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.
- Paytm Bank has started by Paytm on 23 May, 2017 that offers 4% interest on savings account.
- 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
|Maximum Balance||1 Lakh||1 Lakh||1 Lakh|
||Free at India Post & Punjab National Bank ATMs
|No Physical ATM/Debit Card facility|
|Online Fund Transfer||Free NEFT, IMPS, UPI||Branch and Doorstep banking
|Debit Card Annual Subscription Fee||
|Cash Withdrawal Charge||no cash withdrawal available||Doorstep Banking
Cash transactions above 10,000 will not be offered at doorstep
|0.65% of withdrawal amount|
|ATM withdrawal limitations|| 10,000/txn
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).