Paytm, one of the most used e-wallets in India, recently got an update, both on Android and iOS. Besides bringing bug fixes and performance improvements, the update also adds the ability to request a physical Paytm debit card. The app also adds support for BHIM, to enable users send and receive funds into their bank account using UPI (Unified Payments Interface). Also Read - How to book COVID-19 vaccine slot via Paytm App, get Covaxin and Covishield shots with these simple stepsAlso Read - Alert! Paytm cashback scam: Fake Paytm website, it's a trick to steal your money
When Paytm introduced its payments banks service, it offered users with virtual debit card. This virtual debit card is similar to a physical card, and has details such as your name, 16-digit number, expiry date and CVV number. You can use it to make payments when shopping online, but as it is a virtual card, you cannot use it to swipe on PoS machines. Also Read - 5 apps helping people get through the COVID-19 second wave: Twitter, CoWIN, Aarogya Setu
But as promised, Paytm is now allowing users to request a physical debit card. If you are a verified Paytm payments bank account holder and want the physical debit card, follow the below-mentioned steps.
Steps to request a physical Paytm debit card
To begin with, open Paytm app on your Android or iOS smartphone, and tap on the Paytm Payments Bank icon on the bottom right corner.
On this page, you will be able to see the virtual debit card, wallet balance and more. Scroll down a bit, and you will be a section that reads bank account services”. Under bank account services tap on Debit & ATM card”.
On the next screen, you will see your virtual debit card, an option to block your card, and an option to request for card, just tap on that.
Next, you will see your card details and your registered address. Besides the address, there is a small radio button, click on that to select your address, after with the proceed to pay will be highlighted. Tapping on that, you will be charged Rs 120, and the physical debit card will be delivered to your address in the next few days.
Paytm Payments Bank charges
Unlike other banks where you have to maintain a minimum balance, Paytm Payments Bank account is a zero balance one, which is one of its USP s. Just like other banks, Paytm will also pay you four percent interest on your savings, and all SMS alerts related to the transactions will be free.
The physical card can be used to withdraw cash from any bank s ATM. In metro cities such as Mumbai, New Delhi, Chennai, Bengaluru, Kolkata and Hyderabad, first three withdrawals will be completely free of charge every month, whereas for the remaining transactions, you will be charged Rs 20 per transaction, and Rs 5 per transaction for mini statement, balance check or PIN change.
The digital debit card is completely free, but for RuPay physical debit card, you will be charged Rs 120 as one-time charge, and Rs 100 annually. In case you lose your card, you will be charged Rs 100 for reissue and delivery. Online funds transfers, be it NEFT, UPI, IMPS or to another Paytm payments bank account will be completely free.
While online passbook and statements are completely free, you will have to shell out Rs 50 as delivery charges for a physical statement. Also, for transferring funds from Paytm wallet to a bank account, users will be charged three percent.