Now, your Paytm Wallet will be your Paytm Payments Bank Wallet because the Reserve Bank of India (RBI) has given final approval to the Paytm Payments Bank Ltd. With this, Paytm Wallet will soon be transferred to the newly incorporated Payments Bank automatically. It will soon bring additional benefits such as a bank account, cheque book and a debit card. You will also earn interest on the money available in your account.
Check this to know in depth about how to use Paytm Wallet.
Big Question in Public Domain: What happens to their Paytm Wallet after Paytm Payments Bank
- Paytm Payments Bank Wallet: There is no need to worry. Your Paytm Wallet will be transferred to the “Paytm Payments Bank Ltd” as it is, i.e. KYC Wallet as KYC Wallet and minimum KYC Wallet as minimum KYC Wallet.
- Fee: No fee for this transfer.
- Paytm Bank Account: This is just a transfer of ownership of wallet to a new company “Paytm Payments Bank Ltd”. Once the bank launch, you will be given an option to open a separate bank account with Paytm.
- Your Money: If you have any balance in your current Paytm Wallet, it will reflect in your new Paytm Payments Bank Wallet.
- Paytm Wallet: You will continue to use all the services provided by the Paytm Wallet and enjoy all the benefits even after 15th January 2017. Log-in details, wallet balance and user experience will remain the same.
- Inactive Paytm Wallet: If your Wallet has been inactive for the last 6 months and has zero balance, it won’t be transferred to the Paytm Payments Bank Wallet unless you specifically give consent for the same while logging into the app, web or by e-mail.
- Open Paytm Bank Account: You are not required to open an account with Paytm Payments Bank to use your Paytm Wallet.
- No to Paytm Wallet: In case you choose not to continue to enjoy the benefits of your Paytm Wallet, please email at email@example.com or log-in to Paytm.com/care to notify your choice of opting out and redeeming your balance by a one time transfer to your own bank account. Do indicate the account holder’s name, account number and the IFSC Code of the Bank where you wish to redeem the money.
Recently, in the latest Paytm app update you can do fast and more secure cashless transactions. These new features are finger print scanner, “Add Money” is now in single-screen, pay anyone by scanning their Paytm QR codes in your smartphone’s image gallery, self-declared Paytm merchants can now accept up to 50,000 and Paytm Community Forums option.
Paytm Transaction Charges
|Paytm Wallet to Paytm Wallet (When you Pay using Paytm to some other Paytm user)||Lifetime 0%|
|Money Transfer from Paytm Wallet to Paytm Payments Bank Account||Lifetime 0%|
|Money Transfer from Paytm Wallet to Any other Bank Account||Applicable Charges Applied by your Bank. Currently, it is 0% till 31st Jan 2017|