How to Close Paytm Payments Bank Account?

Deactivating your Paytm Payments Bank Savings Account is simple & quick. Paytm will take upto 7 days from its side to complete the closure process.

by FighterMan Updated: 12 Feb, 2024, 10:19 IST
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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.

How to Close Paytm Payments Bank Account?

How to Close Paytm Payments Bank Account?

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.

Why to Close Paytm Payments Bank Account Online?

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.

FAQ's

1. Can I close Paytm Payments Bank account online?

Yes, via Paytm App’s ‘Help & Support’ section or by contacting Paytm’s customer support team on 01204456456 or 18001204210 (requires ID verification).

2. Will my Paytm Wallet stop working after closing Paytm Payments Bank account?

No, Paytm is working on getting another Payments Bank (from its partners) on board so your Paytm Wallet will continue to work as it is.

3. Are there any charges for deactivating Paytm Payments Bank account?

No, but it will cost some of your precious time!

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Top Comments
Benevolent Benevolent
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just withdraw all bal. RBI will close it for you. 

Deal Newbie Deal Newbie
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Just transfer total balance to another account and leave it. I have been using this account since the beginning and never had any issue or any glitch for that matter. 0 balance account isn't going to harm you. You can use incase of emergencies in future after the legal issues get resolved. People are just blowing things out of proportion as if it is some paid propaganda. joy
Deal Cadet Deal Cadet
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I got 1500 in fuel wallet. Anyone doing trading for a discount? 

Deal Subedar Deal Subedar
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Transfer it to hp pay app for 1.18% charge and then pay at any HP petrol pump or even book HP LPG with it
13 Comments  |  
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Entertainer Entertainer
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What do u suggest? 
And alternatives?
Deal Cadet Deal Cadet
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I have an alternate number with old balance, just found out paytm been deducting ₹5.9 quaterly for at least 2 year. It currently has some balance, but it got no kyc and I don't have any bank account linked with that number. Any way to get that money used? Since I am getting error that paytm payment bank wallet is not available for you, try to oay using other payment method.. and other payment method also doesnt work as they show internal criteria error
Deal Cadet Deal Cadet
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I got 1500 in fuel wallet. Anyone doing trading for a discount? 

Deal Subedar Deal Subedar
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Transfer it to hp pay app for 1.18% charge and then pay at any HP petrol pump or even book HP LPG with it
View 1 more reply
Community Angel Community Angel
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Band karne se kya fayada

Deal Cadet Deal Cadet
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bhai paytm band krne se wo fayada dekh rhe h sirf jio ka or kisi se koi matlab nhi hai sarkar ko paytm ka market acha h others ke compare is liye isi ko khatam kr diya taki jio payment bank acha grow kre
Benevolent Benevolent
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just withdraw all bal. RBI will close it for you. 

Benevolent Benevolent
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hahaaa.
Deal Newbie Deal Newbie
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Just transfer total balance to another account and leave it. I have been using this account since the beginning and never had any issue or any glitch for that matter. 0 balance account isn't going to harm you. You can use incase of emergencies in future after the legal issues get resolved. People are just blowing things out of proportion as if it is some paid propaganda. joy
Deal Cadet Deal Cadet
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So Paytm wallet will continue functioning after 29 February? Will customers have to do re-KYC if & when Paytm ties up with another bank?

Community Angel Community Angel
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Is this article is funded by Jio Payvent Bank, because JIO bank ki pathetic services ki wajah se koi us Jo use nahi karta, i don't understand why one should close Paytm zero balance account 

Analyst Analyst
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article not worth.

replyuser
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