Your 650 is pretty weak, less than half the power of the recommended 660. It will run GTA V, but you need to go easy on settings. That may mean a combination of Low/Med settings at best. Use FPS as a guide, try to stay at or close to 60 FPS.
Also, what OS are you running? W10 build 1903 has had various freeze/crash issues on some games, and Nvidia has even been able to recreate it in some of the newer ones like Gears 5.
There's been a couple cumulative updates for 1903, one a month or so ago, and one about a week ago. After the last one installed I stopped having freeze crashes in Gears 5 and Wolfenstein Youngblood.
That said, in the case of older GPU models, it's often necessary to roll back the graphics driver until you find one that works well, especially with Nvidia GPUs. This is also a thing where you may need to ask on the GTA V forum for advice on that particular GPU as to what driver works best.
Lastly, not sure I'd trust that PSU. Chieftec is mostly a very cheap brand. The OEM supplier for their ECO series is Sirtec, and it only has a 2 yr warranty. The Arena, Super, Turbo, and Nitro models of Chieftec were much better, and made by Channel Well Tech. Pretty sure none of those are made anymore though.
Being a 700w unit and running just a GTX 650 isn't exactly going to put much demand on the PSU though. It's more about a concern of quality, not power output.