How to Close Paytm Payments Bank Account?

After RBI banned Paytm Payments Bank recently, many are looking to close their accounts before the deadline of 29th February, 2024. The best part is that closing your Paytm Payments Bank Account will not have any impact on Paytm Wallet, FASTag, Paytm Money, and many other services offered by the company.

Make sure your KYC is Updated and account balance (if any) is transferred or used-up before Closing your Paytm Payments Bank Savings Account. Also, if you haven’t been using it for a while then you might need to reactivate it first. You can also check our guide on How to Close & Port from Paytm FASTag?

1. Login to Paytm App

2. Go to your Profile section by clicking on your profile pic (top left corner).

3. Scroll down a bit to find the ‘Help & Support’ button.

4. Under ‘Choose a service you need help with’ select ‘view all’ and scroll down to find ‘Bank Account & FD’.

5. Click on ‘Chat with us’.

6. Automatically various issue types will pop-up. Select the 1st one, ‘Issue with my savings account’

7. Again from various issues, select ‘I want to close my savings account’ (3rd last option)

8. Paytm won’t let you go so it will show some Paytm Payments Bank benefits (zero balance, upto 7.5% FD Interest, VISA debit & ATM card, DBT, no transaction charges for UPI/IMPS/NEFT) so you might reconsider it.

9. Select ‘Yes, I want to close my savings account’

10. Pick a reason for closing your Paytm Payments Bank account. The best suited one is ‘No Physical Branches / Difficult to Connect / Trust Issues’

11. A Declaration will come saying, “I hereby agree and understand that upon closure of my PPBL savings account, PPBL shall deseed my Aadhar Number from NPCI Mapper (being my last seeded bank) and I shall be ineligible to receive DBT benefits / Government Subsidies in my PPBL Savings Account” so click on ‘I Agree’.

12. Now, it will ask for a Canceled Cheque of an alternate bank account to transfer available funds from your Paytm Payments Bank account. It is best to do the transferring beforehand to avoid this step. It can also be transferred to your Paytm Wallet.

13. That’s it! You will receive a confirmation message saying “We have raised a ticket with id XXXX for your issue. We are working on resolving your issue, and will resolve it by ‘7 days’”.

14. You will receive a notification once your account has been closed. You can check it under ‘Recent Tickets’ in the ‘24x7 Help & Support’ section.

Note: DBT is Direct Benefit Transfers. It includes 400+ government subsidies of social welfare schemes like LPG gas subsidy and NREGA payments.

Paytm customer care team might call you for verification in this 7-day timeline so keep your Aadhar Card and/or PAN Card ready

If you don’t want to close your Paytm Payments Bank Account via the above steps then call its customer care team on 01204456456 or Toll-free number 18001204210 to coordinate vocally.

RBI found a Paytm Payments Bank account with 1000 PAN Cards linked to it, which is why it ordered this bank to shut down by 29th February 2024. 1 account should have only 1 PAN Card linked which was not followed by Paytm Payments Bank, and thus it faced the ban. This is the reason why many customers want to Close their Paytm Payments Bank Account Online asap so that their bank balance is transferred in time and any penalties are avoided.

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