Paytm Payments Bank Account Opening Process – Free Paytm Debit Card

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 offers.

Now a user can create a account on paytm if he is beta user of paytm app or you can also create a account using beta version we have provided. In next few days it will be available for all users of paytm. You can follow the process we have provided to create a paytm payments bank account.

Since start Paytm wallet has created buzz in market and later at time of Demonetization in India it got so viral and seen a huge growth in user-base. 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.

If you create a paytm bank account than you will get a passbook, cheque book & paytm debit card.

Paytm Payments Bank

Beta Launch Date28 August 2017
Account TypeSavings
Non-KYC LimitRs.10,000
KYC User Limit1 Lac Rupees
Interest Rate4%
Debit CardYes
ATM TransactionUpto 5 Free/Month
ATM Transaction ChargesRs.20/ txn post 5 txn per month

How To Open A Paytm Payments Bank : Full Process

Step.1 First of all download beta version of paytm app ( Click Here)

Step.2 Install APK to your smartphone

Step.3 Login/Create a paytm account (Skip if already have a account)

Step.4 Now either click on paytm payments bank launch notification or click on Bank Account tab,

Step.5 Now create a 4 digit pass code (It will be used to login to your bank account)

Step.6 After that, add a nominee to your account or skip

Step.7 Now complete KYC Verification with aadhar card authentication & select your address

Step. 8 A Paytm Agent will reach your home address to verify your details & after that your paytm bank account will be active.

Benefits Of Paytm Payments Bank Account

  1. Get a bank account with virtual card ready in minutes
  2. Manage Your bank Account from Paytm
  3. No need to visit offline Banks again and again as everything will be available onine
  4. Get a Free Virtual Paytm Rupay Debit Card, working anywhere in India, Online or Offline
  5. Apply for physical card by paying just Rs.100+ delivery charges
  6. Also get Paytm Payments Bank Banking Kit which includes:
    • Passbook
    • Cheque Book
    • Debit Card
    • Internet Banking Instructions Manual
    • Welcome Kit with instructions to use the PayTM Wallet
  7. Minimum Balance: No minimum balance limit
  8. Maximum Balance: Upto Rs.100000 (1 Lakh INR)
  9. A higher interest rate of 4% with monthly payment
  10. Completely free Paytm Banking Transactions

Terms & Conditions For Paytm Bank

1. Paytm Payments Bank account can be opened only by a Resident Indian

2. Paytm Payments Bank is allowed to hold a maximum balance of Rs 1,00,000/- per individual customer at the end of the day i.e. the combined balance of your wallet and savings accounts should not exceed Rs 1,00,000/- at the end of the day

3. There is no minimum balance requirement to open an account with Paytm Payments Bank. Hence, you can open an account with us even with zero balance

4. Paytm Payments Bank is not permitted to offer loans, overdrafts/advances against customer deposits, credit cards, term deposits, recurring deposits, PPF accounts, demat accounts etc. In case we offer such products, they will be powered by our partner institutions

5. Nomination facility is available for all deposit accounts

Paytm Payments Bank Launch 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

Public Launch28th August (In Beta)
Interest Rate4% (Monthly Paid)
Paytm to Paytm TransferFree
IMPS/UPI/NEFTUnlimited Free
Paytm Debit CardA Free Virtual Rupay Card
Physical Card ChargesRs.100+ Delivery
Lost Card ReplacementRs.100+ Delivery
Cheque BoookRs.100+ Delivery
ATM Transactions (Non-metro)5 Free Transactions/Month
ATM Transactions (Metro Location)3 Free Transactions/ Month
ATM Charges After FreeRs.20 for withdrawal, Rs.5 for balance check, Mini Statement
Online Passbook/ Email StatementFree
Physical StatementRs 50+ delivery charges (Free for Women, Senior Citizens and Armed Forces Personnel)
UPI/IMPS/M-Banking24/7 Available
IMPS08.00 AM to 06.30 PM

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


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 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 paytm debit card, cheque book and other services such as statement as well.

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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