As we all know, In the time of note bandi paytm has helped in many ways to the people and now a days there are many its users in the market with that consideration Paytm is bringing you Paytm Payments Bank — India’s first bank with zero charges on online transactions, no minimum balance requirement and free virtual debit card.
The Payments Bank will bring a new banking model to the world where an account holder’s money will be absolutely safe. Deposits will only be invested in government bonds that are used for the development of our nation.
The services which are offering by Payments Bank:
- Paytm Payment Bank is offering cash back on deposits – If you transfer more than Rs. 25,000 into your Paytm Payments bank account, you will get 1 percent of cash back which will be Rs. 250 (1 percent), up to four times.
- One of the big difference between a wallet and a payments bank is that the latter can offer interest. 4 percent interest rate – the bank will be paying 4 percent per annum. This is lower than that of Airtel payment bank which is offering 7.5 percent interest, and in line with what you get from Axis, ICICI, and HDFC.
- There are no min balance requirements, no charges for online transactions – There is no min balance requirement for the bank account. Also, online transactions (such as IMPS, NEFT, RTGS) will not have any extra charges.
- Now the bank offers debit cards but no credit cards – Unlike wallets, payments banks can offer debit (but not credit) cards. According to Paytm’s official website, physical services such as demand drafts, a chequebook and debit cards, will be available from the new Paytm Payments bank. Interestingly, Airtel isn’t offering a physical debit card, but a virtual one to use from the internet(online). The Paytm Payments bank will issue a Rupay debit card, which will be free, but it will charge Rs. 100 + delivery as an annual fee and a lost card replacement will also be Rs. 100 + delivery. A chequebook will also cost of Rs. 100 + delivery charges.
- ATM withdrawals on bank debit cards – Paytm isn’t bringing out their own ATMs into the market. Its debit card can be used at any non-metro ATM with no charges for five times, or at metro ATMs for three times. After that charges will be applied, charges will be Rs. 20 cash per withdrawal and while other transactions such as balance checks will cost Rs. 5.
Important things about the Bank:
How can anyone open their paytm bank account?
Currently, paytm payment bank is inviting limited users to open an account with their Bank. You can request for an invite using paytmpaymentsbank.com or the updated Paytm app.
What happens to my existing Wallet?
Your current Wallet will now be linked with 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 can use the Paytm Wallet as before without any changes. In addition to a wallet, you will now be able to open a current or savings account with Paytm Payment Bank. Also access a wide range of financial services.
If you have not used your Paytm wallet in the last 6 months or so and you have zero balance in your wallet, you will be required to log in to your wallet again to move to the Paytm Payments Bank.
If anyone chooses not to move to Paytm Payments Bank?
The movement to Paytm Payments Bank is required by RBI for all Paytm Wallet customers. If you choose not to continue the benefits of your Wallet, you can contact paytm bank services with this email care @paytmpaymentsbank.com
If you chose not to join the Paytm Payments Bank, your current wallet will be closed and you will not be able to make payments using your Wallet.
Will my wallet balance now earn interest?
Yes, to earn interest, you need to migrate with Paytm Payment Bank and open a saving account.
Have you done your KYC?
Only KYC-enabled Paytm users are allowed to open a Paytm Payments Bank account. KYC process is instant and absolutely paperless. Find your nearest KYC center here or click here to book an appointment at a place of your convenience (limited service!).