Paytm Payments Bank Launched: Everything you need to know

Each and Every one has heard about Paytm and has used it to transfer money to someone or on your own bank account itself. Even some of you would have used it to book tickets online for movies and various other stuffs. Now, Paytm has started their Payments Bank. Its the India’s first bank with zero fee on Online transactions and also no minimum balance is required. Lo and Behold!! Paytm Payments Bank is here.

Paytm Payments Bank

The Payment Bank have officially launched on Tuesday i.e. today itself. They have made a blog post about the same and also have made a public announcement in the newspaper about the same. If you didnt know, let me tell you that now, Paytm Wallets business is now owned and transferred to the newly incorporated entity, Paytm Payments Bank Ltd. (PBBL) Also they thing was earlier in process since long. Just like Airtel had its payments banks, Paytm has also started it.

Heres a quick summary including how it is going to begin up:

  • All the previous existing paytm wallets are migrated to the newer payments banks. And I am very much sure that you have also received an SMS from Paytm about the same few days back.
  • Just in case, you wish to opt out of this you can click the link on the SMS you got or you can simply head on to paytm.com/care to redeem your available balance on your Paytm Wallet by transferring it to your Bank Account.
  • Dont get misunderstood, your wallet is just going to be on PBBL. (Only those who have active accounts of less than 6 months) But now you have an additions option that you can open a Payment Payments Bank Saving or Current Account which shares the same credentials though. But the creation of a savings or a current account is optional
  • For this creation of Current and Savings Account Paytm is setting up KYC Centers or they can even land on your residential address if you ask them to do so.
  • Currently, the Paytm Payments Banks are only rolled out as BETA which are meant only for Employees and Associates. But if you want to, you can directly go on ahead by requesting them for an Invite to become account holders in the bank. These accounts have 1 lakh limit right now. Keep in mind, they are different from wallets as you also get a debit card and an interest of 4% per annum.
  • There is an offer by Paytm for the Bank Account, if you transfer more than 2,500 INR into your Paytm Payments Bank Account, you would get a cash back of 250INR.
  • The account will have Zero Balance Requirement and every Online Transaction such as NEFT and RTGS would be Free of Cost.
  • If you create a Bank Account with the Paytm Payments Bank, they are also offering Debit card. The company says that cheque book, demand drafts (DD) and debit cards wil be made available at a nominal fee for the people. The Debit Card which would be issued is a Rupay Debit Card for free excluding the delivery charges and nominal fee at first. Both cheque books and debit card would cost you 100INR each with delivery charges.

Now, you might be thinking that Paytm would also be coming with ATMs, but no they arent. But you can use the Debit Card with no charges 5 times at Non-Metro ATMs / 3 times at Metro ATMs. After that you would be charged 20INR for withdrawal and 5INR for other transactions such as balance checks.

You can request an Invite Here

 

So, what do you think about the new Paytm Payments Bank which has additional services like Savings and Current Account. Would you try to get one such account? What do you think about it, let us know in the comments below.

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