You must be done with PayTM Bank, now want to learn how to close paytm bank account online by following the official procedure. Simply follow this guide and you can delete the Paytm bank account officially.
Paytm is a widely trusted digital payment service in India, established in 2000 in Noida. As a leading financial company, its mission is to bring half of India’s population into the mainstream economy through digital payments, banking, investments, and more.
Paytm provides payment services and financial solutions for both consumers and merchants, as well as commerce and loan services for small business owners.
With its user-friendly services, Paytm has become a popular payment option, even launching new products and offers during the lockdown period, resulting in increased trust among its customers.
As of April 2022, Paytm has 73.5 million active users, according to a report.
How to Close PayTM Bank Account Online?
In 2015, Paytm launched its own bank, the Paytm Payments Bank, offering benefits such as a digital debit card, zero balance account maintenance, KYC, 2.5% interest per annum on savings accounts, free digital transactions, and up to 6% interest on fixed deposits.
Customers also have the option of requesting a physical debit card. With its digital banking system, Paytm makes banking accessible and convenient for its users.
Reasons to Close Paytm Bank Account
In today’s fast-paced world of finance, it’s not uncommon for individuals to have multiple bank accounts, each with its unique set of guidelines and regulations.
Conventional banks typically impose a requirement of maintaining a minimum balance in a savings account, yet some banks may offer an alternative, allowing the opening of a savings account with a lump sum deposit, yet with no obligation to maintain a minimum balance thereafter.
One such institution that embodies this approach is Paytm Payments Bank, offering a savings account devoid of any minimum balance requirement.
However, despite its advantages, customers may still choose to discontinue their association with the Paytm Payments Bank savings account.
- High transaction fees, unfavorable interest rates, and disruptions in bank services are some of the potential factors that can influence a customer’s decision to close their account.
- While Paytm Payments Bank, being a digital bank, may seem like an appealing choice for many, there exist reasons that can compel even the most satisfied customers to reevaluate their choice.
Steps to Close The Savings Account online
Closing a Paytm Payments Bank account is a straightforward process compared to other banks.
However, it is crucial to consider certain factors before proceeding with the closure. If your account is joint, both account holders must be present or present a No Objection Certificate.
To close your Paytm Payments Bank account online, follow these steps:
- Settle any outstanding loans and discontinue credit services.
- Transfer your locker facilities to another bank and delink it from PPBL.
- Clear your savings account balance and transfer it to another bank account or Paytm Wallet.
- Reactivate a dormant account before closing it permanently.
- Have your original documents, such as your PAN Card and Aadhaar Card, for address proof.
The process to close your Paytm Payments Bank account online is simple and does not require numerous documents.
- Firstly, open the Paytm app and go to the 24*7 Help & Support section.
- Click on “View All Services” and then “Savings Account and Debit Card.”
- Select “Issue with my savings account,” then “I want to close my savings account.”
- Finally, select a reason for closing the account, agree to the details, and submit.
About Paytm Bank
The innovative, digital-based banking institution, Paytm Payments Bank, has established itself as a bastion of convenient and accessible financial services in India.
Launched in 2016 with headquarters in Noida, the subsidiary of One97 Communications offers an array of offerings including savings accounts, current accounts, recurring deposits, and digital locker facilities.
This digital bank has been praised for its ease of account opening process, as well as its unwavering commitment to security via encryption technology to secure customer information and transactions.
What sets Paytm apart is its unique and compelling policy which negates the need for its customers to maintain a minimum balance in their savings accounts.
This, coupled with its comprehensive suite of financial services, including loan offerings, insurance products, and investment opportunities, has solidified its standing as a one-stop shop for all banking needs.
The user-friendly mobile app allows for seamless management of accounts, with features such as bill payment, money transfers, and online purchases, all at the fingertips of its customers.
Despite the criticism surrounding its customer service, which has faced criticism for long wait times and unhelpful support representatives, Paytm Payments Bank continues to expand its reach and establish itself as a dependable digital bank.
In conclusion, Paytm Payments Bank stands as a beacon of financial accessibility, convenience, and security in India.
Whether you’re in the market for a savings account, or loan, or simply wish to effectively manage your finances, Paytm Payments Bank is definitely a financial institution worth considering.
Pros and Cons of Paytm Bank
The impressive qualities of Paytm Payments Bank are many, proffering copious benefits to its Indian clients. A few of its pros are:
- Facile and Effortless Account Creation Process: Customers of Paytm Payments Bank can swiftly create a savings account via its mobile application, rendering it a handy choice for individuals looking to promptly manage their finances.
- Absence of Minimum Balance Requirement: Paytm Payments Bank stands out for its unique characteristic of not obligating its clients to keep a minimum balance in their savings accounts, providing an ideal option for people wanting to preserve their wealth without fretting over minimum balance fees.
- Vast Array of Financial Services: Paytm Payments Bank offers a spectrum of financial services, encompassing savings accounts, current accounts, recurring deposits, digital locker facilities, loans, insurance products, and investment options, making it a one-stop shop for all financial necessities.
- User-friendly Mobile Application: Paytm Payments Bank’s mobile app is intuitive and enables customers to effortlessly manage their accounts, transfer funds, pay bills, and make online purchases.
- Superior Security Measures: The bank is renowned for its exceptional security standards, employing encryption technology to secure customer data and transactions, providing peace of mind to those seeking to protect their personal and financial information.
In conclusion, Paytm Payments Bank boasts a multitude of advantages for its Indian customers, presenting a user-friendly and convenient banking solution. Whether saving, managing finances, or seeking a loan, Paytm Payments Bank is a worthy option to consider.
Paytm Payments Bank, while innovative and reputed, is not without its flaws. To be aware of these hindrances, here are some of the cons of the digital bank:
- Lackluster Customer Service: The bank has garnered criticism for the lengthy wait times and underwhelming support from its representatives.
- Absence of Physical Presence: Being digital in nature, the bank is devoid of a tangible physical presence, which might be inconvenient for customers who seek face-to-face transactions with bank personnel.
- Technical Hiccups: Technical glitches have been reported in the bank’s mobile application, causing inconvenience for those who heavily rely on the app to manage their finances.
- Limited Availability of ATMs: The bank’s ATM network is limited, which may be a hindrance for customers who frequently need access to cash.
Despite these drawbacks, Paytm Payments Bank continues to gain popularity due to its secure and convenient services and user-friendly digital platform.
However, these cons should be carefully considered before making a decision on choosing Paytm Payments Bank as your banking solution.
In conclusion, these are the steps to close a Paytm Payments Bank savings account. Despite its benefits, if a customer decides to close their account, the process is straightforward and can be done online with the help of the Paytm app.
The closure of the savings account will not affect the use of the Paytm Wallet. For more information on Paytm Payments Bank and its services, the customer can refer to its blog section.
Hope now you know How to Close PayTM Bank Account Online and other information related to it. If you still have any queries or feedback then you can drop your queries in the comment section below.