PAYTM BANKING –The new banking

Paytm is an eCommerce payment system and digital wallet company founded by Vijay Shekhar Sharma in August 2010. Paytm digital wallet service is known to everyone. If you go to any seller and ask for paytm payment method they most probably have it. Paytm got itself uplift during the demonetization, when P.M Narendra Modi announced the discontinuation of Rs 500 Rs 1000 bank notes. People had no option to do transaction either they had to do the transaction in small denomination of bank notes or had to stand on long lines outside banks to exchange their existing bank note for the new authorized bank notes of Rs 2000 and Rs 500 notes. That’s where Paytm founder Vijay Shekhar Sharma saw an opportunity and he and his staff did 600 days worth of work in 60 days to bring this platform of payment to every person of India. Currently paytm has almost 200 million users in India who actively uses paytm app for their daily payments.

Paytm Payments Bank

In August 2015, The Reserve Bank of India granted ‘in-principle’ approval for Payments Banks to paytm. The company launched the paytm payment bank in august 2017 to bring banking & financial services to everyone. Paytm services were able to accept a restricted deposit of one lakh rupee (Rs 1,00,000) and cannot provide loan and credit card services but can open a savings and current account, and issue ATM and debit card and operate net and mobile banking. It is India’s first Bank with zero charges on online transaction, no minimum balance requirement and free virtual debit card.

PAYTM account charges and interest rates:

Minimum balance – 0
Interest rates – 4% annually, payable every month.

ATM TRANSACTION

Metro cities — Mumbai, New Delhi, Chennai, Kolkata, Bengaluru, and Hyderabad
3 free transaction every month, post that
Cash withdrawal Rs 20/txn*
Mini statement, Balance check, PIN change: ₹ 8/txn*

Non-metro Locations Other than the 6 cities mentioned above
5 free every month; post that
Cash withdrawal: ₹ 20/txn*
Mini statement, Balance check, PIN change: ₹ 8/txn*

DEBIT CARD AND CHEQUE BOOK

  • Digital RuPay, Debit Card –Free
  • Issuance charge/ Annual subscription for physical RuPay Debit Card – Rs 125 / Rs 100 annually thereafter
  • Lost card replacement -Rs 125

ONLINE FUND TRANSFER

  • IMPS -Free unlimited
  • UPI -Free unlimited
  • NEFT* -Free (PYTM0123456)
  • To another Paytm Payments Bank account or Paytm wallet -Free unlimited

WHY PAYTM?

Paytm is a digital wallet, a bank account, debit card, a shopping marketplace and much more than that it’s an all in one app where you can do a lot in just one place. You can buy stuff from paytm mall, you can pay bills, do recharges on phones, can pay for daily goods to retailers etc. This versatility makes paytm very useful to everyone. With the digitization of India paytm has become a huge financial service provider. They did partnership with other corporation to provide even more value to the people’s life. This partnership with other corporation brings lot of benefit to people as one of them is their cashback offers, paytm gives cashback offers to their customers when they buy product from paytm mall or their recharge services and even companies like Burger King, KFC, Dominos, etc are few names who constantly provide different offers to have a mutual benefit from the services provided to the people. Pepsi and other brand provide paytm recharge for every product they buy from the retailer. Paytm had always cross-promoting both brands they tie up with and this is their main marketing method for promotion apart from traditional marketing.

HOW TO OPEN PAYTM BANK ACCOUNT?

  • Opening a Payments account is easy just follow these steps:-
    Download the latest paytm mobile app.
    Open and click on saving account icon.
    Read terms and conditions and click on proceed.
    Enter & confirm your Pass code.
    Add a nominee & fill in all the necessary details.
    Submit the necessary KYC details.

A Paytm representative will contact you to fix an appointment to complete document verification.

Upon successful verification, your Savings Account will be opened.

PAYTM IFSC Codes

Paytm has been allotted with two IFSC codes for transactions. Check Paytm IFSC Code for online money translation.

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