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Paytm Payments Bank Launches With Zero Balance, Cashback Offers And More
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Paytm Payments Bank Launches With Zero Balance, Cashback Offers And More

by Keyur VoraMay 25, 2017

The leading digital wallet firm Paytm has rolled out its Paytm Payments Bank operations by launching its first physical branch in Noida on Tuesday and is expected to target 500 million customers by 2020. Your Paytm e-wallet is now upgraded to your bank account.  This means that Paytm users can now get almost every banking service that a conventional bank offers with their Paytm e-wallets. The Paytm Payments Bank will be the first bank in the country to offer cashbacks on deposits.

Wonder what it means for you as a Paytm customer? Read on to know…

Key Points :-

    • Zero Balance Accounts
      Paytm Payments Bank accounts will be zero-balance accounts. This means there will be no minimum balance requirement. Also Paytm said that every online transaction (such as IMPS, NEFT, UPI) will be free of charge.

 

    • 4% Interest Rate
      Paytm Payments Bank will offer an interest rate of 4% on deposits. Rival payments banks Airtel and India Post offer higher interest rates at 7.25 per cent and at 5.5 per cent respectively.

Paytm Payments Bank Logo

    • Paytm Payments Bank is currently available only via invitation
      Paytm Payments Bank accounts will initially be available on an invite-only basis. In the first phase,
      the company will roll out its beta banking app for its employees and associates. Paytm customers can request for an invite on the Paytm bank’s website : https://paytm.com/bank

 

    • Paytm account holders will get Chequebook and Debit Card, but no Credit Cards
      Paytm account holders Will get chequebook and debit card like they get from any other bank. However, there is no credit card option. As payment banks are not allowed to offer lending facility.

 

    • ATM withdrawals on Paytm bank debit cards
      Paytm isn’t bringing out its own ATMs. However, its debit card can be used with no charges five times at any non-metro ATM, or three times at metro ATMs. After that there will be a Rs. 20 cash withdrawal charge, while other transactions such as balance checks will cost Rs. 5.

Paytm Payments Bank Cashback

      • Paytm bank offers cashback on deposits
        If you transfer more than Rs. 25,000 into your Paytm payments bank account, you will get a cash back of Rs. 250 (1 percent), up to four times.

     

      • All Paytm wallet accounts to be automatically migrated to the payments bank
        If you are an existing Paytm user than your money will be transferred to the Paytm Payments Bank Limited as the wallet business will become part of the new company. It will happen automatically, and you need not do anything.

     

    Must Read : Sunday Interview : Harinder Takhar – CEO at PayTM
     

    • Physical Bank
      The maiden branch of Paytm Payments bank opens in the National Capital region of Delhi in Noida on 23rd May(Tuesday). The bank plans to expand its physical presence to 31 branches and 3,000 customer service points in the first year. The company is targeting 500 million customers by 2020.

 

    • Paytm Payments Bank can accept Rs 1 lakh per account
      As a Payments Bank, Paytm can now accept customer deposits upto Rs. 1 lakh per customer in a wallet, savings or current account and offer other banking services like Debit Cards, Online Banking and Mobile Banking.

 

    • The Paytm App
      Tha Paytm App will not change. The user experience will remain the same as the app will continue to work as it does. You will continue to use it to pay for taxi, fuel, food, etc. the same way.

 

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About The Author
Keyur Vora