How To Close A Paytm Payment Bank Account: A Step-By-Step Guide
Following the recent controversy flagged by the RBI regarding Paytm, numerous users searched for ways to deactivate their bank accounts.
image for illustrative purpose
Today, digital payments have become the most convenient way to do financial transactions. However, due to a recent controversy surrounding non-compliance with regulations and supervisory issues, the digital payment method faced a huge backlash. In fact, worries about financial and personal data have further diminished individuals' trust.
As a result, many individuals, especially merchants, have deactivated their bank accounts. And if you are one of them, don't fret! We have prepared a full guide to walk you through the whole process. So, let’s delve into it!
Paytm Payments Bank account deactivation steps
1)To begin, launch the Paytm app on your smartphone.
2)Select the profile icon located in the upper-left corner.
3)Find "Help & Support" by scrolling down.
4)"Select a service you require assistance with," click "view all," and then scroll down to "Bank Account & FD."
5)Click on the option “Chat with us.”
6)Among all the options, choose “Issues with my savings account.”
7)Select “Yes, close my savings account.”
8)Next, tap on a reason for closing the bank account (the best-suited option you can go with is “Trust Issue”).
9)It's time for declaration, so click on “I Agree.”
10)Now that all the work is done, you will receive a confirmation notification.
11)After a few days, once your account has been deactivated, you will receive another notification.
Things to keep in mind
i)If you deactivate your Paytm Payments Bank account, it will also remove your linked cards or bank accounts.
ii)Before disabling your account, ensure that you have no outstanding balance or transactions.
iii)After deactivating, you can again reactivate your account within the 30-day limit by logging in with your credentials.
Straightforward way!
If you are concerned about data privacy and security, deactivating your Paytm Payments Bank account has become a straightforward process. Nevertheless, if needed, you can consider some alternative options, like “PhonePe and Google Pay, among others. So, the best course of action to protect your money is to delete the Paytm Payments Bank account you are using.
Paytm Payments Bank account FAQ
Q 1. Can I disable Paytm Payments Bank online?
Yes, you can disable your Paytm Payments Bank online. You can do this via Paytm app's "Help and Support" section or by contacting Paytm's customer support team at 01204456456 or 18001204210 (requires ID verification).
Q 2. How to close a Paytm Bank account?
To close the Paytm bank account, just follow the steps: Open the app > Tap your initials (top left) > Go to 'Help and Support' > 'Banking Services and Payments’ > 'View More' > 'View all Services' > Select 'Issues with my savings account' > 'I want to close my savings account' and follow the steps.
Q3. Is the Paytm Payments Bank deactivation process easy?
Yes, you just have to follow the step-by-step guide.
Q 4. To what extent does the Paytm Payments Bank deactivation guide help you?
The Paytm Payments Bank deactivation guide lends you a helping hand, making it easy for you to close the bank account. In addition, the step-by-step guide covers:
i)Accessing the account settings
ii)Selecting the deactivation option
iii)Confirming the deactivation
iv)Providing feedback (optional)
