Paytm Service Deadline: Reserve Bank has banned Paytm’s Payments Bank. RBI has set a deadline of March 15 for the services of Paytm Payments Bank, which will be completely closed after March 15. In such a situation, let us tell you in detail which services will not work and which will work.
Paytm Service Deadline: Paytm’s troubles are showing no signs of ending. After the RBI ban, the deadline for Paytm’s Payments Bank is now going to end in 2 days. Actually, the Reserve Bank of India has set a deadline of March 15 for the services of Paytm Payments Bank, which will be completely closed after March 15. According to 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 Payments Bank to any other bank account.
After the ban on Paytm payments, many people are confused as to which services will continue to be available and which services will be stopped. Some services will continue to work even after this. Like money withdrawal, refund and cash back, withdrawal of money through UPI, OTT payments. Let us tell you in detail which services will not work and which will work.
This service will be closed
- After March 15, users will not be able to top up their account, Fastag or wallet from Paytm Payments Bank. This service will stop after March 15.
- After March 15, users will not be able to receive any kind of payment on Paytm Payments Bank.
- If the user is getting salary or any other money benefit on Paytm Payments Bank, then he will not get this benefit after March 15.
- After March 15, the balance in Paytm Fastag cannot be transferred to another Fastag.
- No money will be transferred to Paytm Payments Bank account through UPI or IMPS.
These services will continue even after March 15
- Money Withdrawal: Paytm Payments Bank users will be able to withdraw the existing amount from their account or wallet.
- Refunds and Cashback: Paytm Payments can receive interest from the bank account, refund, cashback and sweep-in from its partner bank.
- Withdrawals or debit orders (like NACH orders) can be made from the Paytm Payments Bank account as long as the balance amount 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 till the balance remains. After the balance is exhausted, the user will not get the option to add more amount.
- 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 payment, however, after March 15, it will have to be done through another bank account.
Most Important: For the services to work, users 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 .
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