Paytm Launches Payments Bank (Download PDF)

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Digital payment wallet service Paytm on 23 May 2017 launched its payment bank operations by launching its first physical branch in Noida. The Paytm Payments Bank will be the first bank in the country to offer cashbacks on deposits.

Image of the Paytm payments Bank

Image of the Paytm Payments Bank

Image of the Paytm payments Bank

About Paytm Payment Bank:

  • There are three payments bank operational in the country, the other two being
  1. Airtel Payments Bank Ltd
  2. India Post Payments Bank Ltd
  • The Paytm Payments Bank aims to plans to roll out operations in 31 branches and 3, 000 customer service points in the first year.
  • These banks can accept a restricted deposit, which is currently limited to ₹1 lakh per customer
  • These banks cannot issue loans and credit cards
  • Current account and savings accounts can be operated by such banks
  • Payments banks can issue services like

    1. ATM cards
    2. Debit cards
    3. Net-banking
    4. Mobile-banking
  • All Paytm wallet accounts to be automatically migrated to the payments bank
  • The wallet accounts will not become bank accounts
  • Paytm account holders will get chequebook and debit card, but no credit cards
  • Paytm app will not change
  • To offer 4 % interest on deposits
  • Inactive accounts will not be transferred
  • Zero balance accounts
  • Accounts for Paytm Payments Bank available on invite-only basis
  • Customers can request for invites on app
  • Paytm to open its own ATMs
Image of the About Paytm Payment Bank

Image of the About Paytm Payment Bank

Image of the About Paytm Payment Bank

Features:

Image of Feature List

Image of Feature List

Image of Feature List

Table Contant shows About Paytm Payment Bank

Table Contant shows About Paytm Payment Bank

Paytm Payment Bank

Interest rate

4%

Minimum balance

Nil

Online fund transfer

Free

Debit card annual subscription fee

Rs 100 + delivery charges

ATM transaction

3 free for metros, 5 free for non-metros

Post free transaction, Rs. 20 for cash withdrawal

Indian Post Payment Bank

Interest rate

5.55%

Branch banking

4 free transactions; after that Rs. 20 per transaction

ATM transaction

Free at India Post, Punjab National Bank ATMs

Other ATMs: 3 free for metros, 5 free for non-metros

After that, Rs. 20 for cash withdrawal

Account closure within 6 months

Rs 250

Online fund transfer

Rs 2.50 - 5.00 for NEFT, IMPS at bank branch

Cash withdrawal for doorstep banking

Rs 15 - 35 depending on amount

Airtel Payment Bank

Interest rate

7.25%

Cash withdrawal

0.65 % of the amount

Online fund transfer to another bank

0.5 % of the amount

Minimum amount for first cash deposit

Rs 100

- Published/Last Modified on: May 27, 2017

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