Paytm was founded back in 2010 by Vijay Shekhar Sharma. This is now India’s largest electronic payment brand. By providing various cashback offers and advertisements, currently it has over 200 Million users. Now it started it’s own bank called Paytm Payments Bank and many users are already interested in this. So, in this article, we are going to describe how to open Paytm payment bank account. You can create savings account on Paytm Payments bank and enjoy all the benefits it’s providing.
There are many questions in people’s mind about Paytm Payments Bank. You’ll get answer of all questions in this article. Previously Airtel and India Post launched their Payments bank. But when it comes to Paytm, there is huge number of it’s users and more people are interested to know how to open Paytm payment bank account (Savings account). But before knowing how to open Paytm payment bank account, let’s know what is this and what benefits you get if you create Savings account on Paytm payments bank.
What Is Paytm Payments Bank?
Paytm Payments Bank is a new and different banking model which is visualized by the Reserve Bank Of India. But unlike other conventional banks, it offers some extra benefits to it’s users. You can deposit up to Rs 1 Lakh on your Paytm Payments Bank account. It also offers Debit Cards, Online Banking and Mobile Banking facilities like other banks. It has partnered with other banks to offer financial products to it’s customers.
Benefits Of Using Paytm Payments Bank
This is the first bank of India which doesn’t charge fee on online transactions. There is also no minimum balance limit like State Bank Of India and other conventional banks. Paytm Payments bank also offers virtual debit card for free of cost. On the top of it, Paytm payments bank also offers good percent of interest on your money deposited to your Paytm payments bank account. If you are a merchant and you accept payments via Paytm, then Paytm payments bank’s Current account is also there for you. This is the most consumer-friendly bank across India.
How To Open Paytm Payment Bank Account?
Here we are talking about Savings bank account on Paytm Payments bank. Before we start, make sure you have a Paytm wallet account or create a new one using your mobile number. Then go to Profile > Get your KYC done > Request Now. Here you’ll need to enter your 12 digit Aadhaar card number and your name as on Aadhaar card. Proceed and your KYC process will be done via online automatically. You’ll receive an SMS from Paytm confirming the same. Now, you are ready to open Paytm Payment Bank account. Follow the steps given below to get it done quickly.
- Make sure you are using the latest version of Paytm app.
- Tap on the Paytm Bank Logo and enter your PAN card details.
- Enter your Aadhaar card number and name on card.
- Then enter Nominee details and address.
- That’s it. You’ll receive an SMS instantly.
Now you have to wait for few hours to get your Paytm Payments bank account activated. You will also get your Paytm Rupay debit card which can be used anywhere. Paytm Payment bank customer care number is 0120 3888 388, you can use it if you face any problem regarding your account.
Paytm Payment Bank Interest Rate & Charges
Currently Paytm is offering 4% annual interest to savings accounts on Paytm Payment Bank. The minimum account balance is Nil. Unlimited funds transfer via IMPS, UPI, NEFT and to other Paytm bank account or wallet are absolutely free. A Rupay debit card will be provided for free. Annual subscription for physical Rupay Debit card, lost card replacement and Check book (10 leaves) charges are Rs 100 plus delivery charges.
Now come to it’s ATM transaction charges. You are getting 5 and 3 free ATM transaction per month on Non-metro and Metro locations respectively. After that cash withdrawal charge will be Rs 20 per transaction and Rs 5 per transaction on balance check and mini statement. Online passbook and email statements are free of cost but to get physical statements or certificates you’ll have to pay Rs 50 plus delivery charges and the service is free for women, senior citizens and armed forces personnel.
Hope you guys now know how to open Paytm payment bank account (Savings Account). Now share this article with your friends who may need to create a savings account on Paytm Payments bank. Stay tuned with us to get more stuffs like this.