Paytm has officially launched its payments bank operations in India, giving accounts holders benefits like zero-fee account, free IMPS, NEFT, RTGS, UPI transactions and access to over 1 lakh Paytm ATM locations across the country.
The Payments Bank had a beta launch in May this year.
Besides, the company has planned an investment of USD 500 million in KYC (Know Your Customer) operations. It is setting up KYC centres across India to complete the KYC process for customers and making them eligible for a Payments Bank account.
Here are 10 key features of the Paytm Payments Bank
- Paytm offers banking services like Debit Cards, Online Banking, Mobile Banking.
- It also accepts deposits of up to Rs 1 lakh per customer in a Savings Account.
- Balance amount in excess of Rs 1 lakh will be moved to a Fixed Deposit with Paytm Bank’s partner bank.
- There is no minimum balance requirement in a Paytm Payment Bank Savings Account.
- Customers can maintain zero balance in their account and enjoy all banking services with no account-related service charges.
- Though Paytm Bank cannot offer financial products of their own as a business entity, it can act a business correspondent and partner with other financial institutions and banks to offer Loan Products, Fixed Deposits, Insurances etc.
- Customers will get a Digital Rupay card which is linked to their Paytm Payments Bank Savings Account. They can view the card details in your Paytm app under ‘Passbook’ option.
- Deposits that customers make, will earn interest of 4 percent p.a. on the daily balance of their Savings Account.
- Interest earned will be added to their Savings Account on the last date of every month.
- Every customer who registers with Paytm is being given with a wallet feature by default.