Paytm Payments Bank Offers, Interest Rate – How To Open Account

Paytm Payments Bank Offers, Interest Rate – How To Open Account
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The leader in mobile wallet industry of India, Paytm Wallet enters the banking industry and launches Paytm Payments Bank. Paytm is third to launch a payment bank in India after Airtel & India Post. Paytm Paytments Bank Offers 4% Interest for its customers which is slightly more then what other banks offer.

Since start Paytm wallet created buzz in market and later at time of Demonetization in India it got so viral and seen a huge growth in userbase. The current user strength of Paytm is over 2.2 billion, which is planned to increase up to 5 Billion before 2020.

Paytm payments bank will be same as a bank and will provide same services and facilities for its users. With Paytm bank account you will be eligible to avail the services such as check book, ATM card and a lot of others.

According to news, Paytm will open 31 branches with over 2000 customer service points in all India within single year. First branch of Paytm bank will be opened in Noida and will be expended rapidly to other locations of country.

 

At start their beta banking application will be available for their employees and associates only while other Paytm customer can request for a invitation by clicking here. We will talk more about account opening process at middle of post so keep reading.

Paytm Payments Bank

Launch Date23 May 2017
Account TypeSavings
Non-KYC LimitRs.10,000
KYC User Limit1 Lac Rupees
Interest Rate4%
Debit CardYes
CheckbookYes
ATM TransactionUpto 5 Free/Month
ATM Transaction ChargesRs.20/ txn post 5 txn per month

Paytm Payments Bank Offers

Deposit Rs.25000 In Paytm Bank Account And Get Rs.250 Cashback

This is launch special​ offer by Paytm Payments Bank, in this offer you will get flat Rs.250 Cashback added to your Paytm bank account once you load atleast rs.25000 in it.

The offer is valid for first 1 million users only​ and can be availed only when you deposit atleast rs.25000 in your account. It’s really a good offer as no other bank provide cashback for money deposit in bank account. Cashback of 250₹ will be credited to your account with 7-10 days.

4% Interest On Paytm Saving Account

In Paytm account you will get 4% interest rate. This rate is better then what other banks provide so it’s worth to create account in Paytm bank. However, it’s lower then some other payments​ bank providers, so we have provided comparation at last of post, you can check that as it will make it easier to choose better for you.

What Is Paytm Payments Bank

Last year Paytm got licence for payment bank from RBI, now Paytm will be renamed as Paytm Payments Bank and will work as a full fledged bank. Its third bank of its kind and going to provide exiting offers on its launch. If you are already a paytm wallet customer then you will be migrated to paytm payments bank and your wallet balance will also transferred to paytm bank account.

Paytm Payments Bank Launch Date

The launch date of paytm wallet is fixed for 23rd may and it’s launched today. At start it will open it’s first branch in Noida and will expand to 31 branches with over 1000 customer points within next one year.

Launch Date23 May 2017
First BranchNoida
CEORenu Setti

How To Open A Paytm Bank Account

If you are already a paytm wallet customer then you will be automatically become a paytm payments bank account holder. If you owns a KYC Verified Wallet then you can deposit up to 1 lac rupees in your account while Non-KYC users will have only 10k limit.

If you are not a paytm wallet user then you can still create a paytm bank account however, at start it is available through invites only. You can get yourself invited by clicking here.

Paytm Payments Bank Interest Rate

Better then others but not that much, it’s 4%. Yes, you are going to get 4% interest on you paytm payments bank deposit. Just to let you know, there are a few other payment banks which provides better interest rate then paytm so make sure that you check them as well below. 

What Will Happen To My Wallet Balance

There is nothing to worry even if you have some cash in your paytm wallet as it will automatically transferred to your paytm payments bank account. After that you can keep using their services as normal and can avail paytm offers and services.

What is Paytm Payments Bank Transaction Fee & Charges

There are no charges for using paytm bank services. Still there are few limits on free transaction numbers for debit cards. You can refer to below table for more.

Paytm To PaytmNo Charges
IMPS/NEFT/UPINo Charges
Rupay Debit CardFree
Annual Subscription For CardRs.100+Delivery
Card ReplacementRs.100
Cheque BookRs.100
ATM – Non-Metro5 Free Transactions Each Month
ATM – Metro Locations3 Free Transaction Each Month
ATM Fee After Free LimitsRs.20 For Withdrawal & Rs.5 For Balance Check
Online Passbook & E-StatementFree
Printed StatementRs.50 + Delivery Cahrges (Free For Women, Senior Citizens & Armed Force

What Is Minimum Account Balance To Be Maintained 

There is no minimum balance to be maintained, it can be even 0 (Zero). And you will get interest on whatever you have.

How To Request Debit Card & Cheque Book

You can avail all the banking services with paytm payments bank. Once you get your bank account ready with paytm you can request for your card and cheque book and other services such as statement as well.

Comparation With Other Payments Banks

Before Paytm, India Post and Airtel Launched their payment bank services. So Paytm is third to launch it in India. Here we have done a quick comparation between services of all of these threes.

<-Comparation Table->

So guys, this is all information we have about Paytm Payments Bank for now. We have already added full process to create a new account.

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