Good news to all existing paytm users as paytm payment bank is about to launch on 23rd of May. This news is officially announced by paytm on their facebook page. Not only paytm, Airtel also starting its payment bank with 7.25% interest rate on your saving account deposits.
Paytm has over 200 million active users as confirmed by the company. This significant amount of customers are enough to start the payment bank operation by paytm.com in India. Recently, Japanese “Softbank” bank also funded $1.4 billion paytm to kickoff the payment bank operation, said Masayoshi Son, CEO of Softbank. This service will increase the basic banking awareness and quick payment in country.
So finally, paytm has received license from Reserve Bank of India. The payment bank operation will be start on 23rd May 2017 onward. So in this post, we will talk about the important points of Paytm payment bank as well the interest rate, other charges. Keep reading this post to find out answers of most important questions.
- 1 Paytm Payments Bank Details
- 1.1 Offers for New Users
- 1.2 What Will Happen to My Paytm Money?
- 1.3 Is this Necessary to Open Account with Paytm Payment Bank?
- 1.4 What are the Interest Rate on Savings Account?
- 1.5 How Will Paytm Shift From Wallet Business to Payment Bank?
- 1.6 How to Apply For for Checkbook, Debit Cards?
- 1.7 What will be the Transaction Charges?
- 1.8 What are the Paytm Payment Bank’s Limitations?
Paytm Payments Bank Details
|Launch Date||23rd May 2017|
|Savings Limit||₹1 lakh|
|Transaction Fee||No charges|
After that necessary changes, the company will be renamed as Paytm Payements Bank Limited (PPBL). The CEO, Vijay Shekhar Sharma will owned 51% and 49% ownership is with One97 Communications Ltd.
Offers for New Users
First One million users who will signup for paytm payments account will get 250 cashback for 4 times. However you need to deposit minimum 25,000 on your saving account. Not only this, you will additionally get 4% interest rate on your saving account. So go ahead to signup and use this paytm offers and use it on your recharges, bill payments and shopping.
What Will Happen to My Paytm Money?
Your money will be absolutely safe with paytm and it will always be yours. If you have any money in your paytm wallet than it will be reflected in your Paytm Payment Bank account as it is. Everything will remains the same for example, the KYC accounts will remain KYC verified.
Is this Necessary to Open Account with Paytm Payment Bank?
No, absolutely not. Its not mandatory to open account with it. You can also opt-out from paytm any time by transferring your money back to your current bank account.
What are the Interest Rate on Savings Account?
If you deposit money on your saving account then you will get 4% interest rate per year. This is official confirmed according to a article published on paytm blog we can assume this interest rate as of now.
How Will Paytm Shift From Wallet Business to Payment Bank?
After getting green signal from the Central bank on India, the brand will transfer wallet business to the new payment bank. So user don’t have to do anything from their end. Everything will be the same as before for India’s largest digital wallet. The process will be automatic and users will experience no changes, whatsoever.
How to Apply For for Checkbook, Debit Cards?
In case, you want interest rate benefits on your savings deposits then you have to opt-in for Paytm payment bank saving accounts. You will receive checkbook to retrieve all your transaction offline. You can go to paytm.com to check your transactions status online too. You will be issued a debit card to do faster transactions on the go.
What will be the Transaction Charges?
The transaction under paytm payment bank will be normal. If you are going to use paytm wallet normally in future than a 2% charge is levied for Paytm customers on sending money to any bank account from Paytm wallet. Other than this, there is no additional charges to use paytm services. You can use paytm wallet to make transaction for food, travel, cabs, fuel, etc.
What are the Paytm Payment Bank’s Limitations?
- You cannot keep more than 1 lac on your account.
- Payment bank can allow debit cards but not credit cards.
- Bank cannot not lend or give advance to their customers.
- No loan will be provided under any circumstances
Starting with a online recharge service, paytm has reached very high level. According to the Professional social network LinkedIN, paytm is among top 10 most trusted company in India. So i think this news will be beneficial to many users, please leave your review in the comment section below.