Back in May, Paytm launched its Payments Bank service in India, and after being in beta testing for months, the bank is now open to all users. The latest Paytm app (v 6.0) for Android and iOS allows interested users to sign up and open an account. However, you won’t be able to do the same via Paytm website, nor are there any physical branches where you can go and sign up. If you’re interested in knowing how to open a Paytm Payments Bank account, what all documents to submit, features and charges, read on.
The Paytm Payments Bank signup process is pretty simple. You can open an account in minutes, without having to visit the branch. Also, the process does not involve filling in a lot of paperwork. To begin with, you need to have a Paytm account. In case you don’t have one already, you can head over to paytm.com or download Paytm app on your Android or iOS devices and signup with your mobile number, email address and other details.
How to open Paytm Payments Bank account
After updating the Paytm app to the latest version, you will be greeted with a popup about the bank. Tap on the ‘Proceed’ button, and it will ask you to set a passcode, followed by an option to appoint a nominee. You will have to enter nominee details such as full name, relationship, age and date of birth, address and more. ALSO READ: Payments Bank: Here’s what Paytm and others have set out to accomplish
Once the nominee is appointed, you will have to enter your Aadhaar card and PAN card numbers, followed by the address of verification. After all these details are provided, a Paytm representative will visit your given address for verification, after which your Payments Bank account will be activated. ALSO READ: Paytm Payments Bank: Here’s how it compares with Digibank, Airtel Payments Bank and India Post Payments Bank
Benefits of opening Payments Bank account
Unlike typical banks, you don’t need to maintain any minimum account balance with Payments Bank. This means, you can even have ‘zero’ balance in your account. However, the maximum amount of money that you can keep in your Payments Bank account is capped at Rs 1 lakh. Paytm will also be offering you four percent interest on the amount per annum, just like other banks. ALSO READ: Airtel payments bank launched in India; offers 7.25% interest rate, accidental insurance worth Rs 1 lakh on savings account, and more
You will also get a Rupay debit card to withdraw money from ATMs for free. However, you will be charged Rs 100 (plus delivery charges) from next year. First five transactions per month will be free, after which each transaction will be charged at Rs 20, whereas mini statement will be charged at Rs 5 per statement. And unlike other banks that support online transactions, Paytm will not charge you – be it via IMPS, NEFT or UPI.
Paytm will also offer a check book to the account holders. Users will also get online passbook and email statements for free, but physical statements will be charged at Rs 50. Another important benefit of Paytm Payments Bank is that your Paytm wallet stays as is, and you can use it to do mobile recharges, pay electricity and other utility bill payments.