If you are reading this article; then probably you are looking forward to close Paytm payments bank account. Before jumping to that, let’s see an alternative option of temporarily blocking the account.
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Steps to Close Paytm Payments Bank Account
Block your Paytm payments bank account temporarily
In case you no longer have access to your Paytm account; registered device, account details are stolen or are in the wrong hands, you can opt for a temporarily blocking option. This will secure your balance and you can have access to your account later when you get your device or Paytm account. It is better than closing your Paytm payments bank account in some situations.
Steps to temporarily block your account:
- Open your Paytm app.
- You will land on the home page. Go to the menu.
- Click on “I am unable to access my Account”.
- You will be provided with few options go for “I need to block my account”.
- Click on “Submit request”. You also need to upload a verified document claiming your account ownership.
- You will now receive an SMS from Paytm stating confirmation of blocking of your account.
Close Paytm payments bank account permanently
In case you wish to close your Paytm payments bank account permanently; you can do it by following the below-mentioned steps.
- You will need to transfer all your balance to a different phone number or bank account.
- Your login id and password will be deconsecrated and you can never log in again using those credentials. You will no longer have access to Paytm services
Your phone number will also be unlinked from your account automatically. However; as per PMLA (Prevention of Money Laundering Act) guidelines – section 12, point no. 3 & 4 and PPI guidelines para 6, point no. 6.3 requires your transaction logs to be stored for a period of up to 10 years post the deletion of an account. No third party or anyone else will have access to these logs, they will be securely stored on servers in India. Only government agencies with legal notice and permission can have access to these logs.
Steps to close your account permanently
- Open your Paytm app.
- Go to the Menu.
- You will see a few options there. Click on “24 X 7 Help”.
- You will land on the help page. Select “I want to delete my account”.
- You will be asked to select a reason, choose as per your situation.
- Click on “Raise request” and send the request to close your account.
- You will receive an SMS confirming the request and other details.
- Your account will be closed after verification.
To delete a Paytm account permanently, open the Paytm application, then tap on the three lines on the top left corner of the screen, after that tap on 24×7 Help, then tap on Profile Settings and select “I need to close/delete my account”.
Yes, you can close a Paytm bank account, make sure you don’t have any balance.
Yes, it’s easy to transfer your money back to a bank account from Paytm. Open Paytm, then tap on Passbook under Paytm passbook, then select Paytm Wallet and then, tap on Send money from wallet to bank. Enter your details and tap on Proceed.