Paytm Launches Payments Bank Today, will open 31 branches in first year
After a delay of nearly a year, Paytm’s payments bank saw the light of day. It is the third payments bank in the country, after Airtel and India Post. In January Paytm had announced that it has a license to run a payments bank.
With its first branch in Noida, Paytm plans to open 31 branches and 3,000 customer service points in a year. The initial accounts will be invitation only. The bank will roll out its beta banking application for employees and associates soon.
Points of attraction:
- Cashback of Rs250(1%) if the customer transfers the amount of more than Rs2500, this offer is available upto 4 attempts.
- Zero maintenance charge, all the online transaction IMPS, NEFT etc. will be free.
- Physical services like cheque book, demand draft, debit cards will be available at nominal charge.
- The interest rate would be 4%.
Services offered by Paytm Payments Bank:
- Savings and current account with debit cards.
- It will enable us to access a range of financial services such as Insurance, Loans, Mutual .
Opening a bank account:
- You can request for an invite using paytmpaymentsbank.com or the latest Paytm app, emailing firstname.lastname@example.org or visiting paytm.com/care.
- 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.
- 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.
Facts about Paytm banks & Paytm Wallets:
- withdrawing money from wallet is not allowed as per RBI policies.
- It is not mandatory to open an account with Paytm Payments Bank to use the wallet.
- You would be able to send money to any bank account from your Paytm Payment Bank Wallet.
- 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.
- The Paytm bank will issue a Rupay debit card, which will be free, but it will charge Rs. 100 + delivery as an annual fee; a lost card replacement will also be Rs. 100 + delivery. A 10-leaves chequebook will also cost you Rs. 100 + delivery charges.
- Airtel Payments Bank, the features are more or less similar.
- Airtel payments bank launched in India; offers 7.25% interest rate, accidental insurance worth Rs 1 lakh on savings account, and more.
Reason for opting the Paytm Bank:
Deposits will only be invested in government bonds that are used for the development of our nation.