Unlike every time, Paytm is back with yet another big news and exciting stuff for its users. After making a big success in the digital world with an introduction to multiple new ideas which has made it easy for all the Paytm users, when it comes to shopping, making quick transactions using Paytm E-Wallet App or quick IMPS options etc.
Paytm Payment Bank is now available for all the Paytm users. Ever since the India have moved on to become Digital, Paytm have always been trying to be the best. They offer cashless money, easy transactions and even deposit your Paytm Money into your Bank account.
With so many initial e-wallet features, Paytm is now moving on to making their own Paytm Payment Banks. Some of the important features of Paytm Payment banks are like- Free transaction fees on IMPS, NEFT, UPI money transfer. Physical cheque-book service, Demand Drafts and a Debit card will be available for all the Paytm Bank users.
As now all the conventional banks in India have limited their features like minimum balance, maximum deposits, limits in the transaction and much annoying schemes. All these have put the bank account holder a pain in which on their every banking service some amount of money is being deducted.
So, Paytm is coming with more banking friendly service which will change the current banking state in India. And also Paytm is no more a virtual online money service anymore, they are also coming with the real Banking service. And the source said, there will also open many branches throughout the states in India. The head office of the Paytm Payment Bank is located on Noida, 201301.
Paytm E-Wallet and Paytm “Payment Banks” are two different platforms
If you are thinking the online payment website is going to replaced by Paytm Payment Banks, then you are wrong. You initial Paytm.com features like online recharge service, DTH recharge, Bill payments and all of the service remains the same. And the Paytm Payment Bank will come as a physical bank.
These two platforms will work simultaneously by syncing every detail from your existing Paytm website. But once you create an account on Paytm Bank you will get a separate bank account. According to the source from news18.com, Paytm Payment Bank has got their license from the Reserve bank of India and now have launched on 23rd May 2017.
The CEO of the new Paytm Payment Bank is Renu Satti. And very soon the launched will reach to all the state. Currently, the Paytm Payment Bank starts with Invite basis and soon a banking app will be available. You can run the App with your existing Paytm account. So no need to worry about the Banking service, all you can serve with Paytm Payment Bank just using your smartphones.
Facilities and features of Paytm Payment Bank
Paytm Payments Bank has become one of the India’s first to provide zero rental for online transactions, no minimum balance requirement, and free virtual debit card. And the Paytm Payment bank is also approved by RBI, so very soon the Paytm bank will be soon in your Cities.
Features of Paytm Payment Bank
- You can create your own physical bank account on the nearby branches.
- Unlike other conventional banks, you don’t have to store minimum balance in your Account.
- All the online transaction like: IMPS, NEFT, UPI will be for free.
- After you create an account, you will get services like cheque-book, demand draft, and debit card.
- And also you will still enjoy mobile banking, online transaction and Paytm money for paying in any shopping vendors.
- And finally, if you have balance in your account, you can earn an interest up to 4% per annum. So now you will not only enjoy cash back on Paytm but also opening a Paytm Payment Bank will help you earn up to 4% interest every year.
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How to get started with Paytm Payment Bank Account?
You can create an account on Paytm Payment Bank via Patym official site. At present, the Paytm is inviting for creating the account. And once your invitation is received you will get access to the Paytm Bank.
Steps to open Paytm Bank account:
- Go to the Paytm Bank or Click Here
- Now you will enter into the Paytm Payment Bank webpage.
- Next, click on the Request an Invite
- Finally, you have successfully sent the Invite. And then you have to wait for few days until Paytm informs you once your invite is ready to use.
Important notes: Once the Paytm Payment bank service is started your current Paytm money will be shifted to Paytm bank automatically. But even if you don’t use your Paytm wallet for the past 6 months, then by simply logging in to your Paytm can revive your account.
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Advantages of Paytm Payment Banks
- Free online transaction cost.
- Up to one lakhs deposit per account holder per day.
- Allows mobile banking service, online money transfer and much more.
- India’s first trusted and Consumer-friendly Bank.
- Get Loans, insurance, and mutual funds facilities.
- Control your bank account with your phone.
So these are the complete review and details for the new launched Paytm Payment Banks by which you can do any banking service for free of charge. No unnecessary banking schemes are provided, Paytm bank will be the India’s first consumer-friendly bank. For those who are tired of unusual banking schemes with conventional Banks, you should try Paytm Bank. As they are also Providing 4% annual interest per year, so now get both Paytm recharging service as well as Paytm banking service.
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