Paytm Bank Crisis: Can I Continue To Receive My Salary Into This Account? Check RBI FAQs
The Reserve Bank of India (RBI) has extended its deadline for halting the operations of Paytm Payments Bank till March 15, after irregularities were discovered in its customer know your customer (KYC) data.
To clear doubts of Paytm bank account holders, the RBI issued a list of frequently asked questions (FAQs) to make sure that the transition for customers and merchants remains smooth.
The RBI, in its updated list of FAQs, clarified how customers should proceed if their Paytm Payments Bank account is their salary account, and if their monthly bills and subscriptions are paid through that account.
In its earlier notice, the RBI encouraged all Paytm bank users to shift their business and assets to other banks amid the current crackdown against the company. However, customers will still be able to withdraw money from their Paytm Payments Bank account, and use the debit card issued by the bank.
The central bank also said that after March 15, one will not be able to receive their salary in the Paytm bank account, since no deposits or credits into the account are allowed after the deadline.
Top 10 RBI FAQs for Paytm Payments Bank customers
I have a savings or current account with Paytm Payments Bank. Can I continue to withdraw money from this account after March 15, 2024? Can I continue to use my debit card issued by Paytm Payments Bank?
Yes. You can continue to use, withdraw or transfer your funds from your account upto the available balance in your account.
Similarly, you can continue to use your debit card to withdraw or transfer funds upto the available balance in your account.
I have a savings bank or current account with Paytm Payments Bank. Can I deposit or transfer money into this 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.
I am expecting a refund in my account with Paytm Payments Bank after March 15, 2024. Can this refund be credited into my account?
Yes. Refunds, cashbacks, sweep-in from partner banks or interest are permitted credits into your account even after March 15, 2024.
What will happen to the Deposits maintained with partner banks through ‘sweep in/out’ arrangements, after March 15, 2024?
The existing Deposits of Paytm Payments Bank customers maintained with partner banks can be brought back (sweep-in) to the accounts with Paytm Payments Bank, subject to the ceiling on balance prescribed for a Payments Bank (i.e. ₹2 lakh per individual customer at the end of day). Such sweep-ins for the purpose of making available the balances for use or withdrawal by the customer will continue to be allowed. However, no fresh deposits with partner banks through Paytm Payments Bank will be allowed after March 15, 2024.
My salary is credited into my account with Paytm Payments Bank. Can I continue to receive my salary into this account?
No. 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.
I receive a subsidy or certain direct benefit transfers linked to my Aadhar from the Government in my account with Paytm Payments Bank. Can I continue to receive it into this account?
No. 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.
My monthly electricity bill is paid automatically from my bank account with Paytm Bank Limited? Can this continue?
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.
My monthly OTT subscription is paid automatically through UPI from my bank account with Paytm Payments Bank? Can this continue?
Withdrawal/debit mandates through automatic UPI 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 or disruption, it is suggested that you make alternative arrangements through another bank, before March 15, 2024.
The instalment (EMI) for my loan is automatically paid through my account with Paytm Payments Bank. Can this continue?
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.
The instalment (EMI) for my loan is automatically paid through my account with a bank other than Paytm Payments Bank. Can this continue?
Yes, EMIs registered with any bank other than Paytm Payments Bank can continue.