Know what it is and how it will work

Paytm launched its payment bank in India on Tuesday. The company published newspapers and its blog post This information was given by issuing a public notice. Paytm Payments Bank has been delayed by 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 was planning to launch Paytm Payment Bank around Diwali last year.

In 2015, the RBI had given permission to Paytm founder Vijay Shekhar Sharma and 10 others to form a payments bank. But till now apart from Paytm, only Airtel’s payment bank is running.

If you are also a Paytm Wallet user, and from November till now the number of Paytm Wallet users has increased rapidly. 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 have to email help@paytm.com or paytm.com/care You will have to go to and select the opt out option. And then to redeem the remaining balance, you have to transfer it to your bank account.

• Your account with Paytm Payments Bank Limited (PPBL) will remain a wallet and not a bank account. Accounts which have not been 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 Payment 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. Apart from this, other people can also send request for invite to become an account holder in the bank. The limit of these accounts is Rs 1 lakh per customer. And it is different from wallet because it offers debit card and interest.

• For a Paytm Payments Bank account, you need paytm bank page You will have to go to and then click on ‘Request n Invite’. After this you will 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 Payments Bank, you will get Rs 250 (one percent) cashback maximum four times.

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

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

• Additionally, 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 very low charges. Interestingly, Airtel is not offering any physical debit card, but there is a virtual card available online.

• Paytm Bank will issue a RuPay Debit Card, which will be free of cost. But for this, delivery charge of Rs 100 + annual fee will have to be paid. Apart from this, even if the card is lost, Rs 100 + delivery charges will have to be paid. A check book containing 10 checks will also cost Rs 100 + delivery charges.

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

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