Deadline for various Paytm Payments Bank services is March 15: List of Paytm services you can, cannot use this date

The Reserve Bank of India imposed various business limitations on Paytm Payments Bank Ltd (PPBL) via a press releases dated January 31, 2024. The central bank barred Paytm Payments Bank from accepting fresh deposits or top-ups from February 29, 2024, citing persistent non-compliance and continued material supervisory concerns. The deadline has now been extended by 15 days to March 15, 2024.

On February 16, 2024, the RBI released a set of Frequently Asked Questions (FAQs) to provide Paytm customers with comprehensive information regarding the restrictions imposed on the Paytm Payments Bank

How to close Paytm FASTag: Here's why you need to close your Paytm FASTag much before March 15


Here are list of services which can and cannot be availed after the March 15, 2024 deadline.

Also read: How to check Paytm FASTag status

List of services which can be availed

Withdraw money from Paytm Payments Bank
You can continue to use, withdraw, or transfer funds from your account up to the available amount. Similarly, you can continue to withdraw or transfer payments using your debit card up to the available amount in your account.

Refund in Paytm Payments Bank after March 15, 2024
Refunds, cashbacks, sweep-in from partner banks or interest are permitted credits into your account even after March 15, 2024.

Monthly electricity bill auto deduction after March 15
Withdrawal/debit mandates (such as National Automated Clearing House (NACH) mandates) will continue to get executed till there is balance available in your account.
However, after March 15, 2024, credit or deposit in your accounts will not be allowed. Therefore, to avoid inconvenience, it is suggested that you make alternative arrangements through another bank, before March 15, 2024.

Also read: Do you have a @Paytm UPI handle? 4 things you should know to migrate your UPI handle

Monthly OTT subscription is paid automatically through UPI
Withdrawal/debit mandates (such as National Automated Clearing House (NACH) mandates) will continue to get executed till there is balance available in your account. However, after March 15, 2024, credit or deposit in your accounts will not be allowed. Therefore, to avoid inconvenience, it is suggested that you make alternative arrangements through another bank, before March 15, 2024.

EMI for my loan is automatically paid through account with Paytm Payments Bank
Auto debit mandates will continue to get executed till there is balance available in your account. However, after March 15, 2024, credit or deposit in your accounts will not be allowed. Therefore, to avoid inconvenience, it is suggested that you make alternative arrangements for setting up EMI payments through another bank before March 15, 2024. EMIs registered with any bank other than Paytm Payments Bank can continue.

Paytm Payments Bank wallet money
You can continue to use, withdraw or transfer to another wallet or bank account upto the balance available in the wallet. Minimum KYC wallets1 can, however, be used only for merchant payments.

Also read: Can you still use Paytm Payments Bank wallet to make payments after March 15?

Cashback due in wallet with Paytm Payments Bank after March 15, 2024
Refunds and cashbacks are allowed to be credited.

Close wallet and have the balance transferred
You can approach Paytm Payments Bank or use its banking app to close your wallet and transfer the balance to an account maintained with another bank in the case of full KYC wallets. In the case of minimum KYC Wallets2, you may use the available balance or request for a refund.

FASTag issued by Paytm Payments Bank
You can continue to use your FASTag to pay toll upto the available balance. However, no further funding or top ups will be allowed in the FASTags issued by Paytm Payments Bank after March 15, 2024. It is suggested that you procure a new FASTag issued by another bank before March 15, 2024 to avoid any inconvenience.

Withdraw money from Paytm Payments Bank account through UPI/ IMPS after March 15, 2024
You can withdraw your money from Paytm Payments Bank account through UPI/ IMPS upto the balance available in your account.

List of services which cannot be availed

Top-up or transfer money into this wallet after March 15, 2024
After March 15, 2024 you will not be able to top-up or transfer money into the wallet or receive any credits, other than cashbacks, or refunds into this wallet.

Can receive money from any other person into this wallet after March 15, 2024
After March 15, 2024 you will not be able to top-up or transfer money into the wallet or receive any credits, other than cashbacks, or refunds into this wallet.

Transfer money into Paytm Payments Bank account after March 15, 2024
No. After March 15, 2024, you will not be able to deposit money into your account with Paytm Payments Bank. No credits or deposits other than interest, cashbacks, sweep-in from partner banks or refunds are allowed to be credited.

Salary credit in Paytm Payments Bank after March 15, 2024
After March 15, 2024, you will not be able to receive any such credits into your account with Paytm Payments Bank. It is suggested that you make alternative arrangements with another bank before March 15, 2024 to avoid inconvenience.

Subsidy or certain direct benefit transfers
After March 15, 2024, you will not be able to receive any such credit into your account with Paytm Payments Bank. Please arrange to change your linked account to another bank before March 15, 2024 to avoid any inconvenience or disruption.

Recharge FASTag balance after March 15, 2024
After March 15, 2024 you will not be able to top-up or recharge your FASTag issued by Paytm Payments Bank. It is suggested that you procure a new FASTag issued by another bank before March 15, 2024 to avoid any inconvenience.



Transfer the balance from my old FASTag issued by Paytm Payments Bank to a new FASTag
Credit balance transfer feature is not available in the FASTag product. Therefore, you will have to close your old FASTag issued by Paytm Payments Bank and request the bank for a refund.

Transfer my money into my Paytm Payments Bank account through UPI/ IMPS after March 15, 2024
You cannot transfer the money into your Paytm Payments Bank account after March 15, 2024.