How to Open an Account and Get a Free RuPay Debit Card, Open a bank account in Paytm Payments Bank and get a free RuPay debit card
We will tell you that Paytm Payments Bank How can you open your account? The process of opening a savings account in Paytm Payments Bank is very easy. And the best part is that you do not need to go anywhere for this, the account can be opened sitting at home.
Process to open savings account in Paytm Payments Bank
- First of all you have to download the latest version of your Paytm app.
- After this open the app and then click on the bank account icon.
- Now read the terms and conditions carefully and then tap for further process.
- Set a passcode, then confirm it.
- After that enter your Aadhar card number and proceed further.
- After giving all the required information, you will have to name a nominee or you can also choose the option “I don’t want to add a nominee”.
After this, you will have to enter your address. If you have made a purchase from Paytm, then the previously stored address will be visible or you can also enter a new address.
For KYC Customers
If you are a KYC customer then you do not need to do anything and your account will be opened in a few minutes.
For non-KYC customers
You will have to provide all the necessary information for KYC. After this, you will get a call from a Paytm representative to take an appointment to complete all the necessary paper verification. After this, your savings account will be opened after successful verification by the Paytm representative who comes to your home.
After opening a Paytm bank account, you will receive a message on your registered mobile number. And along with this, you will also get information about a virtual Rupay debit card given with the account. On making any online transaction with the Rupay card, an OTP (One Time Password) will be sent to your registered mobile number.
How to deposit money in a savings account
First method: You can access your account details by going to ‘Add Money’ and then select ‘Savings Account’. Now, you can transfer money to your Paytm Bank account via IMPS or NEFT from the other bank account app.
Second method: Visit your nearest Paytm branch and deposit the cash in your savings account. Currently, there is only one flagship branch for Paytm Bank account.
Paytm is not launching its own ATMs. However, its debit card can be used up to five times at non-metro ATMs without paying any fee, and three times at metro city ATMs. 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.
Interest rate offered by Paytm Bank Account
There is no minimum limit for maintaining balance in the bank account, however the maximum balance that can be maintained is Rs 1 lakh. Unlike wallet, interest will be earned on the amount deposited in the payments bank. Currently PayTm Payments Bank is giving 4 percent annual interest.
Benefits of Paytm Bank Account
Paytm says that there will be no transaction fee for any electronic transfer (including UPI) from the bank account. According to Paytm’s website, if you need to transfer money from your Paytm wallet to the bank, you will have to pay a fee of 3 percent. Apart from this, physical facilities like checkbook, demand draft and debit card will also be made available at a very low fee.
One of the most special features of Paytm Payments Bank is that as per the terms and conditions, it offers free insurance of up to Rs 2 lakh in case of death or permanent disability.
What about the existing wallet?
Your existing Paytm wallet will automatically be converted to Paytm Payments Bank Ltd. and you will continue to use the wallet as before without any changes.
There are some restrictions for payments banks. First, it is not allowed to give loans like other banks. This means that Paytm cannot issue a credit card. However, payments banks can partner with other financial institutions to offer additional services, which are expected to be rolled out in the near future.
