Paytm Payments Bank
Paytm Payments Bank

Paytm’s promised Payments Bank is now out of beta and available for both iOS and Android users across India. Right now, the service can only be accessed via the mobile app and not through the browser. Offline sign up as well as via browser will be rolled out in the future. The new update comes with version 6.0.0 prior to which sign up was based on invite-only system.

Paytm advertises its bank to be the first to charge zero fees for online transactions, no minimum balance, and a free virtual debit card. Although maximum balance is RS. 1 lakh. The bank offers 4% interest on deposits. Also, electronic transfers including UPI will not be charged as disclosed by Paytm.

If users need to transfer money from Paytm Wallet to the bank a 3% fee is charged. Paytm will also provide cheque books demand drafts and debit cards with additional charge. Debit cards issued by the bank will be functional on all ATMs. Up to 5 withdrawals per month are free, thereafter Rs. 20 charge per withdrawal will be deducted from users.

If users need to transfer money from Paytm Wallet to the bank a 3% fee is charged. Paytm will also provide cheque books demand drafts and debit cards with additional charge. Debit cards issued by the bank will be functional on all ATMs. Up to 5 withdrawals per month are free, thereafter Rs. 20 charge per withdrawal will be deducted from users.

When users update the Paytm app, they will be prompted by a popup about the new feature. If users choose to enroll, they will be asked to set a passcode and also for a nominee. Next up is address details and Aadhaar details. Paytm will send out a representative to verify KYC details and with that, the formalities are done. Since there are no physical branches right now, the setup is done in the confines of your home without much paperwork. When all is set, users mobile number is his account number. Account Balance and related details can be seen in the app itself.

Download Link: Paytm for Android l Paytm for iOS