Key Highlights
- Paytm Payments Bank faces RBI action, service restrictions from Feb 29
- Zero balance, gather docs before closing the Paytm Payments Bank account
- Close your account on Paytm with simple steps
In response to determined non-compliance and significant supervisory concerns, the Reserve Bank of India (RBI) has taken decisive action against Paytm Payments Bank Ltd. (PPBL), a prominent subsidiary of India’s leading payment firm, Paytm. This regulatory intervention is set to be effective from February 29, 2024. Also Read | Paytm Lite: What Is It? How To Setup And Use Paytm Lite On Smartphones?
Impact On Paytm Payments Bank Services
As a result of the RBI’s decision, PPBL is mandated to cease accepting new deposits and suspend all credit transactions, affecting various services such as popular wallets, FASTags, National Common Mobility Cards (NCMC), and other prepaid devices. Moreover, fund transfers through Paytm, including those conducted via the Unified Payments Interface (UPI), have been prohibited by the RBI.
Things To Do Before Closing Your Paytm Payments Bank Account
Ensure Zero Balance: Before initiating the account closure process, it is crucial to ensure a zero balance in your Paytm Payments Bank account. This can be achieved by either spending the existing balance, transferring it to another bank account, or sending it to another Paytm user.
Gather Necessary Documents: To streamline the closure process, keep your registered mobile number and any identification proof, such as a PAN card or Aadhaar card, readily available.
How To Close Your Paytm Payments Bank Account
Step 1: Access your Paytm account using your old phone number.
Step 2: Click on the “☰” icon situated in the top left corner of the home screen. Move to the ’24—7 Help’ section and proceed to ‘Profile Settings.’
Step 3: Under ‘I need to close/delete my account,’ choose the option to initiate the closure process.
Also Read | Paytm Unveils Guaranteed Seat Assistance Feature: Here’s How To Use
Additional Information And Considerations
Access Issues: If you encounter difficulties accessing your registered mobile number, opt for the “I am unable to access my Account” followed by the “I need to block my account” option. Submission of proof of account ownership is required to proceed.
Confirmation and Fund Transfer: Once the closure process is completed, expect a confirmation message. Your Paytm wallet balance will be transferred to your linked bank account within seven working days.
Wallet Deactivation: Note that closing your Paytm Payments Bank account will also result in the deactivation of your Paytm wallet if it is linked to the same number.
Conclusion
By following these simple steps, users can efficiently close their Paytm Payments Bank accounts and transition seamlessly to the next phase.
Also Read | Paytm App Still Working After RBI Ban? Impact On Users
