Personal Finance

Can you get cashback or refunds in Paytm wallet after March 15, 2024?

The Reserve Bank of India (RBI) extended the last date of restriction on Paytm Payments Bank from February 29 to March 15, 2024. Previously, the RBI prohibited the Paytm Payments Bank from receiving any deposits, top-ups, or credit transactions into its controlled wallets or accounts.

According to the RBI press release dated February 16, 2024, “No further deposits or credit transactions or top-ups shall be allowed in any customer accounts, prepaid instruments, wallets, FASTags, National Common Mobility Cards, etc. after March 15, 2024 (extended from the earlier stipulated timeline of February 29, 2024), other than any interest, cashback, sweep in from partner banks or refunds which may be credited anytime.”

Paytm deadline extended to March 15: Who can use UPI, wallet, FASTag, banking services, RBI releases FAQs

Can I receive this cashback and refunds after March 15, 2024, in Paytm Payments Bank wallet?

Refunds and cashbacks are allowed to be credited after March 15, 2024. Up to the amount in the wallet, you can keep using, withdraw from, or transfer to another wallet or bank account. However, after March 15, 2024, you will not be able to top-up or transfer money into the wallet or receive any credits, other than cashbacks, or refunds into this wallet.
These credits are permitted to be credited to Paytm Payments Bank
Refunds, cashbacks, sweep-ins from partner banks, or interest are permitted credits into your account even after March 15, 2024.

These credits are not permitted
Credits such as salary, subsidy, or certain direct benefit transfers linked to my Aadhar from the Government in my account with Paytm Payments Bank will not be able to receive any such credits into your account with Paytm Payments Bank after March 15, 2024.Can you close the wallet and transfer the amount?
If you have a complete KYC wallet, you may close it and transfer the money to another bank account using Paytm Payments Bank’s banking app. For minimal KYC Wallets, you may either utilise your available money or seek a refund.