Hey Guys , Exciting news is coming from all Paytm Lovers . Paytm has announced to open Paytm payments Bank from 23 rd May 2016 . This is very Good news from all paytm account holder Because Now paytm going to give your more benefits like Interest on your paytm wallet Balance , Debit card , Check Book etc.
Paytm Founded in the year of 2010 By Vijay Shekhar Sharma under the name of One97 when it launched no one knows about it they Provide Recharge services slowly they start adding services like shopping ,hotel booking ,Bus ticket ,air ticket ,train ticket etc and Popular each day till .
Now they comes with Paytm payment bank which makes it more successful in future .Paytm concept of doing Business change the online mobile market .
Also Check : Paytm Charges for Money Transfer
Note : SEBI approve Paytm IPO & Likely to list in November 2021 and after dew days it will list in Indian share market that is huge news for paytm and for their business.
Paytm Become so popular because of their Cash back system In this they offer heavy cash back some time it is up to 100 % on your all Transactions and You can use this cash back amount as a normal money to buy any thing from their Platform that attracts lots of new users and make it successful.
What is Paytm Payment Bank :
Paytm from 23 rd May transfer all their existing users account in to Paytm Payments Bank Limited (PPBL) which is new name of Paytm Bnak . Earlier paytm runs under One 97 Company Name But From 23 rd may it converts in to PPBL. With Paytm bank account you will Get banking Benefits like which your Getting normal banks SBI ,PNB etc .
How To Join Paytm Payment Bank :
Joining of Paytm Bank is really simple You have to just create normal account with Paytm and Do Online KYC process to activate your Bank account In KYC you need ADHAR CARD Number and Mobile Number to verify your identity and instant opening of Paytm Payment Bank account.
If you are existing users or all ready paytm account then Just Do KYC process to open account with Paytm bank and start enjoying paytm bank services .If you do’t do KYC process still You can use Paytm but limitation of rs 20000 Per month limit and no banking benefits.
Step To Open Paytm Bank Account & Get Free RuPay Debit Card :
- First Of all Open Download or Update your Paytm app.
- Now open App and You see Paytm Bank Logo or Update KYC icon.
- Click On it and Enter your PAN card detail and proceed next.
- Now enter Your AADHAR card detail and Proceed next.
- Now complete Nominee Process and add address of your Home.
- Bingo ! You have applied for Paytm bank Just wait to receive confirmation SMS.
- Just like you receive card in Airtel Payment Bank Account, after few hours your Paytm Bank account open and you receive SMS that your Paytm RuPay debit card is added to your account.
What Benefits Offer Paytm Payment bank :
Paytm Bank Offers multiple benefits to its paytm Bank users like Normal banking. It includes Interest on your wallet Amount , Virtual Debit card ,Check Book etc.It also Offers financial services such as insurance, loans, Mutual Funds offered by our Paytm partners with the seamless Paytm experience.
Interest Rate and Benefits of Saving account On Paytm Payment Bank :
Intrest Rate on Saving account of Paytm is very interesting it is 4 % per Year and Payable monthly .One more good thing with Paytm Bank is their is no minimum balance limit to operate account .Below is the Offer Image which giv you better ideas of offering .
Limits Of Paytm Payment Bank :
Usually if you compare with normal banking it offers same services But Main limitation of Paytm Bank is Payments Banks are not allowed to lend to customers means they will not provide credit cards or loans. However, they can partner with other financial institutions/banks to offer financial products like loans, insurance, mutual funds, pension funds etc.
Also their Bank account Limitation is Rs 1 Lacs It means You can Put maximum 1 lac in your paytm bank account .
What happens to my existing Wallet?
“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.”
Is it Compulsory To join Paytm Payment Bank ?
Yes it is . If you are existing paytm user then on 23 rd may your normal paytm account transfer it to Payment bank account .So automatically you will become member of paytm bank . If you do’t want to join Paytm bank then simply mail to paytm about this they will transfer your all Money to your Bank account and close your paytm wallets.
How ever if your account is inactive from last 6 months then it will not converted in to paytm bank until you give confirmation to it.
Is Paytm Existing Services (Recharge, shopping ,Booking etc) Continue ?
Yes all the existing Paytm services like shopping ,booking services ,recharge are continue normally .From 23 rs May you will get new features of bank also in this existing services .
For More detail answered visit Paytm help Page to know more.
So Guys i Hope You get all the details about Paytm payment bank and Happy to know its all features .Still if you have some query or confusion you can ask here we will solve it ASAP and Let us know what you think about this new development of paytm in comment section also.