These FAQs address the minimum amount necessary in FASTag accounts and how security deposits are reimbursed
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Paytm Payments Bank Ltd (PPBL) released a list of frequently asked questions (FAQs) for its users on Friday. These FAQs address the minimum amount necessary in FASTag accounts and how security deposits are reimbursed. The FAQs state that from March 15, Paytm Payments Bank will no longer accept deposits or top-ups for FASTags. The Reserve Bank of India (RBI) notes that consumers using PPBL FASTags can still utilise the funds in their accounts to pay tolls after March 15.
Can you withdraw money from your Paytm Payments Bank savings or current account after March 15, 2024? Can you continue to use the Paytm Payments Bank debit card that you were issued?
As per the bank, after March 15, 2024, the RBI will no longer accept new deposits into the Paytm Payments Bank Account or permit credit transactions. Up to the available amount in your account, you may still use, withdraw or transfer money from it. Likewise, you can keep making withdrawals or transfers using your debit card up to the amount that is available in your account.
After March 15, 2024, would it still be possible to deposit or transfer funds into your Paytm Payments Bank current account or savings bank account?
After March 15, 2024, Paytm Payments Bank is not permitted by an RBI mandate to take in new deposits or process credit transactions. Crediting is allowed for cashback, interest, sweep-ins from partner banks, and refunds though.
If your salary is credited to your Paytm Payments Bank account, can you still get it there?
You are free to spend, withdraw or transfer money from your account up to the available amount, according to the bank.
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However, in order to guarantee a seamless transition and prevent any difficulties, it is advised that you make alternate arrangements with a different bank by March 15, 2024.
Can you still get government subsidies or certain direct benefit payments into your Paytm Payments Bank account that are linked to your Aadhar?
Only the available balance may be used, withdrawn, or transferred from your account. It is important to make alternate arrangements with a different bank by March 15, 2024.
Can you continue to pay your monthly OTT subscription automatically via UPI from your Paytm Payments Bank bank account?
Automatic UPI mandates for withdrawals or debits will continue as long as your account has sufficient funds.
If you are to receive a reimbursement in the account that you have with Paytm Payments Bank after March 15, 2024, will that refund get credited to your account?
Sure. Even after March 15, 2024, refunds for transactions made from wallets, savings accounts, current accounts, cashbacks, sweep-ins from partner banks, and interest are allowed credited into your Paytm Payments Bank Account.
Can you keep making automatic payments of your loan’s installments (EMI) using your Paytm Payments Bank account?
Mandates for withdrawals or debits, such as those from the National Automated Clearing House (NACH), shall be carried out until your account balance is exhausted.
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Can you continue to have your loan’s automatic monthly payments (EMI) made using a bank account other than Paytm Payments Bank?
EMIs that are registered with banks other than Paytm Payments Bank are still eligible to be paid.
