Paytm Payments Bank Savings Bank Account | The parent company of Paytm announced that it plans to merge Paytm wallet into Paytm Payments Bank. Already know that RBI has approved the licence of Paytm To transfer it’s wallet business into Bank & Paytm finally launched the “Paytm Payment Bank”.
How to Create Paytm Payments Bank Savings Bank Account:
1. Visit Paytm App Google play Page
2. Scroll Down and Join “Beta Program”.
Note: If you are Beta User then just update the app & you will see the PayTM payment Bank option.
3. After few minutes Visit Back on Paytm App Page and You will get the Update option.
4. Update the Paytm App.
5. Open Paytm App and on HomePage -> Click on “Bank account”.
6. Click on “i don’t want to add nominee Now” -> Enter your Aadhaar card details and Pan card.
7. If you are not PayTM KYC user then , Select Address , Put Your 16 Digit Aadhaar Number & Name – You have to Verify Your KYC Details first to start using the PayTM Payment Bank services.
You will get a Banking Kit from PayTM with the Following:
- A Passbook
- A Cheque Book
- A Debit Card
- Internet Banking Instructions Manual
- A Welcome Kit with instructions to use the PayTM Wallet.
The Banking Kit will reach at your home directly. It may take up to 2 weeks to reach you after your Bank Account has been created. Kindly wait for it to come.
Some Frequently Asked Question about Paytm Payments Bank:
1. What happens to my current Paytm Wallet?
It will be transferred to the Paytm Payments Bank Limited as it is, i.e. KYC Wallet as KYC Wallet and minimum KYC Wallet as minimum KYC Wallet
2. What happens to my money in the Paytm Wallet?
Your money is absolutely safe in the Paytm Wallet. It is always yours and you will never lose it. If you have any balance in your current Paytm Wallet, it will reflect in your new Paytm Payments Bank Wallet
If your Wallet has been inactive for the last six months and has zero balance, it won’t be transferred to the Paytm Payments Bank Wallet unless you specifically give consent for the same while logging into the app, web or by e-mail.
3. Can I move my money to any other Bank from Paytm Payments Bank Wallet?
Yes, you would be able to send money to any bank account from your Paytm Payment Bank Wallet.
4. Will the Paytm app change?
No, The user experience will remain the same as the app will continue to work as it does. You will continue to use it to pay for taxi, fuel, food, etc. the same way.
5. What will change then?
The wallet business will get transferred to the new company but will keep running as it is.
6. Will I get a bank account number, chequebook, debit card, etc.?
Only if you opt to open an account with the new payments bank of the company. Otherwise, your wallet will keep working as it is. The company will give you an option to open a separate account. You will earn interest on your money if you choose to open a payments bank account.
7. Can I opt out?
In case you choose not to continue to enjoy the benefits of your Paytm Wallet, please email us at firstname.lastname@example.org or log in to Paytm.com/care to notify your choice of opting out and redeeming your balance by a one time transfer to your own bank account. Do indicate the account holder’s name, account number and the IFSC Code of the Bank where you wish to redeem the money.
8. Do I have to pay any charges for this transfer?
You do not have to pay any charges or fees for this transfer
Terms & Conditions:
- Paytm Payments Bank account can be opened only by a Resident Indian
- Paytm Payments Bank is allowed to hold a maximum balance of Rs 1,00,000/- per individual customer at the end of the day i.e. the combined balance of your wallet and savings accounts should not exceed Rs 1,00,000/- at the end of the day
- There is no minimum balance requirement to open an account with Paytm Payments Bank. Hence, you can open an account with us even with zero balance.
- Paytm Payments Bank is not permitted to offer loans, overdrafts/advances against customer deposits, credit cards, term deposits, recurring deposits, PPF accounts, demat accounts etc. In case we offer such products, they will be powered by our partner institutions.
- Nomination facility is available for all deposit accounts