Understanding the importance of the KYC completion process -:- www.deekpay.com

Understand the importance of the KYC Completion Process

Why do I need to complete KYC As per the Reserve Bank of India (RBI) guidelines on prepaid instruments, wallet services offered by Paytm Payments Bank are subject to regulations. These regulations require a minimum KYC to be completed at the time of issuance of the wallet to the customer and 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, and to use the savings account services offered by Paytm Payments Bank (optional), full KYC is also required. click here to complete your KYC. watch this video to know more about why you should complete KYC.

What is Minimum KYC and the benefits of completing Minimum KYC? 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, Driving Licence or NREGA Job Card. Minimum KYC allows you to access some of the benefits of Paytm Wallet. With Minimum KYC wallet, you can:

- Payments to over 12 million merchants that accept Paytm

- Pay online on any application/website

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

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

- No bank transfers

- Cannot maintain a balance of up to ₹1,00,000

- Savings accounts cannot be opened

As per RBI guidelines, the minimum KYC is valid only for a period of 24 months. To get the full benefits of the wallet and continue to use it beyond 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 inactive. 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 Job 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? A minimum KYC is required to use the wallet and if you do not complete the minimum KYC, you can still use Paytm for UPI transfers and make purchases using your credit/debit card and net banking.

What happens if my minimum KYC expires? As per RBI guidelines, your minimum KYC will expire after 24 months unless you complete full KYC with live verification during this period. After the expiry, you will not be able to recharge 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 merchants with a balance of 12 million or more, as well as online.

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

What is Full KYC and the benefits of completing Full KYC? Once you have completed your on-site verification, you will become a Full KYC customer. When you become a Full KYC verified customer, you will receive the following benefits:

- The amount that can be held in the wallet is upgraded from ₹10,000 to ₹1,00,000

- No spending limits on wallet accounts

- Can transfer money to any other wallet or bank account

- Eligible to open a 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 find a nearby KYC point on your smartphone by clicking on http://m.p-y.tm/kyc or visit the link in your browser. You can also click on the nearby icon on the blue banner at the top of the Paytm app homepage. You need to carry Aadhaar and PAN* for verification. You need to verify Aadhaar through biometrics.

2. Aadhaar-based KYC at your doorstep: This service is currently in a pilot phase and is available only to a limited number of users and selected locations. If you are a pilot user, you can find this option by clicking on http://m.p-y.tm/kyc. Otherwise, you can visit your nearest KYC location. Please note that a walk-in fee of Rs 150 will be charged for this service.

3. KYC without Aadhaar: This service is available only at limited locations as RBI guidelines require verification of original documents to be done only by our employees. You can find the arrangements for our employees by visiting http://m.p-y.tm/NoBiO. You will need to provide a PAN* and 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 representatives will also take your photo using our authorised KYC Android app. Additional information such as name, occupation and income of parents and spouse will also be required as per CERSAI and RBI guidelines.

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

You have the option to choose between upgrading your wallet with full KYC and opening a savings account, upgrading your wallet only or opening a savings account only.

Is there a fee for KYC? No. KYC is free of cost. You do not need to pay any fee to the authorised Paytm Payments Bank representative. However, we charge a nominal fee of Rs 150 for KYC done through walk-in service.

Is the KYC process secure? Are my documents and photographs stored securely? Are fingerprint impressions for Aadhaar verification secure?The KYC process is completely secure and is carried out by authorised representatives who undergo thorough background checks and intensive training. All details are captured through Paytm Payments Bank authorised apps and transmitted to our servers in a secure manner and are not stored on the representative's device. Similarly, your fingerprint impression is used only for one-time verification of Aadhaar details with UIDAI and is not stored. Our processes follow strict banking regulatory guidelines and are subject to frequent external audits.

How long does it take to complete my KYC Verification? Once our authorised representative has completed your on-site verification, your full KYC Verification will be completed in 2-3 business days.

How do 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.

Do I need to open a savings account to complete Full KYC? No, it is not required. When completing 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 make your choice during the IVR call at the beginning of the KYC process.

What are the benefits of opening a savings account with Paytm Payments Bank? Some of the key benefits of a savings account include:

- Zero balance account, APR 4%

- Automatic rollover of time deposits at up to 6.5% p.a.

- Term deposits can be cancelled at any time without any penalty

- Unlimited and free interbank transfers

- Free digital debit cards for all online purchases

- Platinum debit/ATM cards with complimentary airport lounge passes

Can Full KYC be done at home? This service is currently in a pilot phase and is only available to a limited number of users and selected locations. If you are a pilot user, you can find this option by clicking http://m.p-y.tm/kyc. Otherwise, you can visit your nearest KYC location.

Who is eligible for KYC Under our current regulations, all Indian citizens, residents of India and tax residents of India are eligible for KYC.

Can KYC be done for minors or persons under 18 years of age?Yes, KYC can also be done for minors.

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

Is it possible to complete KYC on two mobile phone numbers and how do I update the mobile phone 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 perform KYC on a new mobile number, please go to our 24×7 help section and submit a work order in the "I would like to know the process of unlinking a KYC document" section.

I want to close my wallet and transfer the balance to my bank account. Why do I need to do KYC? Why do I still need to do KYC? This is as per the requirements of RBI's master direction (Section 9.1) on issuance and operation of prepaid payment instruments. Minimum KYC wallet does not allow transfer of balance to bank account. Bank transfers can be enabled only after full KYC is completed. Full KYC is also required if the Minimum KYC customer wants to close the account and transfer the balance to the bank account.

Click here to complete your full KYC.

I have money in my account but I am not able to utilise it. I have already 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 for 1 year only. Full KYC verification needs to be completed within 1 year for uninterrupted wallet services. If full KYC is not completed within 1 year, a debit freeze will need to be applied to the wallet. If your account has been frozen, please complete KYC and your wallet will be reactivated after successful completion of KYC. Click here to complete your full KYC.

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Updated on 15 February 2021