Is your Paytm wallet not accessible? It may have been closed. Here's what to do (2024)

FAQs

Why is Paytm wallet closed? ›

Paytm Payments Bank announced that inactive wallets with zero balances without transactions in the previous year will be closed. As per Paytm Payments Bank website, “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.

CLOSURE OF ZERO BALANCE INACTIVE PAYTM PAYMENTS BANK WALLETS

Dear Bank Customer, Please note that all Paytm Payments Bank Wallets that have not had any transactions for last 5 years or more and have nil balance, shall be closed w.e.f. February 10 2024.

Dormant client simply has to go to the Paytm Money app and open stocks section. The client will be shown a 'Complete ReKYC' button on the stocks home page. On pressing the button, the user will have to simply give a Live photo and e-sign and the account will be reactivated.

For your safety and security, Paytm may temporarily block your account upon noticing any suspicious transactions or activity, or if your transactions are not as per the Terms and Conditions listed on our website. If your account has been locked, please contact us at [email protected] for resolution.

The central bank later directed Paytm to cease its mobile wallet business, citing persistent non-compliance and supervisory concerns. The RBI's technical audit revealed problematic money and data flows between Paytm Payments Bank and the broader Paytm ecosystem, leading to accounting and supervisory issues.

The minimum KYC allows you limited access to the wallet and requires you to provide certain information to activate it, while the full KYC enables you to use all of the wallet's features. Without completing at least the minimum KYC, you will not be able to activate the Paytm wallet.

On January 31 2024, the Reserve Bank of India (RBI) barred Paytm Payments Bank Limited (PPBL) from accepting deposits or top-ups in any customer account, prepaid instruments, wallets, FASTags and NCMC card after February 29, 2024, due to ongoing non-compliance and material supervisory concerns.

The most common causes for account disablement include security concerns, violation of Paytm's terms and policies, and non-compliance with regulatory requirements. If you find your Paytm account disabled, it's essential to contact Paytm's customer support to understand the specific reasons for the action taken.

How can I talk to Paytm customer care? ›

All customer related queries for this Offer can be addressed to paytm.com/care or + 91- 120-3062244.

If your Paytm debit account is frozen, and you've already contacted customer care without resolution, here are steps you can take to address the issue: Contact Customer Support Again:Reach out to Paytm customer support again. Clearly explain the situation, including the steps you've taken and the issue you're facing.

Paytm Payments Bank has announced that inactive wallets with NIL balances without transactions in the previous year or longer will be closed on July 20th, 2024.

Yes, you can continue to use, withdraw or transfer to another wallet or bank account until balance is available in the wallet. Please note you will not be able to make any deposits in same after March 15, 2024, however all refunds and cashback can still be credited to your wallet.

First search the reason why your paytm wallet is unable if you have done something wrong then it may hide for some reason. Do this update your mobile software and do rest the app setting. If this 3 step can't help you then chat with paytm customer service…

There seems to be some confusion. It's their Payments Bank facing restrictions, not user accounts. The Reserve Bank of India (RBI), found some issues with how Paytm Payments Bank handled things and said they can't take new deposits or offer credit services anymore.

RBI banned Paytm Payments Bank from new customers and deposits. Deadlines extended to clarify usage of wallets, Fastags and accounts. Limitations on bank services post-March 15, 2024, with certain exceptions. Users can utilize available balances, but restrictions apply on credit and deposit services.

Paytm Payments Bank has announced that inactive wallets with NIL balances without transactions in the previous year or longer will be closed on July 20th, 2024.

There are KYC based restrictions on Paytm wallet which determines the benefits that you can avail while using Paytm wallet. These benefits are based on whether you have a minimum KYC or a full KYC wallet.