Know what it is and how it will work

Paytm launched its payment bank in India on Tuesday. The company has made a big announcement in newspapers and its blog post This information was given by issuing a public notice in 2015. Paytm Payments Bank has been delayed for several months. But according to the notice, Paytm’s wallet business has been transferred to the company’s new product Paytm Payment Bank Limited (PPBL). Paytm had planned to launch Paytm Payment Bank around Diwali last year.

In 2015, RBI gave permission to Paytm founder Vijay Shekhar Sharma and 10 others to set up payment banks. But till now, apart from Paytm, only Airtel’s payment bank is operational.

If you are also a Paytm wallet user, and the number of Paytm wallet users has increased rapidly since November. If you are also wondering how this change will affect you, then know everything about it here.

• All Paytm wallet accounts will be automatically migrated to the new payment bank. If you do not want to migrate to the bank, you need to email help@paytm.com or paytm.com/care You will have to go to and choose the option to opt out. And then you will have to transfer the remaining balance to your bank account to redeem it.

• Your account with Paytm Payments Bank Limited (PPBL) will remain a wallet and not a bank account. Accounts that are not active for the last six months and have zero balance will not be transferred to PPBL without opting-in. Apart from the wallet account, users will also be able to open a Paytm Payments Bank savings or current account. Although the login for both will be the same, you will need to open a separate bank account.

• Paytm Payments Bank is currently in beta phase and is being rolled out to employees and partners. Others can also request an invite to become an account holder in the bank. The limit for these accounts is Rs 1 lakh per customer. And it is different from a wallet as it offers a debit card and interest.

• For a Paytm Payments Bank account, you need Paytm Bank Page You will need to go to and then click on ‘Request an Invite’. You will then be asked to sign in to your Paytm account. Once you do this, your interest to become an account holder will be accepted.

• If you transfer more than Rs 25,000 to your Paytm Payment Bank account, you will get a cashback of Rs 250 (one per cent) a maximum of four times.

• There is no limit for maintaining minimum balance in the bank account. Apart from this, there is no charge for online transactions (such as IMPS, NEFT, RTGS).

• The biggest difference between a wallet and a payment bank is the interest rate offered by the payment bank. Paytm Bank will pay an interest of 4 percent per annum. This is less than the 7.5 percent interest rate offered by Airtel Payment Bank. Apart from this, Axis, ICICI also offer the same interest rate.

• Apart from wallets, payment banks also offer debit cards (not credit cards). According to Paytm’s website, Paytm Payment Bank will also provide a chequebook, demand draft and debit card at a very nominal fee. Interestingly, Airtel is not offering a physical debit card, but a virtual card is available online.

• Paytm Bank will issue a RuPay debit card, which will be free. But for this, you will have to pay Rs 100 + delivery charge as annual fee. Apart from this, you will have to pay Rs 100 + delivery charge in case of loss of card. The price of a cheque book containing 10 cheques will also be Rs 100 + delivery charge.

• Paytm is not launching its own ATMs. However, its debit card can be used up to five times at non-metro ATMs and three times at metro ATMs without paying any fee. After that, every time you withdraw cash, you will have to pay a fee of Rs 20, while for other transactions like checking balance, you will have to pay a fee of Rs 5.

Paytm’s parent company One97 has invested in Gadgets 360.