Difference among Paytm Payments Bank, India Post Payments Bank & Airtel Payments Bank

Three players & their payments banking services are ready to hit the wall of Indian economic market. Hey, confused! I think “Not so much” because we are very good in judging the financial benefits of ours.

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1. Paytm Bank has started by Paytm on 23 May, 2017 that offers 4% interest on savings account.
2. Airtel Bank has become the India’s first payments bank to start operations on November, 2016 offers 7.25% interest on savings account. Customer’s Airtel mobile number would function as a bank account number.

Today, we have choice to compare & select the best banking service among Paytm Payments Bank (PPB), Airtel Payments Bank (APB) & India Post Payments Bank (IPPB). These three players have set their fields to lure us, now ball is in our court. We have to make a decision & do scrutiny according to our banking needs & requirements.

Let’s take a look on the products & services of these three Payments Banks

Comparison among Payments Bank & their offers

	Paytm	IPPB	Airtel
Interest Rate	4%	5.5%	7.25%
Minimum Balance	Nil	Nil	50
Maximum Balance	1 Lakh	1 Lakh	1 Lakh
ATM Transactions	3 free/month in metro cities 5 free/month in non-metro cities 20/cash withdrawal	Free at India Post & Punjab National Bank ATMs Other ATMs 3 free in metro cities 5 free in non-metro cities After that, 20/cash withdrawal	No Physical ATM/Debit Card facility
Online Fund Transfer	Free NEFT, IMPS, UPI	Branch and Doorstep banking NEFT: 2.5 to 5/txn IMPS: 5/txn Mobile Banking NEFT – free IMPS – 4/txn	Within Airtel Payments Bank: Free Internet Banking, Mobile App & USSD From Airtel Payments Bank to another Bank: 0.5% of amount
Debit Card Annual Subscription Fee	Free Virtual Debit Card RuPay Debit Card: 100 + Delivery Charge	First year: Free Annual maintenance charges (from 2nd Year): 100	Free Virtual Debit Card (MasterCard) Free: Membership, Activation, Replacement & Duplicate card on account of loss of virtual card No annual fee
Cash Withdrawal Charge	no cash withdrawal available	Doorstep Banking 15 for < 2001 25 for 2001 – 5000 35 for 5001 – 10,000 Cash transactions above 10,000 will not be offered at doorstep	0.65% of withdrawal amount
ATM withdrawal limitations	10,000/txn 25,000/day	10,000/txn 25,000/day	Personalized Card 50,000/txn 50,000/day non-Personalized Card 25,000/txn 25,000/day

Fact Box: As per the Reserve Bank of India (RBI)’s guidelines, a payment bank is a new model of banks that can only take deposits but cannot issue loans or credit cards. The deposit is restricted to about ₹1 lakh per customer, in both current and savings accounts. Payments banks can issue services like ATM / debit cards, net-banking, mobile-banking and Business Correspondents (BC).