Everything you need to know about Min KYC expiry - Paytm Payments Bank Blog:- www.deekpay.com

Below you will find detailed information about your Minimum Knowledge Level KYC (Min KYC):

1. What is Min KYC?Minimum Knowledge KYC allows you to partially enjoy the benefits of Paytm wallet. As per Reserve Bank of India (RBI) guidelines, you need to complete Minimum Knowledge KYC to activate your wallet, which is valid for 24 months. To continue using the wallet after 24 months and enjoy the full benefits, you need to complete the full KYC.

2. Why will my Min KYC expire? As per RBI guidelines, Minimum Understanding KYC is valid only for 24 months. After the expiry of your Min KYC, you will not be able to continue to use Paytm for money transfers (including wallet-to-wallet and wallet-to-bank account transfers).

3. Where can I use my existing wallet balance after Min KYC expires? You can use your existing wallet balance for all types of merchant payments including recharges, bill payments, etc. However, you will not be able to transfer funds from your Paytm wallet to another Paytm wallet or bank account.

4. How can I continue to use Paytm services after Min KYC expires? In order to utilise your Paytm app to the fullest, you need to complete Full KYC.Once you have completed face-to-face verification, you can become a Full KYC customer. After becoming a Full KYC verified customer, you will get the following benefits:

- Your wallet holding amount will be upgraded from ₹10,000 to ₹1,00,000

- No spending limits on wallet accounts

- You can transfer money to any other wallet or bank account

- You are eligible to open a Paytm Payments Bank savings account

Click here to complete your full KYC.

5. What happens if I do not complete Full KYC? If you do not wish to complete Full KYC, you will not be able to add funds to your Paytm wallet after the expiry of the Minimum Understanding Level KYC. However, you can use the UPI service on the Paytm app, which will enable you to make payments to merchants as well as make inter-bank transfers.

Please note: Beware of fraudsters impersonating customer service for KYC reactivation.Paytm representatives will never call you to ask for an OTP or ask you to install remote access apps such as Anydesk or TeamViewer QuickSupport on your phone.Face-to-face verification is required to complete full KYC.

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