Paytm provided some FAQs for customers

Business Restrictions Imposed on Paytm Payments Bank Limited as per Press Releases dated 31st January 2024 and 16th February 2024 Frequently Asked Questions (FAQs)

Bank Account with Paytm Payment Bank

1. I have a savings or current account with Paytm Payment Bank. I am from this account after March 16, can I continue withdrawing money? Can I continue to use my debit card issued by Paytm Payment Bank? 

👉 Yes. You can continue to use, pay or transfer the deposit as long as it is available in your account. Similarly, you can continue to use your debit card to withdraw or transfer deposits as long as you have an upload in your account.

2. I have a savings bank or current account with Paytm Payment bank. Can I deposit or transfer money to this account after March 15, 2024?

👉 No, it's not. After March 15, 2024, you will not be able to deposit funds into your Paytm Payment Bank account. No credit or deposit other than interest, bembaback, swipe-in or bifund from partner banks is allowed.

3. I am due to get bifund (refund) in my account with Paytm Payment Bank, after March 15, Can this money be credited to my account?

👉 Interest, cashback, swipe-in or bifund from partner banks can be credited to your account even after March 15.

4. What will happen to deposits made under 'Tweep In/Out' arrangement with partner banks after 15th March, 2024?

👉 Current deposits of Paytm Payment Link customers with partner Bank Bob can be swiped into Paytm accounts subject to the maximum deposit limit (ie iron per customer at the end of the day) set by the payment bank. Such swipe-ins will continue to be permitted for the purpose of making deposits available for use or withdrawal by customers. However,

After March, 2024, no new deposits will be allowed to partner banks through Paytm Payment Bank. 

5. My salary is credited to my account with Paytm Paymentbank. Can I interrupt receipt of my salary in this account?

👉 No, it's not. After March 15, 2024, you will not be able to receive any such funds in your account with Paytm Payment Bank. To avoid inconvenience, you are advised to make alternative arrangements with another bank before March 15.

6. I receive tax subsidy or some direct benefits from the government related to my Aadhaar in my account with Paytm Payment Bank. Can I continue to receive it on this account?

👉 No, it's not. After March 15, 2024, you will not be able to receive any such funds in your account with Paytm Payment Backen. Add another bank account before March 16, 2024 to avoid any inconvenience or service disruption.

7. My monthly electricity bill is paid automatically from my Paytm Bank Limited bank account. Can this continue? 

👉 Withdrawal/debit orders (such as National Automated Clearing House (NACH) orders) will remain in effect as long as deposits are available in your account. However, after March 15, 2024, credits or deposits to your accounts will not be approved. Therefore, to avoid inconvenience, you can make alternative arrangements with another bank before March 15, It is recommended to do so.

8. My monthly OTT subscription is automatically paid from my Paytm Payment Bank account through UPI. Can this continue?

👉 Automatic UPI, 'Withdrawal/Debit Order by Order' will remain available as long as the deposit is available in your account. However, after March 15, 2024, credits or deposits will not be allowed in your accounts. Therefore, you are advised to make alternative arrangements with another bank before March 15, 2024 to avoid any inconvenience or disruption of service.

9. My loan installment (EMI) is automatically paid through my Paytm Payment Bank account. Can this continue?

👉 The automatic debit order will continue as long as the deposit is available in your account. However., after March 15, 2024, Credits or deposits will not be authorized on your accounts. Therefore, you are advised to make alternative arrangements to pay EMI through another bank before March 15, 2024 to avoid any inconvenience. 

10. My loan installment (EMO) is automatically paid through an account with a bank other than Paytm Payment Bank. Can this continue?

👉 Yes, EMIs registered with any bank other than Paytm PaymentBank can continue.

Paytm Paymentbank wallet

11. I have a ballet with Paytm Payment Bank. Can I continue to use funds from this ballot after March 15, 2024?

👉Yes. You can continue to transfer, use or withdraw funds to another ballot or bank account as long as funds are available in the ballot. However, the lowest kernel buckets' can be used for commercial refining in Kerala.

12. I have a ballet with Paytm Payment bank. Can I top-up or transfer funds to this ballot after March 15, 2024? Can I receive money from anyone else in this ballot after March 15, 2024? 

👉 No, it's not. After March 15, 2024, you will not be able to top-up or transfer funds except cashback or refund in this wallet.

13. I have wallet a cashback coming up with Paytm Paymentbank. Can I get this cashback after 15 March  2024?

👉 Yes. Refunds and cashback are allowed to be credited.

14. I have a ballet with Paytm PaymentBank. Can I close this ballot and transfer the deposit to my account at another bank?

👉Yes. In case of full currency racket, you can close your ballot by visiting Paytm Payment Bank or using its banking app and transfer the deposit to another bank account. The lowest KYC wallet in case, you can use the available deposit or request a refund.

1 Specific Guidelines Small pre-paid instruments (PPIs) are issued by non-banks after the PPI holders have obtained the minimum global value. You can only use those Kerala products for the best victory. Such scripted funds are not permitted to be transferred or withdrawn.

FASTag issued by Paytm PaymentBank

(For more details on FAStag, you can visit the IHMCL-B website https://ihmcl.co.in.

15. I have a FAStag Jabi by Paytm PaymentBank. Can I continue to use it to pay tolls after March 15, 2024?

👉 Yes. You can continue to use your FAStag to pay the toll as long as the deposit is available. however, after March 15, 2024, no further deposits or top ups will be allowed in the FA Stage issued by Paytm Payment Bank. To avoid inconvenience, you can purchase a new FAST tag claimed by another bank before 15 March it is recommended.

