January 4, 2018, New Delhi: Paytm Payments Bank is India’s largest digital bank with zero charges on all online transactions and no minimum balance requirement. The bank has been designed to help achieve financial inclusion in the country and is in line with Paytm’s mission of bringing half a billion Indians on to the mainstream economy.
Paytm Payments Bank gives users an access to:
- Quick and paperless account opening
- Earn interest on their savings account
- Zero-fee account, no minimum balance requirement
- All online transaction (IMPS, NEFT, RTGS, UPI) will be free of charge
- Free personalized RuPay digital debit card
- Withdraw cash from any ATM
- Personalised banking at ‘Paytm ka ATM’ locations across India
How to open a Paytm Payment Bank account:
– After updating the Paytm app to the latest version, you will be greeted with a popup about the bank
– Tap on the ‘Proceed’ button, and it will ask you to set a passcode, followed by an option to appoint a nominee
– You will have to enter nominee details such as full name, relationship, age and date of birth, address and more
– Once the nominee is appointed, you will have to enter your Aadhaar card and PAN card numbers, followed by the address of verification
– After all these details are provided, a Paytm representative will visit your given address for completing KYC, after which your Payments Bank account will be activated
Benefits that users can avail with Paytm Payments Bank account are:
Zero balance accounts
Accounts holders of Paytm Payments Bank can open zero-fee accounts, which means no minimum balance is required to maintain the account.
Earn interest for keeping money in your account
Earn minimum 4% interest and up to 7.03% by keeping money in sweep out Fixed Deposit (FD)
No penalty on breaking Fixed Deposit
No breaking charges on sweep-out Fixed Deposit
Free Rupay debit card
Paytm Payments Bank customers will also get free personalized Rupay digital debit card, which can be used to make online purchases.
ATM withdrawal facility
Customers will be able to withdraw cash from any of the banking outlet ‘Paytm Ka ATM’ locations across India. Customers can also use their physical debit cards to withdraw money from any ATM in the country.
No fee for digital transactions
No charges for online transactions like IMPS, UPI, NEFT and RTGS.
Risk-free deposits
Your money is safe with us. We invest deposits only in government bonds. None of your deposits will be converted in to risky assets.
Real time updated Passbook
View your transaction and balance in real time in Paytm Passbook
Highly Secure
Your account is secured with a special Paytm Passcode to ensure your account is safe
Free insurance
Get a free insurance cover of upto Rs. 2 lakh in the incident of death or permanent total disability, according to the terms and conditions
India’s most convenient banking is here. Enjoy banking with the country’s largest digital Paytm Payments Bank.
About Paytm Payments Bank
India’s largest digital bank, Paytm Payments Bank is the only bank providing zero balance accounts and zero charges on digital transactions. With over 190 million savings and wallet accounts, Paytm Payments Bank aims to build a new business model in the banking industry that is focused on bringing financial services to 500 million un-served or underserved consumers across India. With Renu Satti as its MD & CEO, it is headquartered in the National Capital Region, India. Paytm Founder and CEO, Vijay Shekhar Sharma owns majority stake in the company, and One97 Communications Ltd owns the remaining share. The Bank has P Vijayabhaskar (Ex Executive Director, RBI), Ash Lilani (Managing Partner and co-founder of Saama Capital) and G S Sundararajan (ex Managing Director at Sriram Group) as Independent Directors.