Paytm Payments Bank deadline: List of services you can and cannot use after March 15

The Reserve Bank of India (RBI) has barred Paytm Payments Bank from accepting fresh deposits or top-ups starting March 15, 2024. To provide clarity amid this development, the RBI has also released a set of Frequently Asked Questions (FAQs), mentioning the alterations in services and what customers should be cognisant of post the stipulated date.

Account holders can manage existing funds, withdraw money, conduct transactions, and transfer money out of their Paytm Payments Bank accounts.

Users can still receive refunds, cashbacks, and other credits, including sweep-in transactions from partnering banks or interest payments.

Automated withdrawals for bill payments will continue as long as there's a balance in the account.

Subscription fees for over-the-top (OTT) services will be automatically deducted from users' accounts, subject to available funds.

Automated debits for loan repayments will proceed until the account balance runs out.

Users can still spend, withdraw, or transfer the existing balance in their Paytm wallet to another wallet or bank account.

FASTag users can use their tags for toll payments up to the current wallet balance. However, topping up the FASTag wallet will not be possible after the March 15 deadline.

Users won't be able to top-up or transfer money into the Paytm wallet.

Transferring money into the wallet or receiving funds from another person is restricted.

Depositing money into the Paytm Payments Bank account is prohibited.

No credits, including salary, can be received in the Paytm Payments Bank account.

Users won't receive subsidies or direct benefit transfers into their Paytm Payments Bank account.

Topping up or recharging FASTag issued by Paytm Payments Bank is not allowed.

Transferring money into the Paytm Payments Bank account through UPI/IMPS is restricted.