Paytm Payments Bank: Hey, Congrats to everyone that finally Paytm has declared to launch their Paytm Payment Bank on 23rd May. Though this declaration has been delayed for more than a year but recently Paytm confirmed about Payment bank on their Facebook page.
We are in the process of launching Paytm Payments Bank on 23rd May. We got the final license from Reserve Bank of India, said a Paytm Spokesperson.
Moreover, Paytm has more than 200 million active users as confirmed recently by Paytm. This is a significant amount of users to start a Payments Bank operations in India.
So, In this article I will tell you each and everything regarding Paytm Payments Bank, its Interest Rate, How to Apply online and other frequently asked questions. I believe, all you queries will be resolved at the end of reading this whole post.
What is Paytm Payments Bank?
Paytm Payments Bank is exactly same as the Paytm we currently use, all the transactions and account will be automatically transferred to Paytm Payments Bank. You will however get additional benefits such as a Paytm Payments Bank Account, chequebook and a debit card.
Paytm will now be renamed as Paytm Payments Bank Limited (PPBL). Vijay Shekhar Sharma, CEO of Paytm will own 51%and 49% owned by One97 Communications Ltd.
I would also like to add that, Paytm has received a huge funding of $1.4 Billion from Chinese Softbank which has now valued Paytm a whooping $8 Billion. As per Masayoshi Son, CEO of Softbank, Paytm would use these funds to push start Paytm payments bank operation.
Paytm Payments Bank Information
Here are all the basic Details about Paytm Payments Bank that you would need to know.
|Launch Date||23rd May 2017|
|Savings Limit||₹1 lakh|
|Transaction Fee||No Fees|
What Will Happen to My Paytm Cash in Wallet?
Do not worry at all, Your money will be absolutely safe with Paytm and you are not going to loose it. It was yours and it will be yours always!
If you already have some balance in you Paytm Wallet then it will be automatically transferred to your Paytm Payments Bank Account. If you had already verified your KYC, then it will remain verified you don’t need to do anything. Just relax!
Is it mandatory to Open a Paytm Payment Bank Account?
No, that completely depends upon you. If you do not want to use Paytm Payments Bank, you can instantly transfer your money to your other bank account.
I need to use Paytm Wallet, Do I need to open the Account?
No, Its is not at all necessary to open a Bank account with Paytm. You can still use your Paytm wallet to Send/Receive paytm money, do recharge and much more.
How Much is Paytm Payments Bank Interest Rate?
You will be really surprised by this, but You will get 14.5% interest per year on the money you deposit in you Paytm Payments Bank account.
For example, if you deposit 1 Lakh in your Paytm Payment Bank account, then your money will become 1.14 Lakh within one year. This is the maximum amount of Interest rates that you can get anywhere in India.
I believe high Paytm Payments Bank Interest Rate will surely help them to acquire more users easily. This is similar to what Paytm did by giving huge cashback and hence acquired Millions of users.
Let me add, that this interest rate is not yet confirmed officially but as per an article on startup blog, we can assume these interest rates.
Do you know that Jio might be launching Jio Payments Bank?
How To Apply for Paytm Payments Bank Account?
As I already told, You don’t need to do anything, your current Paytm account will be automatically transferred to Paytm Bank account.
What are the Transaction Fees?
Their will be no transaction charges if you send/receive money to other Paytm Wallet account. However, 2% fees will be charged on sending money from Paytm Wallet to other Bankl account.
But other than this their will be no extra charges at customer end for using various services offered by Paytm. Which includes Paytm Recharge, Ola/Uber payments, Food delivery payments on Zomato, foodpanda, fuel etc.
How can I apply Paytm Chequebook, Debit Card online?
You can easily get the Chquebook, Passbook and Debit card of Paytm Payments Bank. For this, you need to opt-in for Paytm Payments Bank Savings account. Once you opt for the same, you will get interest benefits, Debit card and other bank related benefits.
The best part of it will be that you can easily check your account details Online as well as Offline.
Are their are Drawbacks of Paytm Payments Bank?
Yes, their are a few drawback or you can say limitations of Paytm Payment Bank. Lets have a look:
- You can only get Debit card not credit cards as this is not allowed by RBI.
- The maximum limit of savings account is just Rs. 1 Lakh.
- Paytm Bank can not offer loan to their customers
What are the benefits of Paytm Payments Bank?
- Paytm Payments bank will definitely help make in making India a more cash free country.
- This will help to even small transactions under Bank section
What is Paytm Payments Bank Customer Care Number?
Some of you might still have some queries and might need Paytm Payments Bank Customer Care Number. So, I have that as well. Currently Paytm Bank has not started any standalone Customer Care service for hence you can contact the Paytm Customer Care itself.
Paytm Customer Care Number: 096439 79797
I hope you would surely like this article and if Yes, then do share it with you friends who use Paytm.
Though Paytm Payments Bank might seem just a little thing in tech world but its a huge success story of a single person. Paytm started as a simple Online Recharge portal and within a few years it is ready enter the biggest economy sector of India.