An all-inclusive guide on completing KYC - Paytm Payments Bank Blog:- www.deekpay.com

Why do I need to complete KYC?The wallet services offered by Paytm Payments Bank follow the Reserve Bank of India (RBI) guidelines on prepaid instruments. These guidelines require a minimum KYC to be completed at the time of issuance of the wallet to the customer.The minimum KYC is valid for a period of 24 months. To continue using the wallet after 24 months and to enjoy the full benefits of the wallet, full KYC is required.In addition, full KYC is also required to utilise the savings account services (optional) offered by Paytm Payments Bank.Click here to complete your KYC.Watch this video to know more about why you should complete KYC.

What is Minimum KYC and its benefits on completion? As per RBI guidelines, you need to complete the minimum KYC to activate your wallet. In order to complete the minimum KYC, you need to provide your name and the unique identification number of any of the following documents: passport, voter's card, driver's licence or NREGA job card. Minimum KYC allows you to access some of the benefits of Paytm wallet. Using a wallet with minimum KYC, you can:

- Payments to 12 million+ merchants accepting Paytm

- Pay online on any application/website

- Maintain a balance of up to Rs. 10,000 per month

- Can't transfer money to a friend's wallet

- No bank transfers

- Inability to maintain a balance of up to Rs. 1,00,000

- Savings accounts cannot be opened

As per RBI guidelines, the minimum KYC is valid only for 24 months. To get the full benefits of the wallet and continue after 24 months, you need to complete the full KYC.

How do I complete my minimum KYC?If your minimum KYC has not been completed, you will see an exclamation mark next to your name in the pop-up menu on the left. Clicking on your name will take you to your profile page where you will see a banner indicating that your wallet is not active. Clicking on the banner will take you to a screen where you can provide your name and the unique identification number of any of the following documents: passport, voter's card, driver's licence or NREGA work card. After submitting this information, you will become a Minimum KYC customer and your wallet will be activated. Click here to complete your minimum KYC now.

What happens if I don't complete the minimum KYC? Minimum KYC is required to use the wallet.Without minimum KYC, you can still use Paytm to make UPI transfers as well as make purchases using credit/debit cards and net banking.

What happens if my minimum KYC expires? As per RBI guidelines, your minimum KYC will expire unless full KYC is done within 24 months. After expiry, you will not be able to add funds to your wallet or transfer your balance to your bank account. However, you will still be able to use your existing wallet balance to make payments at 12 million+ merchants as well as online apps/websites that accept Paytm. You can also continue to use Paytm for UPI transfers as well as make purchases using credit/debit cards and net banking.

How do I know if my minimum KYC is completed and when it expires? If your minimum KYC has been completed, you will see the KYC icon on the blue banner on Paytm's homepage. Click on this icon and you will be able to see the details of your minimum KYC expiry date. If your minimum KYC has expired, it will be mentioned on this screen.

What is Full KYC and its benefits upon completion? Once you complete your Live Verification, you will become a Full KYC customer. After becoming a Full KYC verified customer, you will get the following benefits:

- Amount that can be held in wallet upgraded from Rs 10,000 to Rs 1,00,000

- No spending limits on wallet accounts

- Can transfer money to any other wallet or bank account

- Eligible to open Paytm Payments Bank savings account

Click here to complete your full KYC.

How do I complete my Full KYC?To become a Full KYC customer, you will need to complete on-site verification in one of the following ways:

1. Aadhaar-based KYC at a nearby KYC point: You can do this by clicking on http://m.p-y.tm/kyc或访问浏览器上的这个链接找到附近的KYC点 on your smartphone. You can also click on the 'Nearby' icon on the blue banner at the top of the Paytm app homepage. You will need to carry your Aadhaar and PAN* for verification. You need to verify your Aadhaar through biometrics.

2. Aadhaar-based KYC at home: This service is currently in a pilot phase and has been rolled out to a limited number of users and selected locations. If you are a pilot user, you can access it by clicking on http://m.p-y.tm/kyc找到此选项. Otherwise, you can visit your nearest KYC point. Please note that this will incur a service charge of Rs. 150 per visit.

