Paytm Payments Bank | Everything You Need To Know
Finally Paytm has launched its long-awaited Paytm Payments Bank. There is no any minimum balance requirements or any account opening charges. As payments bank have an upper limit of Rs. 1 lac so you can deposit a maximum of Rs. 1 lac in your Paytm Payments Bank account.
Benefits of Paytm Payments Bank Account
There are many benefits of having Payments Bank account with Paytm. Let’s have a quick look at the benefits of this bank account.
- Zero account opening charges — The process of opening payments bank account with Paytm is completely digital. Offline mode is also available, you may opt as per your wish. The best part of this is that there are no any charges for opening an account.
- Earn Interest every month — Paytm payments Bank offers an interest of 4% per annum which will be paid monthly.
- Free Digital RuPay card — You will also get a free digital RuPay Card after opening the bank account. This card can be used to make online purchases across all merchants accepting RuPay card.
- Passbook — View your all transactions at one place in the Paytm Passbook.
Paytm Payments Bank RuPay Debit Card
How to open a Paytm Payments Bank account?
Opening a payments bank account with Paytm is simple and completely digital. Here is the complete process explained, let’s have a look at it.
- First of all download the latest version of the Paytm app from the Google Play Store or Apple Store.
- Open the app and then click on Savings Bank Account icon.
- Read the Terms and Conditions carefully and then click on Proceed.
- Enter the Passcode you want to make and confirm it.
- Add the Nominee name and fill all the necessary details asked.
- After that, if you are already a KYC Customer then your account will be opened in a few minutes. Otherwise, submit the necessary documents in order to verify your KYC details.
You can also visit the official webpage for the complete Paytm bank account opening process. Visit Here
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FAQs on Paytm Payments Bank
Q. What is Payments Bank?
This is a new model of banks which is given by Reserve Bank of India. These banks have to accept restricted deposit which is currently up to Rs 1 lac. These banks cannot issue loans and credit cards. The minimum capital requirement for payments bank is Rs 100 Crore.
Q. What is the minimum balance requirement for Paytm Payments Bank?
As per now, there is no any minimum balance requirements for opening a payments bank account with Paytm.
Q. How to open a payments bank account with Paytm?
In order to open a payments bank account with Paytm, follow the instructions mentioned above in this article. Else you can visit here to know more.
Q. Can anyone open more than one account?
No. One customer can open only one account.
Paytm Payment Bank Debit Card
Q. How to get Paytm Payment Bank Debit card?
When you open an account with Paytm then a digital RuPay Debit card will also be issued. You will see the digital RuPay card in the Passbook section of the Paytm App. You can use this card to make online transactions on the website where RuPay card is accepted.
Q. Can I get a physical debit card?
As per now, Paytm will only issue digital RuPay card to you but soon it will issue a physical debit card. After that, you will use it at ATM & POS machine.
Q. Can I also get chequebook?
Currently, Paytm doesn’t provide chequebook with its payments bank.
Q. How much interest will be given on Payments Bank by Paytm?
You will earn interest of 4% p.a. on the daily balance of your Savings Account. Interest will be given on the amount in your account at the end of the month.
Q. Are there any transactions charges for using NEFT, RTGS and IMPS service?
No there is no any transactions charges for using NEFT, RTGS and IMPS service.
Q. Where are Paytm Payments Bank’s branches?
Paytm Payments Bank, Ground Floor, B-121, Sector 5, Noida. Pin Code — 201301 Uttar Pradesh
Originally published at www.techmodation.com on December 4, 2017.
