The Reserve Bank of India has imposed restrictions on Paytm Payments Bank, with a deadline set for March 15. As per the RBI, certain services will still be available to users even after the deadline. Here’s a breakdown of the services that users can avail after March.
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- Withdraw Money from Paytm Payments Bank: Users can continue to withdraw, use, and transfer funds from their account even after the deadline. Withdrawing money from your Paytm Payments Bank account is a simple and convenient process that allows you to access your funds whenever you need them. Whether you prefer using an ATM, making an online transfer, or visiting a bank branch, Paytm Payments Bank offers multiple options for withdrawing money.
- Refunds in Paytm Payments Bank: Users can receive refunds, cashbacks, sweep-ins from partner banks, or interest credited into their account even after March 15. Refunds play a significant role in the financial transactions of any individual or business. Paytm Payments Bank provides a seamless process for receiving refunds, ensuring that users can easily access their funds in various scenarios such as product returns, cancelled services, or cashbacks.
- Electricity Bill Automatic Deduction: If there is a balance in the account, withdrawal/debit mandates will continue. However, credit or deposit into the accounts will not be allowed. Paytm UPI AutoPay offers a hassle-free solution for automating the monthly deduction of electricity bills, ensuring convenience and timely payments for users. By leveraging this feature, individuals can streamline their bill payment process and enjoy a seamless experience without the need for manual intervention.
- OTT Subscription Automatic Deduction: This service will also continue, although credit or deposit into the accounts will not be allowed. As streaming services continue to gain popularity, managing multiple OTT (Over-the-Top) subscriptions can become cumbersome. To streamline this process, many digital platforms, including Paytm, offer the convenience of automatic deductions for OTT subscription payments. This feature allows users to enjoy uninterrupted access to their favorite content without the hassle of manual payments.
- EMI Automatically Paid: Auto debit mandates will continue till there is a balance available in the account. However, alternative arrangements must be made for setting up EMI payments through another bank due to the restriction on credit or deposit in the accounts. It seems like the provided content primarily focuses on the integration of Paytm’s subscription and UPI AutoPay features. Therefore, I’m unable to find specific information regarding “Simplifying OTT Subscription Payments with Automatic Deductions” in the provided content.
- Wallet Money: Users can use, withdraw, or transfer to another wallet or bank account up to the balance available in the wallet. Wallet money, also known as e-wallet balance or digital wallet Funding, refers to the electronic currency stored in a digital wallet or mobile payment application. This virtual money can be used for various financial transactions, including online purchases, bill payments, and more, offering users a convenient and secure alternative to traditional payment methods.
- Cashbacks: Even after March 15, refunds and cashbacks are still permitted to be credited. After contacting Paytm Payments Bank, users have the option to close their wallet and move the money to an account held with a different bank. offers have become a popular incentive in the realm of digital transactions, providing users with the opportunity to earn back a percentage of the amount spent on eligible purchases. This monetary reward, credited back to the user’s account, serves as a compelling way to save money and maximize the value of each transaction.
- FASTag: Users can use their FASTag to pay tolls up to the available balance, but top-ups will not be allowed after March 15. The implementation of FASTag stands as a pivotal advancement in simplifying toll transactions and streamlining the overall commuting experience for motorists. This electronic toll collection system, based on Radio Frequency Identification (RFID) technology, has revolutionized the way toll payments are made, offering a seamless and efficient alternative to traditional cash-based transactions.
These services offer a glimpse into the functionality that users can still leverage from Paytm Payments Bank post the March 15 deadline.
Disclaimer: This article is based on factual information available as of March 12, 2024. The views expressed are those of the author and do not necessarily reflect the official stance of any organization or entity.
Recourse:- hindustantimes