Mobile Wallet Paytm has launched its payment bank for every user. Although Paytm launched it in May 2017 but it was in a kind of testing mode and its beta version was given only to Employees and Associates of Paytm. But now every user of Paytm can use it. Paytm is paying 4 per cent annual interest on the Savings Account. Along with this launch, Paytm has become the third country in the country to open the payment bank. Prior to Paytm, Airtel and India Post have opened their own payment banks.
Access can be done through the app
Present on both Android and iOS devices
Paytm payment bank can be accessed only through the Paytm App.
There is no separate website, nor is it a physical branch.
How to open account?
You will need to update the Petmi App to access Paytm Bank.
Click on the icon of the bank account on the app to access the Paytm payment bank.
After that you will have to set a password for Paytm Bank.
After this you have to make a nominee and give details of it. You must also tell your address.
Here is also given the aadhar details
You will also be given the Aadhaar number to open a bank account on Paytm.
After completion of all the formalities, Paytm will send a representative for KYC requirements.
Mobile number will be Account number
Your mobile number will be your account number. Everything from the bank statement to the other details will be accessible from the app.
Maximum balance limit will be Rs 1 lakh
Account will open on Zero balance. Every online transaction (like IMPS, NEFT, RTGS) will be free of charge.
Balance can be up to a maximum of Rs 1 lakh in Paytm Bank.