Full List Of Paytm Services That Will Work & Won't Work After March 15th Deadline

A ban on Paytm Payments Bank was imposed by RBI and last date was set to March 15. Under this guideline, the central bank mandated Paytm Payments Bank to not accept any new deposits in the bank account. Additionally, Paytm has been asked to make proper arrangements for its users to facilitate several services for its customers, after February 29.

In the meantime, Paytm Payments Bank is in the process of onboarding other financial institutions to offer different services on the Paytm app since many services will stop working post-March 15

We have prepared a list of the services that will and will not work post March 15 as per the RBI’s mandate pertaining to Paytm.

Paytm Services that will work Post March 15, 2024

1. Money withdrawal: Withdrawal of amount from the account or wallet is still applicable.
2. Refunds and cashback: Users shall continue to receive refunds, cashback, and sweep-ins from partner banks as well as interests from a Paytm Payments Bank account.
3. Executing withdrawal or debit mandates (such as NACH mandates) from the Paytm Payments Bank account, as long as there is a balance available.
4. Merchant payments: Paytm Payments Bank wallet can be used to make merchant payments.
5. Closing Paytm Payments Bank wallet: Users will have the option to close the wallet and also transfer the balance to another bank account.
6. Even the Fastags will be available, but only till the available balance is exhausted, no new balance can be added to the bank
7. Withdrawal using UPI: Users can continue to withdraw money from their Paytm bank account using UPI or IMPS.
8. Monthly OTT payments: Such payments can be made using the existing balance till March 15, however, afterwards this has to be done via another bank account.

Notably, for the services to work, users shall have to add another bank account or change their bank account from Paytm Payments Bank to another supported bank account in order to facilitate things like salary credit, EMI payments, and recharging other Fastag balances.

Paytm Services that will “Not’ work Post March 15, 2024

1. No more top-ups for accounts, Fastag or wallet
2. No more receiving money from other users into the Paytm Bank account
3. No more Salary crediting or other direct benefit transfers
4. The Fastag from Paytm balance cannot be transferred to another Fastag
5. No more money transfers into the Paytm Payments Bank account through UPI/IMPS.