16. I have a FAST tag issued by Paytm Payment Bank. Can I charge densely after March 16, 2024?

👉 No, it's not. After March 15, 2024, you will not be able to top-up or recharge on FAStags issued by Paytm Payment Bank. To avoid inconvenience, you are advised to purchase a new FAStag issued by another bank before March 15,

17. Can I transfer the deposit from my old FAStag issued by Paytm Payment to new FAStag obtained from another bank?

👉 Birth transfer facility is not available in FAStag. Therefore, you should close your old FAStag issued by Paytm Payment and request the bank to withdraw the funds National Common Mobility Card (NCMC) issued by Paytm Payment Bank 

18. I have an NCMC card issued by Paytm Payment Bank. Can I continue to use it after March 15, 2024?

👉 Yes. You can continue to use your NCMC card as long as the deposit is available. However, you will not be able to deposit or top up funds on the card after March 15, to avoid inconvenience, you are advised to accept a new NCMC card issued by another bank or Ama-Bank Pre-Paid Instrument (PPI) Jabi Kartab before March 15,

19 . I have an NCMC card issued by Paytm Payment Bank. Can I add money here through Top-Up, Charge Today after March 15, 2024?

👉 No, it's not. After March 15, 2024, you will not be able to top-up or recharge NCMC cards issued by Paytm Payment Bank. To avoid inconvenience, you must deposit another bank or non-bank pre-paid instrument (PPI) before March 15, It is recommended to accept the new NCMC card issued by the author. 

20. Can I transfer deposits from my old NCMC card issued by Paytm Payment Bank to a new card issued by another bank?

👉 Deposit transfer facility is not available on NCMC cards. So you can use the card as long as the deposit is available. If you have some more unused deposits left, you can request Paytm Payment Bank to withdraw the funds.

Merchants who use Paytm Paymentbank to receive funds

21. I am a merchant and I accept funds into another • Account linked to a bank account (not to Paytm PaymentBank) using Paytm QR Code, Paytm Soundbox or Paytm POS Terminal. I'm March 16th can I continue using the set-up after 2024? 

👉 Yes. If your funds withdrawal and transfer are linked to any bank account other than Paytm Payment Bank, you can continue to use this system after March 15,

22. I am a merchant and I receive funds in a bank account or ballot linked to Paytm Payment Bank using Paytm QR Code, Paytm Soundbox or Paytm POS Terminal. Can I continue to use this set-up after March 15, 2024?

👉 No, it's not. After March 15, 2024, you will not be able to withdraw any credit except bifund, cashback, swipe-in or interest from partner banks in your Paytm Payment Bank bank account or ralet. To avoid inconvenience or disruption, you can accept the new QR code associated with another Bakke account or ballot. You can also change the account details you have blocked through your service provider.

India Bill Payment System (BBPS)

23. Can I pay using my account with Paytm Payment Bank through Bharat Bill Payment System (BBPS)?

👉 Yes. You can suspend payments through Bharat Bill Payment System as long as there is a deposit from your Paytm Payment Bank account. As you will not be able to deposit any more funds in your Paytm Payments Bank account or ballot after 15th March, 2024, it is recommended that you can make alternative arrangements with another bank account for BBPS before 15th March,

Aadhaar Enabled Payment System (APS)

24. Can I withdraw funds from my Paytm Payment Bank account by biometric authentication under charge enabled payment system?

👉 Yes. You can continue withdrawing funds as long as the funds are available in your account using the APS proof.

Funds transfer through UPI/IMPS

25. Can I transfer my funds to my Paytm Payment Bank account after March 15, 2024 through UPI/IMPS?

👉 No, it's not. You cannot transfer funds to your Paytm Payback account after March 15, 

26. I withdraw funds from my Paytm Payment Bank account after 15th March, 2024 through UPI/IMPS Can I get it out? 

👉 Yes. You can withdraw your funds through UPI/I,MPS-B as long as the deposit in your account of Paytm Payment Bank account is available.

Paytm PaymentBank Business Correspondent

27. Paytm PaymentBank Business Correspondent (also known as Paytm PaymentBank Agent) E March 15, 2024 can you help me withdraw funds from my account later? 

👉 Yes. Paytm PaymentBank business correspondents (bank agents) can help you withdraw money from your bank account as long as the deposit is available in your account. Account freeze, lien marked, etc.

28. If my Paytm PaymentBank Account/Ballot is lien marked by law enforcement authorities or judicial instructions or What if there is a refrigerator?

👉 Payment Bank customers designated as directed by any law enforcement authority or judicial authority Any lien or freeze (in whole or in part) enforced on an account/wallet is governed by an order issued by such authority It will continue to be.

29. What happens if my account/ballot is marked freeze or lien due to internal policies of Paytm PaymentBank?

👉 The bank has been directed to withdraw funds or allow transfer of funds to another bank as long as deposits are available in the customer's account/ballot.

Acquisition of new customers

30. What is the status of business restrictions imposed on Paytm Payment Bank as per RBIB press release dated March 11, 2022?

👉 Pursuant to the business restrictions dated March 11, 2022, Paytm Payment Bank continues to be prohibited from bringing in any new customers for any of its services. Therefore, Paytm PaymentBank will not be able to accept any new customers after March 11.