner banks.
5. I get a credit to my Paytm Payments Bank account for my paycheck. Am I?
Will my pay stay in this account going forward?
No, you won't be able to get any such credit on your Paytm Payments Bank account after March 15, 2024. It is advised that you produce
Before March 15, 2024, it is best to avoid making any new agreements with banks.
difficulty.
6. I get direct benefit payments or subsidies connected to my Aadhaar.
from the government to my Paytm Payments Bank account. Am I?
Will this account continue to get it?
The credit will not be available to you after March 15, 2024.
Your Paytm Payments Bank account. Make plans for your successor, please.
Before March 15, 2024, link the account to a different bank to prevent any
disturbance or inconvenience.
7. Automatically, my bank account pays my monthly power payment.
Applying to Paytm Bank Limited? Is it possible for this to continue?
Removal/Debit Order (for example, National Automated Clearing House)
(NACH) mandates will keep running as long as there is money in your account. Nevertheless, after March 15, 2024, credit or credit to your accounts will not be permitted. Therefore, it is advised that you make new arrangements via a different bank by March 15, 2024, in order to prevent any trouble.
8. I use UPI to automatically pay for my monthly OTT subscription.
a bank account linked to the Paytm Payments Bank? Is it possible for this to continue?
Automated UPI requirements for withdrawals and debits will keep executing until the sum is accessible in your account. But thereafter
March 15, 2024, is when credits and deposits to your accounts will end.
Therefore, it is advised that you make new arrangements via a different bank by March 15, 2024, to minimize difficulty or disturbance.
9. The automated payment of my loan installment (EMI) comes from my
a Paytm Payments Bank account. Is it possible for this to continue?
Orders for auto debits will keep going through till your account balance is accessible. Nevertheless, after March 15, 2024, credit or credit to your accounts will not be permitted. Therefore, it is advised that you make alternate plans to set up EMI payments via another bank by March 15, 2024, in order to minimize trouble.
10. The automated payment of my loan installment (EMI) comes from my
Account with any bank, except the Payments Bank of Paytm. Is this possible to occur?
proceed?
Yes, banks other than Paytm Payments Bank allow registered EMIs.
proceed.
Paytm Bank Wallet Payments
11. I use Paytm Payments Bank for my wallet. Can I use the money again?
after March 15, 2024, from this wallet?
Indeed. You have the option to delete it, keep using it, or move it to your bank or wallet.
account up to the wallet's available amount. Littlest KYC wallet is capable of
It will only be applied to merchant payments, however.
12. I use Paytm Payments Bank for my wallet. After March 15, 2024, can I add more money or make a transfer to this wallet? After March 15, 2024, may I accept money into this wallet from someone else?
No, you won't be able to add money to the wallet after March 15, 2024, nor will you be able to get any credit in it other than rebates or refunds.
13. I still have cashback from Paytm Payments Bank in my wallet. Am I?
After March 15, 2024, will you get this cashback?
Indeed. There is no restriction on refunds or cashback deposits.
14. I use Paytm Payments Bank for my wallet. I'd want to shut this wallet.
Is the amount now in my other bank's account?
Indeed. If you have a full KYC wallet, you may utilize the Paytm Payments Bank banking app or get in touch with them to terminate your wallet and move the money to another bank account. If your wallet has a minimum KYC requirement, you may use the available money or get a refund.
15. Paytm Payments Bank has provided me a FASTag. Can I carry on utilizing
Is it necessary to pay the toll after March 15, 2024?
Indeed. You may keep paying toll with your FASTag till it's accessible.
equilibrium. Nevertheless, after March 15, 2024, FASTags issued by Paytm Payments Bank will not be eligible for further financing or top-ups. To minimize any hardship, it is advised that you get a new FASTag from a different bank by March 15, 2024.
16. Paytm Payments Bank has provided me a FASTag. Is it possible for me to recharge?
Remaining after March 15, 2024?
It is not possible for you to replenish or replenish after March 15, 2024.
Paytm Payments Bank is the company behind Fastag. The recommendation is that you get a
To prevent receiving a new FASTag before March 15, 2024, from any other bank
difficulty.
17.Is it possible for me to move the money from my previous Paytm Payments Bank FASTag to a new one that I got from a different bank?
There is no credit balance transfer feature in the FASTag product.
As a result, you must cancel the previous FASTag that Paytm Payments Bank granted you and ask the bank for a refund.
National Common Mobility Card (NCMC): Paytm Payments Bank issuing the card
18. Paytm Payments Bank has provided me an NCMC card. Can I carry on with this?
After March 15, 2024, use it?
