Paytm Payments Bank: Services you can or can't use after March 15

As RBI deadline nears, take a look at the list of services that you can use on Paytm after March 15 and alternatives available to users

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The Reserve Bank of India (RBI) has barred Paytm Payments Bank Ltd (PPBL) from accepting new deposits or account top-ups from March 15. As this deadline nears, take a look at the list of services that you can use on Paytm after the March 15 deadline and alternatives available for users.

Continued access to funds

Despite the upcoming restrictions, Paytm Payments Bank account holders will retain the ability to manage their existing funds. This includes withdrawing money, conducting transactions, and transferring money out of their Paytm Payments Bank accounts beyond the March 15 deadline.

Refunds and cashback

Even after the enforcement of the new restrictions, users can still get refunds, cashbacks, and other credits such as sweep-in transactions from partnering banks or interest payments into their Paytm Payments Bank accounts.

Automated payments and subscriptions

For those using Paytm for automated bill payments or subscription services, these facilities will remain operational. This includes:

Electricity bill payments: Automated withdrawals for bill payments will continue as long as there's a balance in the account. However, new deposits into the account will be restricted.

OTT Subscriptions: Subscription fees for over-the-top (OTT) services will still be automatically deducted from users' accounts, subject to available funds.

EMI Payments: Automated debits for loan repayments will proceed until the account balance runs out.

Wallet transactions and FASTag

Wallet transactions: Users can still spend, withdraw, or transfer the existing balance in their Paytm wallet to another wallet or bank account.

Cashbacks: Post-March 15, the receipt of cashbacks into Paytm wallets will continue unaffected.

FASTag payments: FASTag users can use their tags for toll payments up to the current wallet balance. However, topping up the FASTag wallet will not be possible after the deadline.

What next for customers?

For those relying on Paytm's Unified Payments Interface (UPI) services, it's advisable to take preemptive steps:

Switch UPI links: Link your UPI handle to an alternative bank account to ensure uninterrupted UPI transactions.

Update automatic payments: If you have recurring payments or subscriptions linked to your Paytm UPI, make sure to update these with a new UPI handle connected to a different bank account.