Paytm Payments Bank set to launch on 23rd May. What is Paytm Payments bank | How to Open Paytm Payments Bank Account.
Paytm Payments Bank — India’s first bank with zero charges on online transactions, no minimum balance requirement and free virtual debit card.
The Paytm Payments Bank will bring a new banking model to the world where an account holder’s money will be absolutely safe. Deposits will only be invested in government bonds that are used for the development of our nation. Paytm setting up KYC centers across India to help customers get KYC done and make themselves eligible for a Payments Bank account.
Offer an annual interest of 4% for all savings accounts. The merchant partners will also have access to current bank accounts.
You can request an invite by logging onto www.paytmpaymentsbank.com or through the Paytm app (please upgrade to the latest version of the App to request an invite).
Frequently Asked Questions (FAQs)
Q. What is a Payments Bank?
Ans: Payments Bank is a new type of bank, licenced by the Reserve Bank of India. As a Payments Bank, Paytm can now accept customer deposits upto Rs. 1 lakh per customer in a wallet, savings or current account and offer other banking services like Debit Cards, Online Banking and Mobile Banking.
Q. How is a Payments Bank different from a conventional bank?
Ans: Payments Bank is a new bank model visualised by the Reserve Bank of India. As a Payments Bank, Paytm can now accept customer deposits upto Rs. 1 lakh per customer in a savings or current account and offer other banking services like Debit Cards, Online Banking and Mobile Banking.
Payments Banks can not offer financial products of their own, but partner with other banks.
Q. What are the services offered by Paytm Payments Bank?
Ans: Paytm Payments Bank is offering savings and current accounts with a debit card and the ability to make fast and easy payments. It will soon enable you to access a range of financial services such as Insurance, Loans, Mutual Funds offered by our partner banks with the seamless Paytm experience.
Q. How can I open my account?
Ans: Currently we are inviting limited users to open an account with Paytm Payments Bank. You can request for an invite using paytmpaymentsbank.com or the latest Paytm app.
Q. What happens to my existing Wallet?
Ans: Your current Paytm Wallet will now move to the Paytm Payments Bank Limited in the same capacity i.e. KYC wallet as KYC wallet and minimum KYC wallet as minimum KYC wallet. You continue to use the Paytm Wallet as before without any changes.
However, if you have not used your wallet in the last 6 months and you have zero balance, you will be required to login to your wallet again to move to the Paytm Payments Bank.
Q. Will my wallet get converted into a bank account?
Ans: No, your wallet will simply operate under the Paytm Payments Bank and continue to exist and function in the same manner as earlier. In addition to a wallet, you will now be able to open a savings or current account with us and access a wide range of financial services.
Q. Can I choose not to move to Paytm Payments Bank?
Ans: Movement to Paytm Payments Bank is required by RBI for all Paytm Wallet customers. However, If you choose not to continue to enjoy the benefits of your Paytm Wallet, please email us at email@example.com
If you chose not to migrate to Paytm Payments Bank, your wallet will be closed and you will not be able to make payments using your Paytm Wallet.
Q. Will my wallet balance now earn interest?
Ans: To earn interest, you will need to open a Paytm Payments Bank savings account.
Q. Will my old login details work?
Ans: Yes, your Paytm login details continue to remain the same.
Q. Can I now withdraw money from my wallet?
Ans: No, withdrawing money from wallet is not allowed as per RBI policies. If you envisage such use, we recommend that you open a savings or current account by completing your KYC and signing up.
Q. Is it mandatory to open an account with Paytm Payments Bank once it is launched, to continue using the wallet?
Ans: It is not mandatory to open an account with Paytm Payments Bank to use the wallet.
Q. Does this mean, I get a bank account with Paytm Payments Bank?
Ans: No. This is just a transfer of ownership of the Paytm Wallet to a new company called Paytm Payments Bank Ltd. You will now be given an option to open a separate bank account with us.
Q. Can I move my money to any other Bank from Paytm Payments Bank Wallet?
Ans: Yes, you would be able to send money to any bank account from your Paytm Payment Bank Wallet.
Q. I already have a Paytm account. Will I automatically become a Bank customer?
Ans: While you may be an existing Paytm user, you will need to open a Bank account separately.
Q. I haven’t done my KYC. Can I get a Payments Bank account?
Ans: Only KYC-enabled Paytm users are allowed to open a Paytm Payments Bank account. Our KYC process is instant and absolutely paperless — so what are you waiting for? Find your nearest KYC center here or click here to book an appointment at place of your convenience (limited service!)
For more details visit: https://blog.paytm.com/introducing-paytm-payments-bank-67214edfe0d1