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Paytm Payments Bank is now live: Here’s how to opt out, what it means

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Paytm’s Payments Bank is now operational from Tuesday, May 23. The parent company One97 Communications received final licence for Paytm Payments Bank from RBI last week and today while making an announcement, the company said that, by default, all Paytm wallet accounts will automatically be migrated to Paytm Payments Bank. But users do have an option to opt out, if they do not wish to continue.

Paytm is also sending notification messages and emails to customers regrading the same. The message reads, “One97 Communications Ltd will be transferring the Wallet business to Paytm Payments Bank Ltd on 23 May, 2017. If you wish not to continue with your Wallet with Paytm Payments Bank, you can opt out before 23 May, 2017 by sending an email to help@paytm.com”.

Paytm Payments Bank doesn’t need any minimum balance, there will be no online transactions charges and all users will get free virtual debit card. However, account holders will be able to request for a physical chequebook, debit card and demand drafts by paying a nominal fee.

How to opt out of Paytm Payments Bank?

All current active Paytm wallet users who do not wish to continue with the Paytm Payments Bank need to write to Paytm on or before May 23, 2017.

1. Users can email Paytm help – ‘help@paytm.com’
2. Visit ‘paytm.com/care’ to opt out

What does it mean, if you do not opt for Paytm Payments Bank?

If you are discontinuing with Paytm Payments Bank, then your Paytm wallet will also become inactive,  although you’ll be able to redeem your balance. But if you decide to continue, your wallet will now automatically be a part of the Paytm Payments bank.

How will you get your wallet money back?

Customers who discontinue with Paytm wallet will have to send an email to Paytm within 15 days of notifying their choice.

Users will need to send following details to Paytm to get their money in bank account.

1. Account Holder’s Name
2. Account Number
3. IFSC code of bank

Paytm will soon roll out a new banking app for Paytm Payments Bank account holders. Initially, it will be available on an invite-only basis, but first Paytm will roll out a limited version of the banking app for Paytm employees and associates.

Any other Paytm user for now can request an invite by logging onto http://www.paytmpaymentsbank.com or through updated Paytm app.

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