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RBI has set March 15 as the deadline for the services of Paytm Payments Bank. Some will be completely closed after March 15. Some services will continue to work even after this. Like withdrawal of money, refund and cashback, withdrawal of money through UPI, OTT payment etc.
These services will continue even after March 15
Withdraw money: Paytm Payments Bank users will be able to withdraw existing funds from their account or wallet.
Refunds and Cashback: Paytm Payments Bank account can earn interest, refunds, cashback 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 Payment: Paytm Payments Bank Wallet can be 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 only till the balance is maintained. After the balance is exhausted, 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.
The existing balance can be utilized by making monthly OTT payments, however, after March 15, it will have to be done through another bank account.
the most important: 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.
These services will not work after March 15
- Top-up, Fastag or wallet services for accounts.
- Users receive money from another user to Paytm Bank account.
- Salary or other direct benefit transfers.
- Transferring Fastag balance to another Fastag issued by Paytm.