PAYTM, the company founded by Vijay Shekhar Sharma in 2010 has recently launched Paytm Payments Bank. We have used Paytm for recharges, shopping etc but from now you are going to get more benefits like Interest on your wallet balance, Debit Card, Check Book etc.
WHAT IS PAYTM PAYMENT BANK?
From 23rd May onwards, Paytm is going to transfer all their existing users account into Paytm Payment Bank Limited(PPBL), the name of Paytm bank. Before PPBL Paytm was running under the One97 company. Paytm Bank account will provide you all the same benefits which all the other banks like SBI, ICICI etc provides you.
PAYTM PAYMENT BANK BENEFITS
With the launch of Paytm Payment Bank Limited, the users are going to get great benefits like:
- Interest on wallet balance
- Virtual Debit Card
- Check Book
- Insurance services
- Mutual funds
CREATE PAYTM PAYMENT BANK ACCOUNT
Creating a Paytm Payment Bank Account is very simple. Just create a normal account on Paytm and complete the KYC procedure. For KNOW YOUR CUSTOMER(KYC) you need Aadhar Card and Mobile number to verify your identity. The creation of Paytm Payment Account is done. Without KYC verification you won’t get the banking benefits.
PAYTM PAYMENT BANK INTEREST RATE
The interest rate on Saving account of Paytm is just 4% per year. This interest rate is payable monthly. Another benefit is that there is no minimum balance required to operate your Paytm Bank accounts. Below you can check the Full offer of the Paytm Payment Bank Limited:
PAYTM PAYMENT BANK LIMITATIONS
The services of Paytm Bank is similar to that of the other banks but the main drawback of Paytm Payment Bank is that they will not render you any credit cards or loans. However, the will partner with other financial companies/banks to offer financial support like loans, insurance, mutual funds etc. At the initial level, there is a limitation that you can only keep Rs 1 lacs in your Paytm account which may be revised soon.