Bank account details are very crucial and need to be kept at safe point . If you check online you get to see multiple websites which are fake website which either intend to provide any benefit or is either making any fake promises to you . Against those fake promises and benefits , the websites are asking for your bank account details or ATM Card details which can be either misused for various unethical purposes . For instance , like you see an email in your mail box related to winning of television by purchasing a smartphone, but such offers are generally fake and once these offers are committed, they ask for bank account details to record and misuse those details . The similar case happens when you are holding a paytm account or any other payment app account , and you have lost access to the mobile number with which you have created that account .
So in this post , you will be able to know Why you need to close the Paytm Account if you have less usage or no usage of it and about the benefits of closing that account also.
Paytm Account and Payments Bank Account
When you want to do online recharge , make payment of bills online ,transfer money online , invest in some securties online you know that you can do all these using a single payment app named Paytm App . Paytm app is not a single wallet app that stores your money but also enables you to make quick payments to others without holding any cash in the pocket in physical format. Paytm has enabled online payments and also multiple investment avenues like investment in share market , mutual funds , digital gold etc , also it has enabled users to even pay at shops in localities or any where throughout the country.
Paytm Payments Bank is an alternative to other bank accounts which Paytm Started in 2017 to add more userbase to its database , where with the payments bank option , people will be able to open a digital payment account online without visiting any offline bank branch. With paytm payments bank , paytm provided all banking facilities like Fixed deposits , recurring deposits , credit cards , debit cards , cheque book etc. Just like any other normal bank account , Paytm payments bank account provides prompt e-statement generation facilties , RTGS and investment option.
Why disable Paytm Account ?
The only reason that you should disable your Paytm Account or your Paytm Payments Bank is that suppose you have the least usage of your Paytm account and you have associated once your bank account with the Paytm account , then in case if some one gets access of your paytm account then it can be miused for some unethical purpose . Also , if you loose your registered mobile number any how , the other person having that mobile number would be able to access that Paytm account with which they would be able to have access of the Paytm account registered by you and with your KYC .
Paytm Payments Bank being a part of the Paytm account opened with KYC Details of a person and a mobile number . In case the person losing the access of the mobile number , the other person who receives that mobile number gets easy access to that account.
What can happen if Paytm Account is not Disabled ?
If Paytm account number is accessed by someone else , the possible actions or defaults that the person can do is :
- Can transfer all your bank funds and investments in his name.
- Can do frauds with other persons in your name
- Can ask for fake donations in your name to your contacts accessed through Paytm account .
- Can use that payment accounts for terror funding purposes or unethical purposes.
- Can download your KYC Documents to further misuse them .
The above defaults are only a limited list of defaults that a person can do but it can be more vigrous or more harmful in case some more clever defaulter cracks your account details and paytm wallet . So , do take care of these accounts and disable when you have limited or no use of Paytm bank or Paytm Payments bank.
Hope , after reading this post you will be able to understand how you can close your Paytm Bank and Paytm Wallet account permanently , if you have any queries related to this post then you can share your feedback comments down in the comment section . Also if you need assistance or need help to close your paytm account or any payment account online you can contact us through the contact us page.