Paytm launches Payments Bank – 8 things you need to know

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Paytm is an Indian payment company is about to launch a Paytm Payments Bank services .”One97 communications”  the parent organization of Paytm has received access to launch Payments Bank from RBI.

Paytm an e-wallet company received customers exponentially during demonetization in India during the last month of November and December. The company has confirmed that it has over 200 millions registered customers. Now their next milestone is to achieve 500 Million by 2020.

Last December Paytm had announced that it will merge its digital wallet business with Payments Bank. Now Paytm has received its approval in the month January 2017. And now officially set to launch it on 23 May. Recently Paytm has raised $1.4 Billion dollars from Soft Bank Corp.

At the same time, Paytm has also announced that its longtime executive and vice president Renu Satti will take over as CEO of the Payments Bank. Renu Satti, she has been working on Paytm’s owner One97 Communications for over a decade.

As per the public notice of Paytm, “the company will be transferring its wallet business to the newly incorporated Payments Bank entity. Paytm Payments bank limited, under a payments bank license awarded to Founder and CEO Vijay Shekhar Sharma”.

Here is now what you need to know about

What is Payments Bank & How much amount can be deposited?

Paytm wallet now continues to convert into a licensed bank that gives customer additional benefits such as a bank account, chequebook, and a debit card. The user will also earn interest on the money available in the account. As per Paytm Payments Bank, a customer can deposit upto Rs.1 lakh in a wallet, savings or current account. And they also offer other services like Debit Cards, Online Banking, and Mobile Banking.

Who will open the account?

This will happen automatically, and Paytm users do not need to do anything additional.& you do not have to pay any fee for this transfer.

How can I open a Paytm Payments Bank account?

Soon they will be launching their banking services. You will have an option to open bank account & other financial services, before that you need to complete e-KYC documents and signing up digitally. Once bank account opens, the user can avail benefits like debit cards, passbook, cheque book etc.

What happens to my balance available in the Paytm wallet?

The money available in your account will automatically be transferred to Paytm Payments Bank Limited.
However, if your account remains inactive for the past six months and has zero balance in your wallet, the account will not be transferred to Paytm Payments Bank Ltd. wallet unless until you specifically consent for the same. You may provide your consent while logging into your account. Else you can mail to help@paytm.com

What is the interest rate will be given to the balance available in the wallet?

Paytm Payments Bank Limited will offer an interest to the saving account and they will be launching it soon. Paytm Payments Bank said that it will offer an interest rate of 4 percent per annum on deposits.

What to do if I wish to opt out from the services of Paytm?

If you are not interested in services of Paytm wallet you can mail to customer service at help@paytm.com or by login to paytm.com/care.

How can you redeem your amount by opting out from services?

You can redeem your Paytm balance by one-time transfer to your bank account. All you need to enter your bank details i.e. Account holder name, Account No. IFSC Code of the bank you wish to redeem. You need to redeem within 15 days of notifying your choice.

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I am Ravi Chandra Verma, you can call me as RC Verma. I am Founder of topbestof.com, founded in December 2016. I have done Mechanical Engineering from GLA University, Mathura and now I am residing in Gurgaon, Haryana. As Technology & Gadgets are my key interest area cause me to help you, so I try every day to give you the best advice, opinion, information that will help you what to buy, from where to buy from & can also educate you on technology that can enhance and enrich your daily lifestyle.

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