How does Paytm crisis affect you? 10 questions to clear confusion
RBI allowed additional 15 days to Paytm Payments Bank, until March 15, to stop taking deposits.
The Reserve Bank of India has extended Paytm Payments Bank's deadline to stop deposits until March 15, considering customer interests. It also released a list of Frequently Asked Questions (FAQs), for the convenience of customers. Here are the answers to the most commonly asked questions:
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1. Can I continue to withdraw money and use my Paytm Payments Bank debit card after March 15?
Yes, you can use, withdraw, or transfer funds from your account up to the available balance. The same applies to your debit card for withdrawals or transfers within the available balance.
2. Can I deposit or transfer money into my Paytm Payments Bank account after March 15?
No, after March 15, 2024, deposits into your account will not be allowed. Only credits such as interest, cashbacks, sweep-ins from partner banks, or refunds can be credited.
3. Can I receive a refund in my Paytm Payments Bank account after March 15?
Yes, refunds, cashbacks, sweep-ins from partner banks, or interest can still be credited into your account after March 15.
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4. What happens to deposits with partner banks through 'sweep in/out' arrangements after March 15?
Existing deposits with partner banks can be brought back (swept-in) to Paytm Payments Bank accounts, subject to prescribed balance limits. However, no fresh deposits with partner banks through Paytm Payments Bank will be allowed after March 15.
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5. Can I continue to receive my salary into my Paytm Payments Bank account after March 15?
No, after March 15, you won't be able to receive any credits, including your salary, into your Paytm Payments Bank account. It is advised to make alternative arrangements with another bank before this date.
6. Can my monthly electricity bill and OTT subscriptions paid automatically through Paytm Payments Bank continue after March 15?
Automatic payments like electricity bills and OTT subscriptions will continue to be executed until there is a balance available in your account. However, after March 15, credit or deposit in your accounts will not be allowed. It is suggested to make alternative arrangements through another bank before this date.
7. Can I continue to use my Paytm Payments Bank Wallet after March 15?
Yes, you can continue to use, withdraw, or transfer money from your wallet to another wallet or bank account up to the available balance. However, after March 15, you cannot top-up or transfer money into the wallet or receive any credits other than cashbacks or refunds.
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8. Can I continue to use my FASTag and NCMC card issued by Paytm Payments Bank after March 15?
Yes, you can continue to use your FASTag and NCMC card up to the available balance. However, no further funding or top-ups will be allowed after March 15. It is recommended to procure new FASTags or NCMC cards issued by another bank before this date to avoid inconvenience.
9. Is it possible to transfer the balance from my previous FASTag issued by Paytm Payments Bank to a new FASTag acquired from another bank?
Unfortunately, the FASTag product does not offer a credit balance transfer feature. To proceed, you will need to close your existing FASTag issued by Paytm Payments Bank and request a refund from the bank.
10. Can merchants using Paytm QR code, Soundbox, POS terminal linked to Paytm Payments Bank, or Paytm wallet continue after March 15?
If your receipt and transfer of funds are linked to any bank account other than Paytm Payments Bank, you can continue to use this.
Otherwise, after March 15, you will not be able to receive any credit into your bank account or wallet with Paytm Payments Bank, except for refunds, cashbacks, sweep-ins from partner banks, or interest. To prevent inconvenience or disruption, it is recommended that you obtain a new QR code linked to an account with another bank or wallet for receiving payments. You may also consider changing your bank account details (used for receiving payments) through your service provider.
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