RBI releases FAQs for Paytm Payments Bank customers. Know what will happen after March 15?
Upstox
3 min read • Updated: February 16, 2024, 6:28 PM
Summary
The Reserve Bank of India has imposed business restrictions on Paytm Payments Bank last month. As part of these restrictions, Paytm can not accept further deposits from customers from 29 February. But in the larger interest of the customers, the central bank has revised this deadline to 15 March 2024 and also came out with a list of frequently asked questions (FAQs) on Paytm Payments Bank.
Continuity of Account Usage After March 15, 2024:
Q: Can I withdraw money from my Paytm Payments Bank account after March 15, 2024?
A: Yes, you can continue to withdraw or transfer funds from your account up to the available balance.
Q: Can I use my debit card issued by Paytm Payments Bank after March 15, 2024?
A: Yes, you can continue to use your debit card for transactions as long as there are funds available in your account.
Also read: RBI extends Paytm deadline to March 15
Deposits and Transfers:
Q: Can I deposit or transfer money into my account after March 15, 2024?
A: No, you will not be able to deposit money into your account after this date.
Q: Can I receive refunds or cashbacks after March 15, 2024?
A: Yes, refunds, cashbacks, and certain other credits are permitted even after the specified date. Deposits with Partner Banks and Other Payments:
Q: What will happen to deposits maintained with partner banks?
A: Existing deposits can be transferred back to Paytm Payments Bank accounts, but no new deposits will be allowed.
Q: Can I receive salary, subsidies, or benefits after March 15, 2024?
A: No, such credits will not be allowed into your account after this date.
Automatic Payments and Loan Instalments:
Q: Will automatic payments like EMIs continue after March 15, 2024?
A: Automatic payments will continue until there is a balance in your account, but no new deposits will be allowed. Closure and Balance Transfer:
Q: Can I close my wallet and transfer the balance to another bank account?
A: Yes, you can close your wallet and transfer the balance to another bank account maintained by full KYC wallets.
FASTag and NCMC Cards:
Q: Can I continue using my FASTag/NCMC card after March 15, 2024?
A: Yes, you can continue to use them, but no further top-ups or recharges will be allowed. Merchant Transactions:
Q: Can merchants continue to receive payments through Paytm Payments Bank accounts?
A: Yes, if linked to other bank accounts, but no new credits will be allowed into Paytm Payments Bank accounts. Bharat Bill Payment System (BBPS) and AePS:
Q: Can I make payments through BBPS or withdrawals through AePS after March 15, 2024?
A: Yes, until the available balance is exhausted, but no further deposits will be allowed. Money Transfer via UPI/IMPS:
Q: Can I transfer money into or withdraw from my account through UPI/IMPS after March 15, 2024?
A: No, transfers into the account will not be allowed, but withdrawals will be permitted. Assistance from Business Correspondents:
Q: Can I withdraw funds with the help of a Paytm Payments Bank Business Correspondent after March 15, 2024?
A: Yes, withdrawals can still be facilitated through Business Correspondents. Accounts Frozen or Lien Marked:
Q: What happens if there is a lien or freeze on my account?
A: The account status will be governed by the orders of law enforcement or judicial authorities. Onboarding of New Customers:
Q: Can Paytm Payments Bank onboard new customers after March 11, 2022?
A: No, business restrictions preventing the onboarding of new customers remain in force.