Paytm Payments Bank || Faqs (2024)

FAQs

Can Paytm be linked with two bank accounts? ›

Yes, you can add multiple bank accounts with the Paytm money transfer app. The limit of the number of bank accounts can range up to 5, which you can add to this app. So, you can transfer money from any of your bank accounts and pay for costs.

Employment Type. In line with the Reserve Bank of India's directives, Paytm Payments Bank (PPBL) will shut down services such as deposits, credit transactions, and FASTag recharges from March 15 onwards. Notably, this is an extended deadline.

Paytm Payments Bank Account Holders can not use it after March 15, 2024. Deposit and credit services will be suspended. Available balance in Paytm Payments Bank account can be used, withdrawn and transferred by account holders until it is exhausted, even after the March deadline.

You can transfer up to a maximum of Rs. 25,000 per transaction and Rs. 1,00,000 per day. By following these guidelines, you can easily transfer your Paytm balance to a bank account and utilise it for various purposes.

The Reserve Bank of India (RBI) has proposed introducing Delegated Payments feature on Unified Payments Interface (UPI), the widely used digital payments platform, allowing multiple users to make transactions from a single primary bank account.

On the main page, click on 'Fund transfer' From the drop-down menu that appears, select 'NEFT'. Note that you need to 'Add beneficiary' to the list of beneficiaries in your account if you haven't done so already. To add a new beneficiary, you need to click on 'Add beneficiary' option on the page.

The RBI's action, issued last week, prohibits Paytm Payments Bank from accepting further deposits, conducting credit transactions, or allowing top-ups on customer accounts, prepaid instruments, and cards for toll payments after February 29.

A. Absolutely yes. You can continue to make UPI Payments, send or receive money through UPI, or make offline QR code payments as usual on Paytm App. For lightning fast payments always Paytm Karo!

Paytm is a widely used digital wallet and e-commerce platform in India, offering services like mobile recharges, bill payments and online shopping. On the other hand, Paytm Payments Bank is a separate entity that functions as a bank, providing savings accounts, debit cards, and other banking services.

The closure of Paytm Payments Bank stems from directives issued by the RBI, citing "non-compliance issues and concerns" within the institution. Reports indicate that numerous accounts were opened without proper identification, raising suspicions of potential involvement in illicit activities such as money laundering.

Is it safe to link Paytm with bank account? ›

The NPCI facilitates secure fund transfers between the sender's and receiver's banks. Instantly, after UPI PIN authentication, funds are transferred, and both parties receive transaction confirmations. UPI's security measures, including encryption and multi-factor authentication, ensure the safety of transactions.

What happens to my balances above ₹2 lakh ? As per the RBI guidelines, you can hold a maximum of ₹2 lakhs in your Paytm Payments Bank account at end of the day. This limit is imposed on the sum of your wallet and Savings Account balances.

What is the UPI transaction limit through Paytm per day? Paytm UPI allows you to transfer the maximum amount of Rs 1 lakh in a day. A person can make Paytm transactions of up to Rs 20,000 per hour through UPI. There is a limit of a maximum five transactions an hour and maximum 20 transactions a day via Paytm UPI.

The final approval for international payments is provided by Paytm's banking partner. The product will be enabled on your checkout flow and Paytm Dashboard post approval. Note: Certain lines of business such as but not limited to gambling, dating, alcohol etc can not be enabled for international payments acceptance.

To receive money, you just need to share your bank details, UPI ID, or mobile number with the person who wants to send you the payment. You can choose to share any one of these options, whichever is convenient for you.

Linking banking accounts makes it possible to conduct transactions between them electronically. You can link bank accounts at the same bank or between different financial institutions. For example, linking external bank accounts is something you may do if you're opening a new account with an online bank.

We allow only a single Paytm wallet per customer. Therefore a KYC document used once can't be reused again. However you can reach out to Paytm support team to release Aadhaar from old mobile to attempt KYC again.