How to close Paytm Payments Bank account; Know step by step process

The Reserve Bank of India (RBI) has imposed stringent restrictions on Paytm Payments Bank Ltd. (PPBL), a subsidiary of one of India's largest payment firms, Paytm. 

This action, effective after February 29, 2024, is a result of persistent non-compliance and significant supervisory concerns that have been identified by the RBI.

The central bank's decision was announced on February 1, 2024, and it mandates that PPBL cease accepting new deposits and halt all credit transactions. 

This includes stopping the use of popular wallets, FASTags, National Common Mobility Cards (NCMC), and any other prepaid instruments. 

The RBI has also prohibited fund transfers through Paytm, including those made via the Unified Payments Interface (UPI).

To close your Paytm Payments Bank account, follow these step-by-step instructions:

Also Read: Northeast railways receives historic boost, Rs. 10,369 crores allocated in budget

1. Log in to your Paytm account using your old phone number.
2. Once logged in, click on the "☰" icon located at the top left corner of the home screen.
3. Navigate to the '24×7 Help' section.
4. Proceed to 'Profile Settings'.
5. Select the option 'I need to close/delete my account'.

After selecting the option to close or delete your account, you will likely need to raise a ticket or file a request with Paytm. This can be done within the app itself, and you may be required to provide a reason for the account closure. Paytm's customer service team will then process your request.

It is important to note that if you have any remaining balance in your Paytm Payments Bank account, you should transfer it out or use it before initiating the closure process. Additionally, closing your savings account will not affect your Paytm wallet, which means you can continue to use your wallet as usual even after the savings account is closed.

Please remember that the process mentioned above is specific to Paytm Payments Bank and differs from traditional banks, where you might need to visit the bank in person or provide written notice. With Paytm Payments Bank, the entire process can be completed online through the app, making it convenient and straightforward.

The RBI's actions underscore the importance of regulatory compliance in the banking sector and serve as a reminder of the central bank's commitment to maintaining the integrity of India's financial system.