3. KYC without Aadhaar: This service is available only at limited locations as RBI guidelines require that verification of original documents must be done by our employees. You can do this by visiting http://m.p-y.tm/NoBiO找到我们员工的安排. You will need to provide your PAN* along with any of the following government issued original address proof documents: Driving Licence, Voter's Card, Passport or NREGA Job Card.

Some important notes: in addition to Aadhaar and PAN, our representative will also take your photograph using our authorised KYC Android app. Additional information such as parents' names, spouse's name, occupation and income will also be required as per CERSAI and RBI guidelines.

Currently, KYC is available only to Indian citizens, residents of India and tax residents of India and not to other countries.

You can choose to upgrade your wallet and open a savings account with full KYC, upgrade your wallet only or open a savings account only.

Do I need to pay for KYC? KYC is free of cost. You do not need to pay any fee to an authorised Paytm Payments Bank representative. However, we do charge a nominal fee of Rs. 150 for KYC done at your doorstep.

Is the KYC process secure? Will my documents and photos be stored safely? Is it safe to give an impression of Aadhaar fingerprints for verification?The KYC process is completely secure and is carried out by authorised representatives who have undergone thorough background checks and intensive training. All details are captured through Paytm Payments Bank's authorised app and are securely transferred to our servers and are not stored on the representative's device. Similarly, your fingerprint impression is not stored and is only used for one-time verification of Aadhaar details with UIDAI.

How long does the KYC verification take? Once our authorised representative completes the on-site verification, your full KYC verification will be completed within 2-3 business days.

How can I check if I am a full KYC user? Log in to your Paytm app and click on your name in the left navigation panel. If your KYC is complete, you will see a blue tick mark next to your name.

Is it mandatory to open a savings account when completing Full KYC? No, it is not. On completion of Full KYC, you can choose to upgrade your wallet and open a savings account, upgrade your wallet only or open a savings account only. You can choose during the IVR call at the beginning of the KYC process.

What are the benefits of opening a Paytm Payments Bank Savings Account? Some of the key benefits of a savings account are listed below:

- Zero Balance Account with 4% APR

- Automatic Sweep Fixed Deposit with up to 6.5% p.a.

- Release of fixed deposits at any time without penalty

- Unlimited and free interbank transfers

- Free digital debit cards for all online purchases

- Platinum debit/ATM cards offering free airport lounge access

Can Full KYC be done at home? This service is currently in a pilot phase and has been rolled out to a limited number of users and selected locations. If you are a pilot user, you can access the service by clicking http://m.p-y.tm/kyc找到此选项. Otherwise, you can visit your nearest KYC point.

Who is eligible for KYC As per our current process, all Indian citizens, residents of India and tax residents of India are eligible for KYC.

Is it possible to perform KYC for minors/under 18 years of age? Yes, KYC can be performed for minors.

I have completed KYC through online verification of Aadhaar.Why do I need to do KYC again?Online KYC based on Aadhaar OTP is valid only for 1 year. As per RBI guidelines, you need to complete live verification within 1 year to continue using the wallet.

Can I complete KYC on two mobile numbers? How can I update the mobile number of my existing KYC account? Your KYC can only be done for one mobile number. If you want to update the mobile number of your existing KYC account, simply log in with your existing mobile number and click on your name in the left navigation panel. On the landing page, you will see an option to update your mobile number.

If you have completed KYC on an inaccessible mobile number and need to complete KYC on a new mobile number, please go to our 24×7 help section and raise a work order in this section "I would like to understand the process of unlocking the KYC file".

I want to close my wallet and transfer the balance to my bank account. Why do I still need to complete KYC? This is as per the requirements of the RBI Directive on Issuance and Operation of Prepaid Payment Instruments (Section 9.1). Minimum KYC wallet does not allow transfer of balance to bank account. Bank transfers are enabled only after full KYC is completed. If the minimum KYC customer wants to close the account and transfer the balance to the bank account, full KYC needs to be completed as well.

If I have money in my account but I am not able to utilise it, I have previously completed KYC using Aadhaar. why do I need to complete KYC again to utilise the money in my account? Self-service KYC based on Aadhaar OTP is valid only for 1 year. As per RBI directives, if full KYC is not completed within 1 year, a debit and credit freeze is required on the wallet. If your account has been frozen, complete the KYC.On successful completion of the KYC, your wallet will be reactivated. Click here to complete your full KYC.

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Updated on 15 February 2021