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. Communication will be sent to all impacted users and users will be given 30 days’ notice period, before closing their wallet.”

In 2017, Paytm had introduced a similar fee on amounts added to wallet via credit cards, but had rolled back the decision after pressure from users.(Mint)

This comes after the Reserve Bank of India (RBI) banned Paytm Payments Bank Account/Wallet from receiving new deposits or authorizing credit transactions after March 15 this year.

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Paytm Payments Bank had earlier informed that accounts that do not have any transactions for last one or more years and have no balance will be closed. In order to prevent closure of your inactive account, you can make any of the below activities using your Paytm Payments Bank: