Paytm Payments Bank has announced the closure of certain inactive wallets with nil balance starting from July 20th, 2024.
Here are the key details:
Closure of Inactive Wallets
Paytm Payments Bank has issued a notice stating that all wallets without any transactions for the last 1 year or more and with nil balance will be closed from July 20th, 2024.
Users will receive communication and a 30-day notice period before the closure of their wallets.
RBI Directive and Impact
The Reserve Bank of India (RBI) directive in March 2024 restricts Paytm Payments Bank from accepting new deposits or credit transactions after March 15, 2024.
However, existing balances in accounts or wallets remain unaffected, and customers can continue to withdraw funds and receive interest, cashbacks, and refunds.
How to Close Your Paytm Wallet
If you wish to close your Paytm Payments Bank Wallet (Minimum KYC/Full-KYC), follow 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 of making the request.
This update ensures clarity for Paytm users regarding the closure process and regulatory guidelines affecting Paytm Payments Bank.
