On 23rd May, 2017, Paytm has launched its Paytm Bank called Paytm Payments Bank. Its first branch is opened in Noida. On January, 2017, RBI has approved Paytm Payments Bank. Paytm offers 250 cashback on 25,000 deposit for the first million customers.
Paytm Bank have only one standard savings account for all customers. It doesn’t have different types of savings account like other traditional banks. Company is aiming to acquire 500 million Payments Bank customers by 2020. Company will also open 31 branches and 3,000 customer service centers by 2020.
READ MORE: Paytm Bank: How to Open, Close or Get Instant Cashback & Other Details
Paytm Payments Bank Charges
| Minimum Account Balance | Nil |
|---|---|
| Interest Rate | 4% per annum |
| Deposit Limit | 1 Lakh |
| Online Fund Transfer | |
| NEFT | Free unlimited |
| IMPS | Free unlimited |
| UPI | Free unlimited |
| ATM Transactions | |
| Metro Cities | 3 tansactions free every month, after that • cash withdrawl: 20/txn • balance check, mini statement: 5/txn |
| non-Metro Cities | 5 tansactions free every month, after that • cash withdrawl: 20/txn • balance check, mini statement: 5/txn |
| Debit Card & Chequebook | |
| Virtual Debit Card | Free |
| Physical RuPay Debit Card (annual) | 100 + delivery charge |
| Replacement of Lost Card | 100 + delivery charge |
| Cheque book (10 leaves) | 100 + delivery charge |
| Statement | |
| Online Passbook | Free |
| Email Statements | Free |
| Physical Statements | 50 + delivery charge |
Paytm launched #PaytmPaymentsBank
• No minimum balance required
• Zero online transaction chargeshttps://t.co/6LoeNxKorr#PaymentsBank pic.twitter.com/5PQ6wirrlj— Techno Savie (@TechnoSavieNews) May 23, 2017
“RBI has given us an opportunity to create a new kind of banking model in the world. We are proud that our customer deposits will be safely invested in government bonds and used for nation building. None of our deposits will be converted into risky assets.” – Vijay Sharma
READ MORE: Paytm Digital Gold in association with MMTC-PAMP
