Of course, this information is not true. The link does not hide PayPal, but a fraudster’s site. Accordingly, all information given there ends up directly in the hands of the criminals.
You should therefore not respond to the demands and instead move the e-mail to the spam folder unanswered. If in doubt, you can log into your account via the regular website or the PayPal app. If there are actually problems with your account, you will find out there.