Paytm Payments Bank Launched: Here’s What It Means for You
Tuesday Paytm announced the launch of its payment bank in India with a public notice in newspapers and a blog. This comes after months of delays, but according to the notice, the company’s Paytm portfolio is transferred to the newly formed entity, Paytm Payments Bank Ltd (PPBL). Paytm was ready to begin operations throughout the past year Independence Day.
In 2015, the RBI has granted approval, in principle, the founder Vijay Shekhar Sharma to set up a payment bank with 10 other people. So far, apart from Paytm only Airtel got its bank payment execution.
All Paytm portfolio accounts will be automatically transferred to new bank payments. If you do not want to continue with the bank, you need to unsubscribe by sending an email to or visiting [email protected] paytm.com/care to withdraw and change your balance by transferring your bank account.
Your account will remain a PPBL account portfolio, not a bank account. Inactive accounts for six months and that have a balance of zero will be transferred to PPBL there are no options. In addition to the wallet account, you can also open a Paytm bank payment or checking account. Although both have the same connection, it is necessary to open a separate bank account.
Paytm accounts are being deployed in beta for employees and associates. Other people may also request an invitation to become account holders at the bank. These accounts have a limit of Rs. 1 lakh per customer, and they are different portfolios as they can offer debit and interest cards.
For a Paytm bank account, you must visit the Paytm Bank page and click Request an Invitation. To do this you will need to log in to your Paytm account, and once you do, you automatically register your interest in being an account holder.
If the transfer of more than Rs. 25,000 in your Paytm bank account, you will receive a refund of Rs. 250 (1%), up to four times.
There is no minimum balance in the bank account. In addition, online transactions (such as IMPS, NEFT, RTGS) will have no charge.
One big difference between a portfolio and a paying bank is that it can offer an interest. Paytm pay 4% per year. This is below the 7.5% interest payment offered by the Airtel bank, and in line with what is obtained from the Axis, ICICI and HDFC.
On the other hand, unlike the portfolios, payment banks can offer debit cards (but not credit). According to the Paytm website, physical services such as a check book, debit cards and projects will be available from Paytm bank payments at a low price. Interestingly, Airtel offers no physical debit card, virtual, but to use online.
The bank will issue a Paytm Rupay debit card, which will be free but will be charged Rs 100 + shipping costs at annual rates. A lost card replacement will also be Rs. 100 + delivery. A checkbook of 10 sheets also cost Rs. 100 + shipping costs.
Paytm does not have its own ATMs. However, the debit card can be used free of charge five times in a non-meter or three times in the meter subway stop. Then there will be an Rs. 20 Cost of withdrawing cash, while other operations, such as check balances, will cost Rs. 5.