Q. What happens if I don’t complete my minimum KYC?
A. Minimum KYC is required for using Wallet. Without minimum KYC it is still possible for you to use Paytm for UPI money transfer and make purchases using credit/debit cards and net-banking.
Q. What happens if my minimum KYC expires?
A. As per RBI guidelines, your minimum KYC will expire in 24 months unless you complete full KYC with in-person verification. After expiry, you will not be able to add money to your wallet or transfer the balance amount to your bank account. You can however continue to use your existing wallet balance for making payments at 12 Million+ merchant outlets as well as online payments on apps/websites accepting Paytm. You can also continue to use Paytm for UPI money transfer and make purchases using credit/debit cards and net-banking.
Q. How do I know if my minimum KYC is complete and when is it expiring?
A. If your minimum KYC is complete, you will see a KYC icon on Paytm Home Page on the Blue Strip at the top. On tapping on this icon you will be able to see details of your minimum KYC expiry date. In case your minimum KYC has expired, it will be mentioned on this screen.
Q. Do I need to pay for KYC?
A. No. KYC is FREE. You don’t have to pay any charges to the authorized Paytm Payments Bank representatives for KYC.
Q. Is the KYC process safe? Are my documents and photos stored securely? Is it safe to give my fingerprint impression for Aadhaar verification?
A. KYC process is completely safe and is carried out by authorized representatives who have undergone thorough background verification and intensive training. All details are captured via Paytm Payments Bank’s authorized application and are transmitted securely to our servers and are not stored on our representative’s handset. Similarly, your fingerprint impressions are not stored and are used for just a one-time verification of Aadhaar details with UIDAI. Our processes follow strict regulatory guidelines laid down for banks and are frequently subjected to external audits.
Q. How long does it take to complete KYC verification?
A. Once your in-person verification has been completed by our authorized representative, it will take another 2-3 working days to complete your full KYC verification.
Q. How do I check if I am a full KYC user?
A. Login to your Paytm App and tap on your name in the navigation panel on the left hand side. If your KYC has been done, you will see a blue tick-mark next to your name.
Q. Is it necessary to open a savings account if I want to complete my full KYC?
A. No. While completing full KYC, you can choose to upgrade your Wallet & Open Savings Account, only upgrade your Wallet or only open your Savings Account. You get to make this choice yourself over an IVR call at the start of your KYC process.
Q. Who is eligible for KYC?
A. As per our current process, all Indian citizens, Indian residents and Tax residents of India and of no other country who are above 18 years of age are eligible for KYC. We will be enabling KYC for minors and foreign residents soon.
Q. Can KYC be done for minors/people less than 18 years in age?
A. Currently we don’t have support for this. We will be enabling KYC for minors soon.
Q. I have already completed my KYC with online verification of Aadhaar. Why do I need to do KYC again?
A. Aadhaar OTP based KYC is valid for only 1 year as per RBI guidelines. You need to complete your in-person verification to continue using your wallet after 1 year.
Q. Can KYC be done on two mobile numbers? How do I update mobile number against an existing KYC account?
A. Your KYC can be done against only one mobile number. In case you want to update mobile number against an existing KYC account, you can simply login using your existing mobile number and tap on your name in the navigation pane on the left. On the landing screen you will get an option to update your mobile number.
In case you have done your KYC on a mobile number you no longer have access to and need to get KYC done on a new mobile number please go to our 24×7 Help section and raise a ticket in the ‘I want to know the process to De-Link my KYC document’ section.