Here’s how to open a Paytm Payment Bank account
Basic Details About Paytm Payments Bank
Payments banks are very common now. In this post I will tell you ‘how to open a Paytm Payments Bank account’.
Paytm is India’s fastest growing online company which have its own mobile app called Paytm. Paytm recently launched their payments bank where one can register and create their own current and saving accounts easily. It also provide features like a normal bank which includes debit card, cheque book and net banking facility. In this article you will go in depth about the method to create saving account in paytm payments bank.
Paytm Payments Bank will continue to offer you paytm wallet. In addition to that, it offers saving account to individuals and current accounts for businesses.
1. Mobile banks
These payments banks will be mobile only banks, which mean that you will be able to operate the accounts using the mobile app and it will not have normal bank branches like any other bank like HDFC, ICICI bank, Axis Bank etc.
You just have to maintain 1 Rs in your account to keep it running and there won’t be any charges. The maximum balance you can maintain is 1,00,000. As per RBI rule, you can’t deposit above 1 Lakh INR in Paytm Payments Bank. This can be a personal bank wallet where you don’t have to make hassle with your bank accounts and cards.
3. No Loans
Paytm Payments Bank is different from others, there won’t be any kind of loans including personal loans or mutual funds and insurance. It’s assumed that Paytm Payments Bank will tie up with other bank and insurance companies for these additional features.
4. Debit or Physical Card
The best thing you will get with Paytm Payments Bank is a Physical or Debit card which is accessible everywhere. You can use it online and offline without any charges and stuffs.
How to open Paytm Payments Bank Account?
This is the main part of this article where you will learn how to make and use Paytm Payments Bank Account. Just follow the steps mentioned below.
- Visit Paytm official website.
- Register an account there or use their mobile app on iOS or Android device.
- Sign up with basic details.
- Verify your mobile number and email id and make a good tough password.
- Select “I hereby certify that I am 18 years of age” and then click on Create Your Paytm Wallet.
- Now you will get an OTP on your mobile number, you just have to enter that OTP on that page if you registered on official website.
- Done! Your account is ready now!
Features of Paytm Payments Bank
- Paytm Payments Bank will offer 4 per cent interest per annum
- Paytm Payments Bank will offer zero balance account
- All your online transactions via NEFT, IMPS and RTGS are totally free
- Paytm will offer virtual Rupay debit cards and physical card to withdraw cash from any ATM in India
Move to Paytm Payments Bank from Paytm Wallet
The most important step is to submit your KYC or you won’t be able to move to Paytm Payments Bank. After submitting your KYC you will be automatically moved to Paytm Payments Bank without any requests or filling form.
If you are an existing Paytm user your wallet money will be automatically transferred to the Paytm Payments Bank after 23rd May 2017.