Do You Know about ‘PayTm Payment Bank’? No! Then you are at right place, Read here
 Source : News Bharati English  Date : 24-May-2017

New Delhi, May 24: After the PayTm launched its own Payment Bank, it came up with easy services of its users. The Founder, Vijay Shekhar Sharma said that this time the PayTm Payment Bank aims to cater 500 million Indians by 2020. Following are the essential pointers you need to know regarding ‘PayTm Payment Bank.’

Paytm Payments Bank is the 1st to offer zero charges on online transactions, no minimum balance requirement and free virtual debit card.

  • Unlike traditional banks, Paytm has a new banking model where an account holder’s money will be safe and deposits will only be invested in government bonds.
  • The Paytm Payments Bank will be initially available on an invite-only basis and the limited version of the banking app will be rolled out to employees and associates.
  • One can request for an invite by logging onto paytmpaymentsbank.com or through the Paytm app.
  • Paytm is also setting up KYC centers across India to make them eligible for a Payments Bank account.
  • PayTm will offer an annual interest of 4% for all savings accounts and merchant partners will have access to current bank accounts.
  • As a Payments Bank, Paytm can now accept customer deposits upto Rs 1 lakh per customer in a savings or current account and offer other banking services like Debit Cards, Online Banking and Mobile Banking. Payments Banks cannot offer financial products of their own, but partner with other banks.
  • 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 users to access a range of financial services such as Insurance, Loans, Mutual Funds offered by its partner banks.
  • Current Paytm Wallet will be moved 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. Users can continue to use the Paytm Wallet as before without any changes.
  • Note, if a user has not used their wallet in the last 6 months and have zero balance, they will be required to login to their wallet again to move to the Paytm Payments Bank.
  • The Paytm Wallet will be moved from One97 Communications Ltd. to Paytm Payments Bank Limited as per the directions of RBI. The transactions seen under ‘wallet issued by One97 Communications Ltd.’ are the transactions made by users before their wallet moved to the Paytm Payments Bank.
  • Only KYC-enabled Paytm users will be allowed to open a Paytm Payments Bank account.