To streamline inactive accounts, Paytm Payments Bank Limited (PPBL) has announced that it will close wallets with zero balances that haven’t had any transactions for over a year. Paytm will notify affected users via communication channels and provide a 30-day grace period before closure.
This will take effect starting July 20th, 2024.
“Please note that all wallets which do not have any transactions for the last 1 year or more and have nil balance, shall be closed w.e.f. July 20th, 2024. Communication will be sent to all impacted users and users will be given 30 days’ notice period, before closing their wallet,” PBBL posted on its official website on June 19, 2024.
RBI Restrictions
The Reserve Bank of India (RBI) issued a directive restricting Paytm Payments Bank Account/Wallet from accepting new deposits or allowing credit transactions after March 15, 2024.
After the restrictions, users are not able to deposit or add money to their wallets after this date. However, there are no restrictions on withdrawing money from your existing balance even after March 15, 2024.
This directive does not affect your current balances in the account or Wallet, and your money remains safe with PBBL.
How to Close Paytm Wallet?
You can close your Paytm Payments Bank Wallet (Minimum KYC/Full KYC) by following these steps:
- Open the Paytm app and go to the Paytm Payments Bank Wallet section.
- Click on “Need help with non-order related queries.”
- Select “I want to close my Wallet.” Your Wallet will be closed within 2 working days.
- Ensure to use the balance in your wallet before requesting its closure.
For Full KYC Wallets:
- Use the balance for merchant payments or transfer it to another bank account before requesting wallet closure.
For Minimum KYC Wallets:
Use the balance for merchant payments only.
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