How To Open Paytm Payments Bank Account, Fee and Charges

How To Open Paytm Payments Bank Account, Fee and Charges
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Paytm is one of the biggest payment and e-commerce based company in India.

They have launched their very own Payments bank today.

Customers of the bank can deposit and transact money through their payments bank account. They will also offer debit cards, mobile banking, and online banking as well.

Paytm Payments Bank

In today’s article, I will talk about the various aspects of the Paytm Payments Bank. I will give you pieces of information about the service they will offer. Let us dig deeper into it.

Payments Bank:

Payments banks are given license by the Reserve Bank of India(RBI). Anyone can now deposit money of up to Rs. 1 lakh in a savings or current account as per their needs.

They can also deposit the money in the wallet. Paytm will offer a debit card, mobile banking, and online banking just like any other bank.

How to Open Paytm Payment bank account:

Paytm Payment bank Opening Guide

Users can open a bank account and avail all the services through completion of KYC form. They will need to sign up through the digital path.

But, As of now Paytm are inviting limited users to open an account with Paytm Payments Bank.

So, If you want to open Paytm payment bank account then you have to request fo an invite.

How To Request to Open Payment Bank Account:

Open payments bank account Using Paytm App:

  • At first, update Paytm Wallet app.
  • Now go to your profile on paytm app.
  • Click on “Open account” and then tap on “Proceed.”

Open payments bank account through browser:

  • Go to this Page
  • Login with your id and password.
  • Now Click on “Request an Invite.” That’s it.
  • You will see “Thank You for your interest in Paytm Payments Bank, Paytm will inform you once your invite is ready.” Check the below image

Paytm-Payment-Bank-success

Paytm payments Bank Fees & charges:

DescriptionFee/ Charge
Minimum Account BalanceNil
Interest rate4% Per year, Payable monthly
Online Fund Transfer 
To Paytm Payments Bank Account or Paytm WalletFree Unlimited
IMPSFree Unlimited
NEFTFree Unlimited
UPIFree Unlimited
Debit Card & Cheque Book 
Rupay Debit CardFree
Annual SubscriptionRs.100 + Delivery Charges
Lost Card ReplacementRs.100 + Delivery Charges
Cheque Book (10leaves)Rs.100 + Delivery Charges
ATM Transactions 
Non-metro Locations5 free every month
Metro Locations3 free every month
Statements & Certificates 
Online PassbookFree
Email StatementsFree
Physical StatementsRs.50 + Delivery Charge
free for women, senior citizens and Armed forces personnel
CertificatesRs.50 + Delivery Charge
free for women, senior citizens and Armed forces personnel

Difference With Normal Banks:

Unlike a normal bank, Paytm can not lend money to their customers. Although they can tie-up with normal banks to offer loans, mutual funds, insurances etc.

Services Offered:

The Paytm wallet service will be uninterrupted in Paytm payments bank. Now users can also open savings or current accounts as well. The savings account will be for individuals and current account for businessmen as usual. They will also get the benefit of loans, insurances etc via the partners of Paytm.

Process For Existing Paytm Users:

If you currently hold a Paytm wallet, do not worry. Your wallet will migrate to the Paytm Payments Bank Private Limited automatically. It will retain its previous status. However, to upgrade and open a bank account, you will need to submit your KYC form. Then you need to sign up digitally to avail the services.

Interest Rate:

In every Paytm payments bank account, customers will receive an interest rate of 4% on their deposited sum of money.

Transaction Limit:

There is no transaction limit for the users of the Paytm Payments Bank. They can transact unlimited sum of money using their payments bank account.

Deposit Limit:

Customers of the Paytm Payments Bank can deposit up to Rs.1 lakh into their respective bank accounts.

Check Paytm Wallet Offers

So, these are the details of the services and aspects of the Paytm Payments bank.I hope the article was helpful to you. Share your thoughts and feedback in the ‘Comments’ section. Thank you for reading!

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