Just like Airtel Payment Bank, PayTM has also launched its Payment Bank – PayTM Payments Bank
There will be many questions about PayTM payment bank in your mind – what is it, how will it work, what is the benefit etc.etc. So, today I will tell you exactly what is the paytm payment bank and how will it work?
What is PayTM Payment Bank?
Now your PayTM wallet is not just a wallet. Now it has become a bank where you can open your own bank account (It is your choice).
Let me tell you Paytm payment bank is slightly different from the common banks. Here you can only keep the amount up to 1 lac, not more than that.
You can open Savings and current account. You will find all the banking facilities in it.
PayTM will provide all the banking products in partnership with other banks.
What will you get?
All the facilities that a Bank gives you, such as Debit Card, Mobile Banking, Cheque book, will be given in the PayTM payment bank account.
According to PayTM, you will get such benefits:
- You can keep Zero account balance.
- You will get 4% interest.
- Money transfer is absolutely free for NEFT, IMPS, UPI (No charges like other bank)
- You will also get Cheque book & Debit card (Charges apply)
The most special thing is that you do not have to give any charge to transfer money. Generally all banks will charge you for IMPS Rs. For 5 + tax and NEFT charges Rs.5 to Rs.25.
In short, all banking products available for you with PayTM bank account.
How to open Paytm payment bank account?
Currently you have to submit an Invitation request to open the PayTM payment bank account.
You can send a request to open an account here.
To open an account, your PayTM account must be KYC compliant. Only KYC enabled users can apply for saving account. As you know, to open bank account KYC documents such as Aadhaar card, PAN card etc required.
To make your PayTM account KYC-compliant, just visit your nearest KYC center and submit aadhaar card or other related documents.
- Click here to view the list of KYC center https://paytm.com/settings/upgrade
Once your account is kYC enabled, you can open your savings account.
Frequently Asked Questions
Q.1: How PayTM Payment Bank different from other bank?
- Answer Only you can keep up to 1 lakh in this account.
Q.2: Which services will be available?
- Answer: In this, you will get facilities like Debit cards, check book, Mobile banking, as well as services like Insurance, Loans, Mutual Funds too soon.
Q.3: How can we open accounts?
- Answer: The account opening facility currently available on Invitation only, you have to send the request.
Q.4: What will happen to my Wallet?
- Answer: Nothing will happen to your wallet. PayTM wallet will now be known as PayTM Payment Bank.
Q.5: Will my Wallet be transformed into a bank account automatically?
- Answer: No, you have to open an account separately.
Q.6: Is it necessary to open an account?
- Answer: No, not necessarily, you can continue to use as a wallet
Q.8: My PayTM account is not KYC enabled, can I open an account?
- Answer: No, without KYC, you can not open the account, only KYC enabled user can open an account in the PayTM payment bank.