New Delhi: Paytm Payments Bank has said that certain types of wallets will be closed with effect from 20th July.
In a notice on its website, Paytm Payments Bank has announced the dates for Closure of inactive Paytm Payments Bank wallets with nil balance.
“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,” said the PPBL notice.
Notably, the Reserve Bank of India (RBI) had in March issued a directive restricting Paytm Payments Bank Account/Wallet from accepting new deposits or allowing credit transactions after March 15, 2024.
Customers have been barred to deposit or add money to your Paytm Payments Bank Account/Wallet after March 15, 2024. However, there is no restriction on withdrawal of money from your existing balance even after March 15, 2024. Interest, cashbacks, sweep-ins from partner banks, or refunds are permitted to be credited. Withdrawal/debit mandates through automatic UPI mandates, NACH mandates, EMIs, will also continue to get executed till there is balance available in your account.
“The directive does not impact your existing balances in Account or Wallet and your money is safe with your Bank,” says PPBL in its FAQs section.
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How to close Paytm Wallet?
You can close the Paytm Payments Bank Wallet (Minimum KYC/Full-KYC) by following the below mentioned steps:
Go to the Paytm Payments Bank Wallet section on the Paytm App
Click on “Need help with non-order related queries”
Click on “I want to close my Wallet”.
Your Wallet will be closed within 2 working days.
