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Paytm's problems are increasing. After the RBI ban, now the deadline for Paytm's payment bank will expire in two days. The Reserve Bank of India had set the deadline of March 15 for Paytm Payments Bank service, which will be completely closed after March 15. As per RBI instructions, no transaction will be accepted on Paytm Payments Bank after March 15, 2024. In such a situation, the bank has advised the customers to transfer the amount present in Paytm Payment Bank to any other bank account.
After the ban on Paytm payment, many people are confused about which services will continue and which services will be stopped. However, some services will continue even after this. Like withdrawing money, refund and cashback, withdrawing money through UPI, OTT payment. Let us tell you in detail which service will not work and which will work.
This service will be discontinued
– After March 15, users will not be able to top-up their account, Fastag or wallet from Paytm Payments Bank. This service will be stopped after March 15.
– After March 15, users will not be able to receive any payment on Paytm Payments Bank.
– If the user is getting salary or any other financial benefit on Paytm Payments Bank, then he will not get this benefit after March 15.
– After March 15, balance in Paytm Fastag will not be transferred to another Fastag.
– No money will be transferred to Paytm Payments Bank account through UPI or IMPS.
This service will continue even after March 15
– Withdrawal: Paytm Payments Bank users can withdraw the existing amount from their account or wallet.
– Refunds and Cashback: Paytm Payments can earn interest from bank accounts, refunds, cashbacks and sweep-ins from its partner banks.
– Withdrawals or debit orders (like NACH orders) can be made from the Paytm Payments Bank account as long as the balance is available.
– Merchant Payments: Paytm Payments Bank Wallet is used to make merchant payments.
– You can close Paytm Payments Bank wallet even after March 15. The user will have the option to close the wallet and transfer the balance to another bank account.
– Fastag will be available even after March 15 but till the balance remains. After the balance is completed, the user will not get the option to add more money.
– Users will also have the option to withdraw money from their Paytm Bank account through UPI or IMPS.
– Existing balance can be utilized by making monthly OTT payment. However, after March 15, this will have to be done through any other bank account.
For the services to work, users will need to add another bank account or change their bank account from Paytm Payments Bank to another supported bank account to facilitate salary credit, EMI payments and other Fastag recharges.