Can you still use Paytm Payments Bank wallet to make payments after March 15? (2024)

On January 31, 2024, in line with its jurisdiction under Section 35A of the Banking Regulation Act of 1949, the Reserve Bank of India has directed Paytm Payments Bank Ltd. (PPBL or the bank) to immediately suspend onboarding new clients. At that time, RBI had said that after February 29, 2024, no more deposits, credit transactions, top-ups, or withdrawals will be permitted in any customer accounts, prepaid cards, wallets, FASTags, NCMC cards, etc by PBBL. This deadline was extended to March 15, 2024 by the RBI

In the latest development, Paytm and PPBL have mutually agreed to discontinue various inter-company agreements, according to a notification on the stock exchanges dated March 1, 2024

Do you have a @Paytm UPI handle? 4 things you should know to migrate your UPI handle

Paytm has previously said that it will form new alliances with banks and take steps to ensure that its users and merchants receive smooth services, the company notified stock markets of the potential financial effect, on February 1, 2024.

Also read: List of Paytm services you can, cannot use after March 15

Note that One 97 Communications Limited and its services that include the Paytm app, Paytm QR, Paytm soundbox and Paytm Card machines will continue to work uninterrupted, said the latest BSE notification.

Also read: Can you use Paytm FASTag after March 15?

If you are a Paytm wallet user, let us take a look at whether you can continue using your wallet as per RBI’s FAQs released on February 18, 2024.

Can you still use Paytm wallet after March 15?
Yes. You can continue to use, withdraw or transfer your funds from your account upto the available balance in your account. Similarly, you can continue to use your debit card to withdraw or transfer funds upto the available balance in your account.

After March 15, 2024 you will not be able to top-up or transfer money into the wallet or receive any credits, other than cashbacks, or refunds into this wallet. However, Refunds and cashbacks are allowed to be credited.

I have a wallet with Paytm Payments Bank. Can I continue to use money from this wallet after March 15, 2024?
Yes. You can continue to use, withdraw or transfer to another wallet or bank account upto the balance available in the wallet. Minimum KYC wallets1 can, however, be used only for merchant payments.

I have a wallet with Paytm Payments Bank. Can I top-up or transfer money into this wallet after March 15, 2024? Can I receive money from any other person into this wallet after March 15, 2024?
No. After March 15, 2024 you will not be able to top-up or transfer money into the wallet or receive any credits, other than cashbacks, or refunds into this wallet.

I have a cashback due in my wallet with Paytm Payments Bank. Can I receive this cashback after March 15, 2024?
Yes. Refunds and cashbacks are allowed to be credited.

I have a wallet with Paytm Payments Bank. Can I close this wallet and have the balance transferred to my bank account with another bank?
Yes. You may approach Paytm Payments Bank or use its banking app to close your wallet and transfer the balance to an account maintained with another bank in the case of full KYC wallets. In the case of minimum KYC Wallets2, you may use the available balance or request for a refund.

Here are some other important FAQs for Paytm users.

My salary is credited into my account with Paytm Payments Bank. Can I continue to receive my salary into this account?
No. After March 15, 2024, you will not be able to receive any such credits into your account with Paytm Payments Bank. It is suggested that you make alternative arrangements with another bank before March 15, 2024 to avoid inconvenience.

Also read: Can you get cashback or refunds in Paytm wallet after March 15, 2024?

I receive a subsidy or certain direct benefit transfers linked to my Aadhar from the Government in my account with Paytm Payments Bank. Can I continue to receive it into this account?
No. After March 15, 2024, you will not be able to receive any such credit into your account with Paytm Payments Bank. Please arrange to change your linked account to another bank before March 15, 2024 to avoid any inconvenience or disruption.

My monthly electricity bill is paid automatically from my bank account with Paytm Bank Limited? Can this continue?
Withdrawal/debit mandates (such as National Automated Clearing House (NACH) mandates) will continue to get executed till there is balance available in your account. However, after March 15, 2024, credit or deposit in your accounts will not be allowed. Therefore, to avoid inconvenience, it is suggested that you make alternative arrangements through another bank, before March 15, 2024.

My monthly OTT subscription is paid automatically through UPI from my bank account with Paytm Payments Bank? Can this continue?
Withdrawal/debit mandates through automatic UPI mandates will continue to get executed till there is balance available in your account. However, after March 15, 2024, credit or deposit in your accounts will not be allowed. Therefore, to avoid inconvenience or disruption, it is suggested that you make alternative arrangements through another bank, before March 15, 2024.

The instalment (EMI) for my loan is automatically paid through my account with Paytm Payments Bank. Can this continue?
Auto debit mandates will continue to get executed till there is balance available in your account. However, after March 15, 2024, credit or deposit in your accounts will not be allowed. Therefore, to avoid inconvenience, it is suggested that you make alternative arrangements for setting up EMI payments through another bank before March 15, 2024.