Indeed. You may keep using your NCMC Card as long as there is money on it.
But after this, you won't be able to add more money to the card or fill it with cash.
15 March 2024. Pre-paid instrument (PPI) issuers or other banks should supply you with an NCMC card before March 15, 2024, to prevent any hassle.
19. Paytm Payments Bank has provided me an NCMC card. May I add anything to this?
After March 15, 2024, is the balance via top-ups, recharges, etc.?
No, you won't be able to top up or recharge your NCMC card handed down by Paytm Payments Bank after March 15, 2024. Pre-paid instrument (PPI) issuers or other banks should supply you with an NCMC card before March 15, 2024, to prevent any hassle.
20. Can I move the money on my previous NCMC card that was issued by Paytm?
What bank will pay for a new card that you got from another bank?
The NCMC Card does not provide balance transfers. You may thus use the card up to the amount that is available. You may ask Paytm Payments Bank for a refund if you have any remaining amount that you haven't been able to use.
To accept payments, merchants use Paytm Payments Bank.
21. As a merchant, I take payments using Paytm QR Codes.
Not connected to any other bank account, either as a Paytm POS terminal or Soundbox.
via the Paytm Payments Bank). After this, can I still use this setup?
March 15, 2024?
Indeed. If the money you receive and transfer is associated with a different bank account
In addition to Paytm Payments Bank, you may keep using this technique.
following March 15, 2024.
22. As a merchant, I take payments using Paytm QR Codes.
Soundbox and Paytm POS terminal connected to my wallet or bank account
Paytm Bank Payments. After March, can I keep utilizing this setup?
15, 2024?
No, after March 15, 2024, you won't be able to get any credit on your account.
In addition to a return, Paytm Payments Bank bank account, or wallet,
Interest, sweep-in, or cashback from affiliated banks. to stay away from someone
If anything goes wrong or is disruptive, you should be able to get a fresh QR code.
Code connected to a different bank account or wallet to accept payments. You can also modify the information of your bank account (where you accept payments) by contacting your service provider.
Bill Payment System of India (BBPS)
23. Can I use Bhar to make a payment?Regarding Bill Payment System (BBPS)
Are you making use of your Paytm Payments Bank account?
Indeed. You may keep using your Paytm Payments Bank to make payments.
account using the Bharat Bill Payment System, up to the total amount that is currently accessible. It is advisable that you organize alternate arrangements for BBPS from another bank account by March 15, 2024, since you will not be allowed to deposit any additional monies into your accounts or wallet with Paytm Payments Bank after that date. able to perform.
Payment System Enabled by Aadhaar (AEPS)
24. Can I take money out of my bank account using Paytm Payments?
Under an Aadhaar-enabled payment system, biometric authentication?
Indeed. With AePS verification, withdrawals may proceed.
Your account has accessible balance.
Transferring funds with UPI or IMPS
25. Can I deposit money into my bank account for Paytm Payments?
After March 15, 2024, UPI/IMPS?
No, you are unable to make bank account transfers to your Paytm Payments account.
following March 15, 2024.
26. Can I take money out of my bank account using Paytm Payments?
via IMPS/UPI after March 15, 2024?
Indeed. Your Paytm Payments Bank account allows you to take out cash.
up to the available money in your account, using UPI/IMPS.
Bank Business Correspondent for Paytm Payments
27. I'm a Paytm Payments Bank customer. Possibility of Paytm Payments
Paytm Payments Bank, officially known as Bank Business Correspondent
Agent: Assist me in taking money out of my account after March 15th.
2024.
Indeed. Bank Business Correspondent (Bank Agent) for Paytm Payments may
assist you in making withdrawals from your bank account up to the amount that is available.
frozen, lien-marked, etc. accounts.
28. What would happen to my Paytm Payments bank account or wallet if a judge or law enforcement official places a lien or freeze on it?
Officer?
Any lien or freeze (whole or partial) designated in compliance with any legal directive
The orders made by judicial or enforcement bodies will continue to regulate the customer's Paytm Payments Bank account or wallet.
29. What happens if my bank account or wallet receives payments from Paytm?
a lien or freeze because to internal Paytm Payments procedures
Edge?
It is the bank's responsibility to permit withdrawals or transfers to other banks.
up to the amount that is currently in the customer's account, wallet, or account.
bringing on new clients.
30. What is the current state of the business limitations put in place for Paytm payments?
banks via a March 11, 2022, press statement from the RBI?
March 11, 2022, business limitations and a paytm payment ban
The bank will not allow new users to sign up for any of its services. Consequently, after March 11, 2022, Paytm Payments Bank will not be able to accept any more users.
