FAQs on Bank Accounts with Paytm Payments Bank: What Customers Need to Know

 

As the deadline for certain banking activities with Paytm Payments Bank Ltd (PPBL) approaches, customers may have several questions regarding the future of their accounts and transactions. To provide clarity and guidance, PPBL has released a set of Frequently Asked Questions (FAQs) addressing various concerns. Here’s what you need to know:

Key Questions :- Paytm Payments Bank

Q: Can I continue to withdraw money from my savings or current account with Paytm Payments Bank after March 15, 2024? Can I use my debit card issued by Paytm Payments Bank?

A: Yes, you can continue to use, withdraw, or transfer funds from your account up to the available balance. Similarly, you can use your debit card for transactions within the available balance.

Q: Can I deposit or transfer money into my savings or current account with Paytm Payments Bank after March 15, 2024?

A: No, after March 15, 2024, you will not be able to deposit money into your account with PPBL. Only permitted credits such as interest, cashbacks, sweep-ins from partner banks, or refunds are allowed.

Q: What will happen to deposits maintained with partner banks through ‘sweep in/out’ arrangements after March 15, 2024?

A: Existing deposits of PPBL customers with partner banks can be brought back (sweep-in) to accounts with PPBL, subject to the prescribed ceiling on balance. However, no fresh deposits with partner banks through PPBL will be allowed after March 15, 2024.

Q: Can I continue to receive my salary into my account with Paytm Payments Bank after March 15, 2024?

A: No, after March 15, 2024, you will not be able to receive any salary credits into your account with PPBL. It is advisable to make alternative arrangements with another bank before the deadline to avoid inconvenience.

Q: Can I continue to receive subsidies or direct benefit transfers linked to my Aadhar into my account with Paytm Payments Bank after March 15, 2024?

A: No, after March 15, 2024, you will not be able to receive any such credits into your account with PPBL. It is recommended to change your linked account to another bank before the deadline.

Q: Can automatic bill payments e.g., electricity bills from my account with Paytm Payments Bank continue after March 15, 2024?

A: Withdrawal/debit mandates will continue to be executed until there is a balance available in your account. However, credit or deposit into your accounts will not be allowed after March 15, 2024.

Q: Can automatic payments for services (e.g., OTT subscriptions) through UPI from my account with Paytm Payments Bank continue after March 15, 2024?

A: Withdrawal/debit mandates through automatic UPI mandates will continue until there is a balance available in your account. However, credit or deposit into your accounts will not be allowed after March 15, 2024.

Q: Can automatic EMI payments for loans from my account with Paytm Payments Bank continue after March 15, 2024?

A: Auto debit mandates will continue to be executed until there is a balance available in your account. However, credit or deposit into your accounts will not be allowed after March 15, 2024. It is advisable to make alternative arrangements for EMI payments through another bank before the deadline.

Q: Can automatic EMI payments for loans from an account with a bank other than Paytm Payments Bank continue after March 15, 2024?

A: Yes, EMIs registered with any bank other than Paytm Payments Bank can continue without disruption.

With these FAQs, Paytm Payments Bank aims to provide clarity and assist customers in making necessary arrangements ahead of the deadline to avoid any inconvenience or disruption to their banking services.