we will tell you that Paytm Payments Bank How do you open your account? The process of opening a savings account with Paytm Payments Bank is very simple. And the best thing is that for this you do not need to travel anywhere, the account is opened sitting at home.
Procedure to open a savings account in Paytm Payments Bank
- First of all, you have to download the latest version of your Paytm app.
- After this open the app and then click on the bank account icon.
- Now read the terms and conditions carefully and then tap to proceed further.
- Set a passcode and then confirm.
- After that enter your Aadhaar card number and proceed further.
- After giving all the required information, you have to give the name of a nominee or you can also choose the option of “I don’t want to add a nominee”.
After this you have to enter your address. If you have purchased through Paytm, the already stored address will be displayed or you can enter a new one.
KYC for customers
If you are a KYC customer then you do not need to do anything and your account will be opened within few minutes.
For Non-KYC Customers
All necessary information will have to be provided for KYC. You will then get a call from a Paytm representative to take an appointment to complete all the necessary paper verification. After this, after successful verification by the Paytm representative who comes home, your savings account will be opened.
After opening the Paytm Bank account, you will get a message on your registered mobile number. And along with this the information of a Virtual RuPay Debit Card received with the account will also be available. An OTP (One Time Password) will be sent to your registered mobile number for making any online transaction with RuPay Card.
How to deposit money in savings account
Method 1: You can access your account information by going to ‘Add Money’ and then selecting ‘Savings Account’. Now, you can transfer money to your Paytm Bank account via IMPS or NEFT from the other bank account’s app.
Method 2: Visit your nearest Paytm branch and deposit cash into your savings account. At present there is only one flagship branch of Paytm Bank account.
Paytm is not launching its ATM. However, its debit card can be used up to five times at non-metro ATMs without paying any charges, and three times at metro city ATMs. Thereafter, every cash withdrawal will attract a fee of Rs 20, while other transactions like balance checking will attract a fee of Rs 5.
Paytm Bank Account Interest Rate
There is no minimum limit to keep balance in the bank account, however the maximum balance that can be kept is Rs 1 lakh only. Interest will be earned on the amount deposited in the Payments Bank, apart from the wallet. Right now PayTm Payments Bank is giving 4 percent annual interest.
Benefits of Paytm Bank Account
Paytm says that there will be no transaction fee for any electronic transfer (including UPI) from a bank account. According to Paytm’s website, if you need to transfer money from your Paytm wallet to a bank, you will have to pay a fee of 3 percent. In addition, physical facilities like check books, demand drafts and debit cards will also be made available at very nominal charges.
One of the most important things about Paytm Payments Bank is that according to the terms and conditions, free insurance of up to two lakh rupees is available in case of death or permanent disability.
What about existing wallet?
Your existing Paytm Wallet will be automatically converted to Paytm Payments Bank Limited. And you will continue to use the wallet as before without any change.
There are also some restrictions for the Payments Bank. The first is that it is not allowed to give loans like other banks. This means that the Paytm Credit Card cannot be issued. However, payments banks may offer additional services by partnering with other financial institutions, which are expected to be rolled out in the near future.