New Delhi: Paytm Payments Bank Ltd (PPBL) has recently issued a comprehensive list of frequently asked questions (FAQs) to guide its users through the upcoming changes mandated by the Reserve Bank of India (RBI). These changes, effective from March 15, 2024, will significantly impact how customers can use their FASTag accounts and the bank’s other services.
FASTag Account Changes:
- Deposits and Top-Ups: Starting March 15, PPBL will cease accepting new deposits or top-ups for FASTag accounts.
- Usage of Existing Funds: Customers can continue to use the existing funds in their FASTag accounts to pay toll charges.
Savings and Current Accounts:
- Withdrawals and Transfers: Users can still withdraw or transfer money from their Paytm Payments Bank savings or current accounts up to the available balance.
- Debit Card Transactions: The Paytm Payments Bank debit card will remain functional for transactions within the available balance.
Restrictions on Account Credits:
- New Deposits and Credits: Post March 15, the bank will not accept new deposits or allow credit transactions.
- Exceptions: Credits will be permitted for cashback, interest, sweep-ins from partner banks, and refunds.
Salary and Government Subsidies:
- Salary Credits: Customers are advised to arrange for their salaries to be credited to an alternative bank account before the deadline to avoid any inconvenience.
- Government Subsidies: Users should also make alternative arrangements for government subsidies or direct benefit payments linked to Aadhar.
Automatic Payments and UPI Mandates:
- OTT Subscriptions: Automatic UPI mandates for OTT subscriptions will continue as long as the account has sufficient funds.
- Loan Installments (EMI): Automatic payments for loan installments will be processed until the account balance is depleted.
Refunds and Reimbursements:
- Refunds: Refunds for transactions made from wallets, savings accounts, current accounts, cashbacks, sweep-ins from partner banks, and interest will still be credited to the user’s Paytm Payments Bank Account even after March 15, 2024.
The FAQs highlight the importance of making alternate banking arrangements before the specified date to ensure uninterrupted access to financial services. Customers are encouraged to reach out to PPBL for any clarifications or assistance required during this transition period.
