Today, Paytm launched Paytm Payments Bank for which there is no minimum balance required, zero charges on online transactions and comes with free virtual debit card. Paytm Payments Bank got approval by RBI on January 2017. This Payments Bank offers 4% annual interest on savings account. Paytm has also mentioned that deposits of your account are only invested in government bonds which will help to develop India.
Paytm has informed its users by SMS that their Wallet business will be transferred to Paytm Payments Bank Ltd on 23rd May 2017.
In case, you are not interested to continue with your e-wallet with Paytm Payments Bank, then your e-wallet will have to be closed.
READ MORE: Paytm Wallet Handbook
According to the Paytm statement, the first one million customers who open a Payments Bank account with 25,000 will get a cashback of 250 instantly. Though, customers can open a zero-balance account too and every online transaction will be free of charge.
Are there any charges for ATM transactions?
- The customers will be offered a RuPay debit card at an annual fee of 100 plus delivery charges.
- First five ATM transactions will be free in non-metro cities per month & three in metros. After that, customers will be charged 20 per ATM withdrawals.
Note: The bank will also provide a cheque book facility with 10 leaves at a cost of 100.
Are there any charges for online fund transfer?
Free of cost: The bank will provide services such as Immediate Payment Service (IMPS), Unified Payment Interface (UPI) and National Electronic Fund Transfer (NEFT) free of cost to its customers.
How do I close my Paytm bank account?
You can easily close the bank account by sending an email to email@example.com.
For this, you will have to give your bank account number and IFSC code for branch. The balance in the e-wallet will be then transferred to the customer’s alternative account. That’s it!
On Initial base, this Payments Bank is only available on invite basis. You can request an invite by logging onto www.paytmpaymentsbank.com or through the Paytm app (update to latest app). Here you need to know that, only KYC-enabled Paytm users are allowed to open a Paytm Payments Bank account. Paytm is setting up KYC centers across India to help users get KYC done and make themselves eligible for a Payments Bank account. Located your nearest Paytm KYC center or book an appointment at place of your convenience (limited service!)
Request your Paytm Payments Bank invite.
— Paytm Payments Bank (@PaytmBank) May 23, 2017
Paytm Payments Bank Quick Facts
- You can open savings and current accounts with a virtual debit card.
- No minimum balance required to open bank account.
- Free: No charge will be levy on online transactions.
- 4% annual interest on savings account.
- Physical services like chequebook, demand draft and debit card will be available at a nominal fee.
- As per RBI, all Paytm Wallet users must be migrated to Paytm Payments Bank. user’s wallet will operate under the this Payments Bank and continue to exist and function in the same manner as earlier. In addition to a wallet, user will now be able to open a savings or current account.
- If a user don’t want to migrate to Paytm Payments Bank, their wallet will be closed and will not be able to make payments using their Paytm Wallet.
- Only KYC-enabled Paytm users are allowed to open an account in this Payments Bank.
— Techno Savie (@TechnoSavieNews) January 15, 2017