Things to Know About Paytm Payments Bank
As you all must be aware that paytm is starting Paytm Payments Bank on 23rd May 2017, which according to them India’s first bank with zero fee on online transactions, no minimum balance and free virtual debit card. So There are many Questions coming to your mind related to this and we are going to make you know that how beneficial is that! have a look !
- No Minimum Balance Required
- Free Virtual Card
- Zero Fee On Online Transactions
- No Fear, No Greed, No Entitlement
- annual interest of 4% for all savings accounts
- Paytm Merchant partners will also have access to current bank accounts.
- Physical services like chequebook, demand draft and debit card will be available at a nominal fee, benchmarked to the industry.
How to Apply for Paytm Payments Bank
- Paytm Payments Bank is currently available only via invitation
- So for Request an Invite CLICK HERE and Go to offer page
- Click ‘Request an Invite’
- Submit your Details
Starting Offer by paytm payments bank
Every New Users can get Get Rs. 1000 Cashback For Deposits of Rs. 25000 & Above.
Most Imporatant FAQs for Paytm Payments Bank
Q. What happens to my current Paytm Wallet?
A. 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
Q. What happens to my money in the Paytm Wallet?
A. 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. Note : 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.
Q. Can I move my money to any other Bank from Paytm Payments Bank Wallet?
A. Yes, you would be able to send money to any bank account from your Paytm Payment Bank Wallet.
Q. Is it mandatory to open an account with Paytm Payments Bank once it is launched, to continue using the wallet?
A. You are not required to open an account with Paytm Payments Bank to use the wallet.
Q. How is a Payments Bank different from a conventional bank?
A. Payments Bank is a new bank model visualised by the Reserve Bank of India. As a Payments Bank, Paytm can now accept customer deposits upto Rs. 1 lakh per customer in a savings or current account and offer other banking services like Debit Cards, Online Banking and Mobile Banking.
Payments Banks can not offer financial products of their own, but partner with other banks.
Q. What are the services offered by Paytm Payments Bank?
A. Paytm Payments Bank is offering savings and current accounts with a debit card and the ability to make fast and easy payments. It will soon enable you to access a range of financial services such as Insurance, Loans, Mutual Funds offered by our partner banks with the seamless Paytm experience.
Q. Will my wallet get converted into a bank account?
A. No, your wallet will simply operate under the Paytm Payments Bank and continue to exist and function in the same manner as earlier. In addition to a wallet, you will now be able to open a savings or current account with us and access a wide range of financial services.
Q. Can I choose not to move to Paytm Payments Bank?
A. Movement to Paytm Payments Bank is required by RBI for all Paytm Wallet customers. However, If you choose not to continue to enjoy the benefits of your Paytm Wallet, please email us at [email protected], If you chose not to migrate to Paytm Payments Bank, your wallet will be closed and you will not be able to make payments using your Paytm Wallet.
Q. Will my wallet balance now earn interest?
A. To earn interest, you will need to open a Paytm Payments Bank savings account.
Q. Will my old login details work?
A. Yes, your Paytm login details continue to remain the same.
Q. Can I now withdraw money from my wallet?
A. No, withdrawing money from wallet is not allowed as per RBI policies.
For more faqs plese visit these pages
1. Introducing Paytm Payments Bank
2. Your Paytm wallet will continue to work as it is, and infact, will become more powerful
source : blog.paytm.com