We will tell you how you can open your account in Paytm Payments Bank? The process of opening a savings account at Paytm Payments Bank is very easy. And the best thing is that for this you do not need to come and go anywhere, the account opens at home.
Action 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 carefully read the terms and conditions and then tap for further process.
- Set the passcode and then confirm.
- After this, enter your Aadhaar card number and proceed.
- After giving all the necessary 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 from Paytm, the address already stored will be seen or you can also fill a new address.
For KYC customers
If you are a KYC customer then you do not need to do anything and your account will open in a few minutes.
For non-KYC customers
All necessary information will have to be provided for KYC. After this, you will get a call from a Paytm representative to get an appointment to complete all the necessary paper verification. After this, your savings account will open after successful verification by the Paytm representative who came home.
After opening the Paytm Bank account, a message will be available on your registered mobile number. And along with this, information about a virtual Rupay Debit Card found with the account will also be found. An OTP (One Time Password) will be sent to your registered mobile number on any online transaction with RuPay card.
How to deposit money in savings account
First method: You can get information about your account by going to ‘Add Money’ and after that select ‘Savings Account’. Now, you can go to the app of another bank account and transfer money through IMPS or NEFT to your Paytm Bank account.
Second method: Go to the Paytm branch close to you and go to your savings account and deposit the cash. Currently, Paytm Bank account has only one flagship branch.
Paytm is not starting its ATM. However, its debit card can be used five times in non-metro ATMs without paying any fee, and three times in the metro city ATM. After this, every time the cash will have to be paid Rs 20, while there will be a fee of Rs 5 for other transactions like checking the balance.
Paytm Bank account interest rate
There is no minimum limit to keep the balance in the bank account, although the maximum balance can be kept at Rs 1 lakh. Apart from the wallet, the amount deposited in the payment bank will be interest. Currently, 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 the bank account. According to Paytm’s website, if you need to transfer money from your Paytm wallet to the bank, then you have to pay a fee of 3 percent. Apart from this, physical facilities like checkbook, demand draft and debit cards will also be made available at very low fees.
One of the most special things of Paytm Payments Bank is that according to terms and conditions, there is a free insurance of up to two lakh rupees if there is any disability or permanent inability.
What about the existing wallet?
Your current Paytm Wallet will automatically convert to Paytm Payments Bank Limited. And you will continue to use the wallet without any change as before.
There are also some restrictions for Payments Bank. The first is that it is not allowed to give loans like other banks. This means that Paytm Credit Card cannot be issued. However, Payments Banks can provide additional services by partnering with other financial institutions, which are expected to be rolled out in the coming time.
