Paytm, the leading payments solution company officially announced the launch of its payments bank today. The first physical branch of Paytm Payments Bank will be opening in Delhi NCR. Paytm received its final license to set up the payments bank from the Reserve Bank of India (RBI) last week. Also Read - Alert! Paytm cashback scam: Fake Paytm website, it's a trick to steal your moneyAlso Read - 5 apps helping people get through the COVID-19 second wave: Twitter, CoWIN, Aarogya Setu
Renu Satti, who has been heading operations at Paytm as Vice President has been named the CEO of Paytm Payments Bank. Owned by Vijay Shekhar’s One97 Communication, Paytm Payments Bank is the third firm to enter payments bank sector in India after Airtel Payments Bank and India Post. Recently, it raised another round of funding which is likely to advance its further plans with the new banking venture. SoftBank, a Japanese conglomerate has invested over Rs 9,079 crore investment in Paytm which is seen as the largest fund invested by a foreign firm in an Indian startup till now. Also Read - How to find COVID-19 vaccine slot using Paytm app
Major highlights of Paytm Payments Bank includes setting up a zero-balance account and free online transactions. Additionally, the company promises to offer four percent interest rate per annum to all savings account holders. Since the payments bank is relatively new, one can apply for an account on invite only. Here’s how you can apply.
How to apply for Paytm Payments Bank account?
Paytm has announced that all wallet accounts would be moved to payments bank. So you can continue to pay your bills and make other expense as you have been doing till now. However, for all the banking solutions such as transferring funds, you have to sign up for the Paytm Payments Bank which also requires you to verify your KYC details. As mentioned earlier, setting up an account is invite only, you can log on to paytm.com/bank to get an invite.
On login, you are likely to see a page as posted above in the image. Click on ‘Request an Invite’. If you already own a Paytm Wallet, you can log in with the same credentials. For those who don’t, will have to first sign up for Paytm Wallet. You can sign up by proving basic information just like you sign for users accounts on other platforms.
Proceed to ‘Secure Login’ and you will receive an OTP (One-Time-Password) on your registered mobile number. Enter the OTP to verify login. Upon verification, you will be registered to get a Paytm Payments Bank invite. ALSO READ: Paytm Payments Bank: Features, interest, fees and all you need to know
Further, when you are notified of the invite, you can proceed to setup a bank account with Paytm Payments Bank. Similar to existing bank services, Paytm will offer physical services like a cheque book, demand draft and debit card as well. These will be available at a nominal fee, set as per industry standards. As mentioned earlier, Paytm Payments Bank has barred any minimum limits from opening up an account and thus customers can start with a zero-balance account as well.
However, a maximum limit is capped at one lakh, which is standard for payments bank in the country. Paytm has promised to keep all online transactions including NEFT, IMPS, RTGS transfers free of charge. Additionally, the company has announced to give away instant Rs 250 cashback on deposit up to Rs 25,000 for first million customers.
Paytm promises, the payments bank will be aimed at catering ‘to the requirements of the un-served and under-served communities of India, and bring them to the mainstream economy.’ The digital wallets and e-commerce company also plans to make Paytm Payments Bank available to all its users soon.