Paytm Payments Bank Service Deadline: Do you also have an account in Paytm Payment Bank? It is important for you to know which services related to Paytm Payment Bank you can use after March 15. And which service will be stopped? Reserve Bank of India (RBI) has banned Paytm Payments Bank.
Paytm Payments Bank Service Deadline: Do you also have an account in Paytm Payment Bank? It is important for you to know which services related to Paytm Payment Bank you can use after March 15. And which service will be stopped? The Reserve Bank of India (RBI) has banned Paytm Payments Bank and set a deadline of March 15. After this date, the central bank has advised Paytm Payments Bank to stop accepting new deposits in the accounts and make proper arrangements. Here is a list of all those services which will work on Paytm after the RBI deadline and which services will not work.
This service will continue to work even after March 15, 2024.
1. Withdrawal: Paytm Payments Bank users will be able to withdraw existing money from their account or wallet.
2. Refunds and Cashback: Refunds, cashback and sweep-ins from partner banks as well as interest from Paytm Payments Bank account are possible. Withdrawals or debits can be made from the Paytm Payments Bank account as long as the balance funds are available. Executing (e.g. NACH command).
3. Merchant Payment: Payment can be made to the merchant using Paytm Payments Bank Wallet.
4. Closing Paytm Payments Bank Wallet: Users have the option to close the wallet and transfer the balance money to another bank account.
5. Fastag will be available, but will be available only till the balance. Users will not get the option to add more money.
6. Withdrawal using UPI: Users will also have the option to withdraw money from their Paytm Bank account using UPI or IMPS.
7. Monthly OTT platform payment can be made using existing balance money. However, after March 15, this will have to be done through some other bank account.
8. It is also important to note that for the service to work, users will have to add another bank account or link their bank account to Paytm Payments Bank for services like salary credit, EMI payments and other Fastag balance recharges. Will have to be changed from to another bank account.
This service will not work after March 15, 2024
1. Top-up for account, Fastag or wallet will not be available.
2. Users will not be able to take money from other users to their Paytm bank account.
3. Salary or other direct transfers will not be available.
4. The ongoing Fastag balance of Paytm cannot be transferred to another Fastag.
5. You will not be able to transfer money to your bank account through Paytm Payments Bank.
