Bengaluru : Paytm Payments Banks as usually seen in our notifications when you have Paytm in your phone. Paytm is about to start its bank from Tuesday 23rd May 2017. Paytm shall first open their branch in Noida & shall later extend to 31 branches & 3000 customer service points in the first year, the company said. By 2020 it plans to add approx 500 million customers.
They will be offering zero fee on online transactions, no minimum balance and free virtual debit card
The e-wallet company plans to invest around Rs. 400 crore for the Paytm Payments Bank Network.
Vijay Shekhar Sharma the founder of One 97 Communications & started Paytm personally owns 51% stake in the payments bank as per regulatory stake & rest shall be owned by the company.
What will happen to your money in Paytm e-wallet
The money will be transferred to the Paytm Payments Bank Limited. Paytm Wallet will continue to be a wallet solely as was there earlier & Paytm customers can keep the balance in it or continue to transact as ealier only the wallet business will become part of the new company. It will happen automatically, and you need not do anything.
While the wallet will be now a part of the bank but it will not accrue any interest.
Do you need to switch your wallet to Paytm Bank?
You will be automatically transferred to the Paytm Payments Bank after the launch. Making the switch is not optional.
The company had informed its customers earlier about the shift, & had given them the option to discontinue by sending a relevant communication to the company before the launch date.
Will the Paytm App Change ?
No, the user experience will remain the same as earlier. & the payments can be made for taxi, grocery, fuel etc as earlier.
How to open a new account with Paytm?
You can log on to www.paytmpaymentsbank.com or download the iOS app to get an invitation for account opening. You will be required to submit e-KYC (Know your customer) documents.
More details on PAYTM Payments Bank
One Million Customers will be awarded cashback of Rs. 250/-. if you open an account in PAytm Payments bank on depositing 25000/-. Its Bank accounts can be zero balance account as well. Online transactions such as NEFT, RTGS & IMPS will be free of charge.
Payments bank can accept upto Rs. 1 Lac per account.
& it shall be offering 4% annual interest rate which is quiet lower as compared to other Payments Banks.