Paytm payments bank will be launched on Today 23/05/2017

Hello everyone, Today I will talk about Paytm payment bank. The most awaited news has going to launch finally. Yes! Paytm has decided to initiate Paytm Payment Bank on 23rd May 2017. It is excellent news for all existing Paytm users. Because through Paytm payment bank you will get 4% interest rate per year.

According to paytm, 200 million active customers are using Paytm approximately. So that base, it is enough to start Paytm Payment operation in India. Paytm said, we are delighted to announce that Paytm Payment bank is all set to launch on 23/05/2017. Also, they have said we got the final RBI permission regarding this operation.

So, in this article, I will try to solve some important questions regarding Paytm Payments Bank. Such as interest rate, How to open saving the account, Passbook details, or more. I hope you like. Here we go.

What is Paytm Payment bank?

Paytm Payment bank is same as Airtel Payment bank, PPB (Paytm Payment Bank is an online cash deposit & withdrawal system. You will get 4% interest per year on your cash deposit. Also, you are transferring your account deposit amount to others by just one click. It is very easy to implement. It will provide a debit card, PPB account, chequebook, or more benefits as well.

Paytm payment bank

Paytm Payment bank details & information:

Here are below-mentioned some necessary details on Paytm Payment Bank Ltd that you need to know.

  • Launch date: 23rd May 2017. (Today)

  • Account type: Saving A/c

  • Account Limit: 1 Lakh.

  • Interest rate: 4%

  • Transaction fees: No charges.

According to latest reports, the company shares has divided into two groups one is Paytm another is One97. CEO Vijay Shekhar Sharma will own 51%, and 49% ownership is with One97 communication limited. Also A Chinese Company name “Softbank” has invested $1.4 billion on Paytm to promotion Paytm Payment bank in India said Masayoshi Son, CEO of Softbank.

Below are the related & important questions regarding Paytm Payments bank that you need to know before using.

How to open a Paytm Payment Bank A/c?

To open a Paytm Payment Bank Account is very easy. Yes! just keep your KYC documents ready to starts with Paytm Payment bank. First of all, you need to create a regular Paytm account by registering your mobile number. Next, you need to add money to your paytm wallet. Afterward, upgrade your Paytm wallet to Paytm VIP customer wallet. Before that you must to verify your KYC documents. Once you upgrade your portfolio to Paytm VIP customer wallet. Then you need to migrate your current wallet to Paytm Payment bank account. That it! Your saving account will be created after some while. Now you can use your Paytm wallet as bank saving account.

What will happen to my current Paytm wallet balance?

According to Paytm, Your current Paytm wallet balance or money will be safe & secure with Paytm. No need to worry about this. If your friend sends money to your paytm wallet, then these funds will be reflected at Paytm Payment bank saving the account. But if your KYC documents are not verified successfully then you are not able to see your PPB account balance. You must need to check your KYC docs.

What are the benefits of Paytm Payment bank?

There are a lot of advantages of Payment payment bank. Yes! You will get a free online saving account to deposit & withdraw money anytime & anywhere in India. Also, you will see get 4% interest rate per year from PPB. Here are the below-mentioned benefits of PPB.

  • More cashless transaction.
  • One Click deposit & withdraw system.
  • The small transaction under bank section.
  • 4% flat interest rate per year.
  • Highest interest rate online bank.
  • Huge cashback & offers.
  • 24X7 quality service.
  • Chequebook & debit card facility.
  • First million customers who open an account on Paytm Payments bank saving they will get Rs. 250 instant Cashback on Rs. 25000 saving account deposit.

How to apply for chequebook & debit card?

To apply for chequebook & debit card, first, you need to open a saving account on Paytm Payment bank. After that visit Paytm.com and apply for your chequebook as required. You can use it on offline transaction too. Also, you can apply for debit card to open cash through Paytm Payment Bank ATM or other ATM’s

Is there any Paytm Payment bank ATM?

As per latest reports, there is no official information has occurred regarding PPB ATM. They will open Paytm Payment bank ATM after that launch of Paytm Payments Bank in India. Now Paytm will provide Paytm Payments Bank debit card Now you can use it to other ATM’s. Five transactions will be free per month in other banks ATM’s. Otherwise, they will charge it. ┬áPaytm will be open very soon their own ATM’s in India.

Paytm Payments Bank ATM

What is an interest rate of Paytm Payment bank?

As per Paytm officials, They will pay 4% flat interest rate on Paytm Payments bank savings account customers per year. This step will attract more customer to growing Paytm Payment bank fast in India. According to latest news

Is there any transaction charges?

According to latest reports, there is no information has revealed against Paytm Payments Bank account transaction. But if you are going to use Paytm wallet than they will charge 2% on transferring your portfolio balance to your bank account. On this other hand, Paytm Payments bank will charge Rs. 20 per transaction after five transactions in other bank ATM. They will provide five free transactions in a month.

The target of Paytm Payments bank:

The primary goal of Paytm Payments bank is collecting 500 million customers in 2020. Paytm Payments bank CEO, Renu satti said, that our aim is to become India’s most trusted and customers friendly bank. In the first year, Paytm payment bank has decided to open 31 branches and 3000 customer point in India. Also, They will open KYC centers for clients who will be very helpful for Paytm Payments bank saving open account customers.

 Limitations:

Like other banks, Paytm Payments Bank has some account limitations. Here is the below-mentioned account limitation of PPB.

  • You can’t cross 1 lakh limit in your saving account.
  • It allows debit card but not a credit card.
  • Bank cannot lend or give advance to their customers
  • You can’t apply for any loan. They will not offer any credit facility for their account holders.

These are the most frequently asked questions regarding Paytm Payment bank. If you are like this post, then share this post with others, and if you have any other questions then feel free to comment below. I will reply as soon as possible.