How does Paytm disaster have an effect on you? 10 inquiries to clear confusion

The Reserve Bank of India has prolonged Paytm Payments Bank’s deadline to cease deposits till March 15, contemplating buyer pursuits. It additionally launched a listing of Frequently Asked Questions (FAQs), for the comfort of consumers. Here are the solutions to probably the most generally requested questions:

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1. Can I proceed to withdraw cash and use my Paytm Payments Bank debit card after March 15?

Yes, you should utilize, withdraw, or switch funds out of your account as much as the out there stability. The similar applies to your debit card for withdrawals or transfers inside the out there stability.

2. Can I deposit or switch cash into my Paytm Payments Bank account after March 15?

No, after March 15, 2024, deposits into your account is not going to be allowed. Only credit reminiscent of curiosity, cashbacks, sweep-ins from companion banks, or refunds could be credited.

3. Can I obtain a refund in my Paytm Payments Bank account after March 15?

Yes, refunds, cashbacks, sweep-ins from companion banks, or curiosity can nonetheless be credited into your account after March 15.

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4. What occurs to deposits with companion banks via ‘sweep in/out’ preparations after March 15?

Existing deposits with companion banks could be introduced again (swept-in) to Paytm Payments Bank accounts, topic to prescribed stability limits. However, no contemporary deposits with companion banks via Paytm Payments Bank might be allowed after March 15.

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5. Can I proceed to obtain my wage into my Paytm Payments Bank account after March 15?

No, after March 15, you will not be capable to obtain any credit, together with your wage, into your Paytm Payments Bank account. It is suggested to make different preparations with one other financial institution earlier than this date.

6. Can my month-to-month electrical energy invoice and OTT subscriptions paid routinely via Paytm Payments Bank proceed after March 15?

Automatic funds like electrical energy payments and OTT subscriptions will proceed to be executed till there’s a stability out there in your account. However, after March 15, credit score or deposit in your accounts is not going to be allowed. It is usually recommended to make different preparations via one other financial institution earlier than this date.

7. Can I proceed to make use of my Paytm Payments Bank Wallet after March 15?

Yes, you possibly can proceed to make use of, withdraw, or switch cash out of your pockets to a different pockets or checking account as much as the out there stability. However, after March 15, you can’t top-up or switch cash into the pockets or obtain any credit aside from cashbacks or refunds.

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8. Can I proceed to make use of my FASTag and NCMC card issued by Paytm Payments Bank after March 15?

Yes, you possibly can proceed to make use of your FASTag and NCMC card as much as the out there stability. However, no additional funding or top-ups might be allowed after March 15. It is beneficial to acquire new FASTags or NCMC playing cards issued by one other financial institution earlier than this date to keep away from inconvenience.

9. Is it doable to switch the stability from my earlier FASTag issued by Paytm Payments Bank to a brand new FASTag acquired from one other financial institution?

Unfortunately, the FASTag product doesn’t provide a credit score stability switch function. To proceed, you have to to shut your current FASTag issued by Paytm Payments Bank and request a refund from the financial institution.

10. Can retailers utilizing Paytm QR code, Soundbox, POS terminal linked to Paytm Payments Bank, or Paytm pockets proceed after March 15?

If your receipt and switch of funds are linked to any checking account aside from Paytm Payments Bank, you possibly can proceed to make use of this.

Otherwise, after March 15, you won’t be able to obtain any credit score into your checking account or pockets with Paytm Payments Bank, aside from refunds, cashbacks, sweep-ins from companion banks, or curiosity. To stop inconvenience or disruption, it is suggested that you just acquire a brand new QR code linked to an account with one other financial institution or pockets for receiving funds. You can also think about altering your checking account particulars (used for receiving funds) via your service supplier.