What is Paytm Payment Bank? What Happens to my Existing Wallet after 23 May?

Hope everyone doing well. It a good news for all Paytm lovers that Paytm is coming with new thought called, “Paytm Payment Bank”.  Now from 23rd May 2017, Paytm to launch their new service Paytm Payment Bank. So, basically what is it?

Paytm Payment Bank Founder

What is a Payments Bank?

Indian Government Bank, “Reserved Bank of India” gives licenced Paytm as a Payment Bank. Now customers can deposit upto  1 lakh balance in their wallets to go with cashless India. The wallet now will act as saving, current account or other banking services like Debit cards, Online Banking and Mobile Banking. Customers will get interest in their wallet balance, can do online recharges, etc.

Is it same Bank as others Banks?

All the services like others bank will remain same, except that Paytm Payment Bank will not allow customers to lend money. But, they can partner with the others banks or financial institutions to offer like loans, insurance, mutual funds, pension, etc.

What are the main Benefits of  Paytm Payment Bank?

  1. It will continue their old services all Paytm Wallet.
  2. Current account for Bussiness.
  3. Interest saving account for individuals.
  4. Insurance, Mutual Funds, Loans offered by their partners with a seamless experience.

How to Open a Paytm Payments Bank account?

Paytm Payment Bank account opening is quite simple. If you have already Paytm wallet then, you just need to complete online KYC process with PAN card or AADHAR CARD. If you are a new user then just need to sign up on paytm.com using your email id, phone number and password. After that, you need to complete the KYC processes.

What will happen to my Existing Paytm Wallet?

You are just one step ahead in opening your paytm payments bank. Your current wallet will automatically be converted to Payment Bank Limited. If you didn’t transact after December 21, 2016, then you need to contact paytm help centre care@paytm.com or help@paytm.com.  regarding your willingness. If you want to migrate to Payment Bank then you need to KYC as you didn’t use your wallet more than 6 months. But do it before the migration date.

Can I choose not to move to Paytm Payments Bank?

To migrate to Paytm Paytm payment Bank is required by the Reserved Bank of India. However, if you do, not wish to continue to enjoy the benefits like interest, you can surely opt out the service. Email paytm at care@paytm.com requesting them not to migrate your wallet to the Payments Bank. They will guide you to transfer the wallet balance to your bank account.

Alternatively, you can raise your request either through Paytm app or through website by following these steps –
Through App –

  • 1. Go to Profile section
  • 2. Select ‘Contact Us’ on IOS devices & ‘Help & Support’ on Android devices
  • 3. Choose the option – Paytm Payments Bank
  • 4. Select your issue category as – Know about Paytm Payments Bank
  • 5. Select your issue as – Opt out of movement to Paytm Payments Bank
  • 6. Press on submit to send us the query.

Through The Web –

  • 1. Go to https://paytm.com/care/ticket
  • 2. You will see a screen saying ‘Help us understand your concern’. Select ‘Paytm Payments Bank’ from the drop down menu.
  • 3. Please specify your problem by choosing – Know about Paytm Payments Bank
  • 4. Select your issue as – Opt out of movement to Paytm Payments Bank
  • 5. Press submit your query to send us your request

Please note, if you chose not to migrate to Paytm Payments Bank, your wallet will be closed. You will not be able to make payments using Paytm Wallet.

Will my wallet balance now earn interest?

Yes, Paytm will now give you the interest on your wallet. For that, you need to open a saving account, i.e need to complete KYC process digitally. They are to launch this service from 23rd May 2017.

Can I use old login Ids & Password?

Yes, your Paytm login details continue to remain the same.

Where will go the Refunds?

Your refunds will be given to the account as earlier. That means you can use your refunds on payments as well as saving account principal balance.

How to add money?

Your Paytm Wallet continues to work the same way as before. You can continue to use a credit card or any other options as available today to add money to your wallet.

Can I now withdraw money from my wallet?

No, withdrawing money from the wallet is not allowed as per RBI policies. If you want such use, they recommend you to open a savings or current account by completing your KYC and signing up.

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