In light of the recent ban imposed by the Reserve Bank of India (RBI) on Paytm Payments Bank, many account holders are seeking to close their accounts prior to the looming deadline of February 29, 2024. However, it is important to note that closing your Paytm Payments Bank Account will not disrupt other services provided by the company, such as Paytm Wallet, FASTag, Paytm Money, and various others.
Close Paytm Bank Account Online
Here’s a step-by-step guide on how to effectively close your Paytm Payments Bank Account:
Before initiating the closure process, ensure that your KYC (Know Your Customer) details are up to date. Additionally, make sure to transfer any remaining balance in your account or utilize it accordingly. For accounts that have been inactive for a prolonged period, it may be necessary to reactivate them before proceeding with the closure.
Log in to your Paytm account via the Paytm app
Tap on your profile picture located in the top left corner to access the Profile section
Scroll down and locate the Help & Support option. Tap on it to proceed.
Under Banking Services & Payments section tap on the Savings Account
From the Savings Account, Debit Card, Fixed Deposit page scroll down and tap on the Need help with non order related queries?
From the available options from 24×7 Help chat window tap on Issue with my savings account
Then, choose I want to close my savings account from the available issues
Upon confirming your decision to close the account, you will be asked to select a reason for closure. Opt for the most appropriate reason from the list provided
Review and agree to the terms and conditions presented, particularly regarding the deseeding of your Aadhar Number from NPCI Mapper and eligibility for government subsidies.
If applicable, provide details of an alternate bank account to facilitate the transfer of any available funds from your Paytm Payments Bank Account. It is advisable to complete this step beforehand to expedite the process.
Upon completion of the closure request, you will receive a confirmation message along with a ticket ID. Expect a notification once the closure process is finalized. Monitor the progress of your request under the Recent Tickets section in the 24×7 Help & Support segment.
It is important to note that Paytm’s customer care team may contact you during the 7-day processing period for verification purposes. Ensure that you have your Aadhar Card and/or PAN Card readily available.
Alternatively, if you prefer to close your account via phone, you can contact Paytm’s customer care team at 01204456456 or via the toll-free number 18001204210.
By following these steps, you can effectively close your Paytm Payments Bank Account in compliance with the RBI’s directive.