Here’s everything that you need to know about your Minimum KYC.
1. What is Min KYC?
Minimum KYC allows you partial access to benefits of Paytm Wallet. As per RBI guidelines, you to need do complete Minimum KYC to activate your wallet and it is valid for 24 months only. To get complete benefits of wallet and to continue usage beyond 24 months, you need to complete your Full KYC.
2. Why is my Min KYC expiring?
As per RBI guidelines, Minimum KYC is valid for 24 months only. After the expiry of your Min KYC, you won’t be able to continue using Paytm for money transfers (both wallet to wallet and wallet to bank account).
3. Where can I use the existing wallet balance post Min KYC expiry?
You can use the existing wallet balance for all types of merchant payments including recharge, bill payments etc. You won’t be able to transfer money from your Paytm wallet to another Paytm wallet or bank account.
4. How can I continue using Paytm services post Min KYC expiry?
In order to avail the maximum benefits of your Paytm app, you will need to complete your Full KYC. You can become a full KYC customer once you complete your in-person verification. By becoming a full KYC verified customer, you will get the following benefits:
• The amount of money you can hold in your wallet gets upgraded from ₹10,000 to ₹1,00,000
• No spending limit on your wallet account
• You can transfer money to any other wallet or bank account
• You become eligible to open Paytm Payments Bank Savings Account
Click here to complete your Full KYC.
5. What if I don’t complete Full KYC?
In case, you do not wish to complete your Full KYC, you will not be able to add money to your Paytm wallet post expiry of Min KYC. However, you can use UPI services on your Paytm app which will enable payments to Merchantas well as bank to bank transfer.
Please Note: Beware of fraudsters calling customers for KYC re-activation.
Paytm representatives will never call you asking for your OTP or ask you to install remote access apps like Anydesk or TeamViewer QuickSupport on your mobile. For completing your FULL KYC, a face to face verification is necessary.
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