Paytm Payments Bank cannot accept further credits into its customer accounts and wallets after March 15, 2024, according to a Reserve Bank of India (RBI) directive
Many users use Paytm Payments Bank wallets to make payments. Will these Paytm customers be able to use their wallets after March 15, 2024? Read on to find out
March 15 deadline for Paytm wallets
Though the deadline is March 15 customers using Paytm wallet can continue to use, withdraw or transfer to another wallet or bank account up to the balance available in the wallet and close it. However, they are not allowed to deposit money into your account with Paytm Payments Bank. No credits or deposits other than interest, cashbacks, sweep-in from partner banks or refunds are allowed to be credited. This is as per RBI’s FAQs released on February 16, 2024.
Some service providers like Uber are suggesting that Paytm wallet users either top-up their wallets before the end of March 15, 2024 or move to an alternate payment option.
Uber's message of Paytm wallet users
Here is a look at what the RBI FAQs states regarding Paytm wallets usage after March 15.
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.
How to close the Paytm Payment Bank Account
If you want to delete/close your account and stop using any Paytm services, here's what you need know. Note that if you have a balance in your account, utilise it or transfer it before submitting a request for closure. Balance transfers from your Paytm Payments Bank account to another bank account are only authorised after KYC.
How to close Paytm account
Follow the below-mentioned steps to raise account closure request:
Step 1: Login to Paytm with your old phone number
Step 2: On the home screen, click on “?” at the top left corner
Step 3: Go to 24×7 Help
Step 4: Go to ‘Profile Settings’
Step 5: Select ‘I need to close/delete my account’
Step 6: Select ‘I don’t use this Paytm account’
Step 7: Click on ‘Message us’ to raise a request
Paytm will verify the request and close your account.
How to close Paytm bank account
Follow these steps to "Permanently Delete/Close Your Bank Account"
Step1: Raise a request to close your account by clicking the "Message us" box
Step 2: After receiving your request, Paytm team will contact you to confirm the reason for closing your account
Step 3: Post this call to verify the request, bank will send an SMS on your Paytm registered number with a link to close your account
Step 4: Follow the link to confirm your request to delete/close account
Here is a look at the FAQs Paytm Payments Bank has released answering questions about the usage of services after March 15, 2024.
Can I continue to use Paytm Payments Bank Wallet?
Yes, you can continue to use, withdraw or transfer to another wallet or bank account until balance is available in the wallet. Please note you will not be able to make any deposits in same after March 15, 2024, however all refunds and cashback can still be credited to your wallet.
Recharge & Bill Payments
Can I continue to use Paytm to do recharges and pay my bills?
Yes, absolutely! You can continue using Paytm app for all your bill payments and recharges, like always.
Ticket Booking
Will I be able to continue booking tickets? (travel, movies etc.)
A. All other services on Paytm app are unaffected, you can continue to use them on Paytm as usual.
Paytm QR & SoundBox
Q. Will my Paytm QR code, Paytm Soundbox or Paytm Card Machine continue to work?
A. Yes. Your Paytm QR, Soundbox, Card Machine will continue to work as always.
FASTag & NCMC Card
Q. Will I be able to use FASTag / NCMC Card issued by Paytm Payments Bank?
A. Yes, you can use the FASTag / NCMC Card issued by Paytm Payments Bank. However you will not be able to recharge or add money to the same after March 15, 2024.
You can either use the amount or close your FASTag / NCMC Card issued by Paytm Payments Bank and request the bank for a refund.
Paytm Payments Bank Is my money safe?
A. The Reserve Bank of India (RBI) has issued a directive restricting Paytm Payments Bank Account / Wallet from accepting new deposits or allowing credit transactions after March 15, 2024. However, there is no restriction on withdrawal of money from your existing balance even after March 15, 2024.
The directive does not impact your existing balances in account or wallet and your money is safe with the Bank.
