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| Image credit: www.paytm.com/bank |
Paytm Payments Bank
Popular digital payment player Paytm has launched the Paytm Payments Bank on 23 May 2017. Paytm Payments Bank is India's first bank with zero charges on online transactions, no minimum balance requirement and free virtual debit card. Initially, offering accounts on an invite-only basis to mostly its customers. The bank's first physical branch is in Noida.
Payments Bank is a new type of bank, licenced by Reserve Bank of India. As a payments Bank, Paytm can now accept customer deposits upto Rs. 1 lakh per customer in a wallet, saving or current account and offer other banking services like Debit Cards, Online Banking and Mobile Banking. Payments banks are not allowed to lend to customer. However, they can partner with other financial institutions/banks to offer financial products like loans, insurance, mutual funds, pension funds etc.
Services offered by Paytm Paymenst Bank
Paytm Payments Bank is offering savings and current accounts with a debit card and the ability to make fast and easy payments. It will soon enable you to access a range of financial services such as Insurance, Loans, Mutual Funds offered by our partner banks with the seamless Paytm experience. |
| Image credit: paytm.com/bank |
How to open Paytm Payments Bank account?
Currently Paytm Payments bank is inviting limited users
to open an account. You can request for an invite using paytmpaymentsbank.com or the latest Paytm app. You will
need to submit e-KYC (Know your customer) documents.
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| Image credit: paytm.com/bank |
Paytm Payments Bank account features
1. Paytm Payment
Bank offers cash back on deposits. If you deposit more than Rs. 25,000
into your Paytm Payments Bank account, you will get cash back of Rs. 250.
2. You
will earn an interest of 4% per annum.
3. There
is no requirement for minimum balance for bank account.
4. There
is no charge for online transactions (such as IMPS, NEFT, RTGS).
5. Paytm Payment Bank offers debit cards but no credit cards.
6. ATM withdrawals on Paytm Payment Bank debit.
What happens to the existing Wallet?
Your current Paytm Wallet will now move to the Paytm
Payments Bank Limited in the same capacity i.e. KYC wallet as KYC wallet and
minimum KYC wallet as minimum KYC wallet. You continue to use the Paytm Wallet
as before without any changes.
However, if you have not used your wallet in the last 6
months and you have zero balance, you will be required to login to your wallet
again to move to the Paytm Payments Bank.
Will the existing wallet get converted into a bank account?
No, your wallet will simply operate under the Paytm
Payments Bank and continue to exist and function in the same manner as earlier.
In addition to a wallet, you will now be able to open a savings or current
account with Paytm Payment Bank and access a wide range of financial services.
Will the existing wallet balance now earn interest?
To earn interest, you will need to open a Paytm Payments
Bank savings account.
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Will the old login details work?
Yes, your Paytm login details continue to remain the
same.
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