Paytm Money is a fully owned subsidiary of Paytm that provides an online platform for mutual fund investments. If you have a PayTm money account and you don’t want to continue with the account, you can easily close the account permanently. After submitting the closure request, you can expect to close your account within 7-10 working days.
Steps to Close PayTM money account
The process of closing a PayTM Money account is an offline simple process. There is no online service to close the account.
The steps that need to be followed are below-
- Firstly you have to download the account closure form from their official website, Visit www.paytmmoney.com
- Take a printout of the form and fill it up.
- You have to fill the form with all the necessary information. For example- your name, address, client Id, etc.
- You also have to mention a reason for closing the account.
- Now, you need to sign the form. If it is a joint account then all the account holders have to put their signature on it.
- After completing the form, you need to submit the form to PayTm money’s head office.
- Within 7-10 days, your account will be closed.
PayTM Money Account Closure Form
The Paytm account closure form is available online mode. You can get the form in the following ways-
- You have to visit the PayTM money official website, or directly download page or download just clicking on download button as above.
- you will get the ‘Account closure form‘ option. Tap on it and download the form.
- You have to fill in all the necessary details in the form. Such as Client Id, Name, Address, id proof, and also the reason for cancellation.
- You have to then sign the form. In case the account is owned by more than one person, then all of them have to sign the form.
- After that, you need to send the form to the PayTM head office.
- Within 7-10 days of submission, Your account will be closed.
Also Read: How to Apply for IPO Through Paytm Money?
PayTM Money Account Closing Charges
While closing your PayTM Money Account, you don’t have to bear any cost. The whole process is free.
You should not pay anything If someone asks you also. Beware of frauds and do complain whenever you are asked to pay.
Things to do before closing PayTM Money Account
Though closing your PayTM Money Account is a simple process, but you need to be careful of the below things before closing-
- There should be no negative balance on your account.
- If your account contains any securities, sell or transfer them to another account.
- To avoid any kind of closed-form rejection, all of the requested details must be completed with proper values and validity.
- You must have your DP id on you at all times.
Frequently Asked Questions
Can I close my PayTM money account online?
You can’t deactivate or close your Paytm Money account online. To initiate the closure or temporary suspension of your Paytm Money account, you must submit a physical closure form or a written request.
Is the PayTM account and PayTM money account the same?
No, a PayTM account is either a savings or current account that you have linked with your bank account. On the other hand, a PayTM money account is a trading or Demat account.
How to reach PayTM money customer support?
To reach customer support of PayTM, you have to call 1800227575 / 18002667575. Moreover, you can either directly contact me through the app or via email.