To ensure that the accounts held with Paytm Payments Bank Limited (PPBL) and transactions in these accounts are in line with regulatory and bank’s framework, we continuously review the account behaviour and take action as deemed appropriate.
In few instances where we observed high number of credit transactions in the savings accounts that were not in line with the profile and / or regulatory definition of savings account, we have advised customers, through multiple communications, to either convert their savings account to current account and update their profile information with the bank to continue receiving credits in their bank accounts held with bank or to modify / reduce the transactions in line with the profile or regulatory definition of savings account. The bank may further impose limit on number of monthly credit transactions in these savings accounts and transactions beyond the limit may be declined.
We, hereby, advise the customers that in absence of any action by these account holders before the due date mentioned in their app notification, these Savings accounts will be converted to Current account in line with the earlier notice sent. In case customers want to retain their account as Savings account, they can take action on the bank’s mobile app by confirming the same. Please check the mobile notifications for more details.
Paytm Payments Bank