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Paytm Payments Bank Launched: Cashback on Deposits, ATM Withdrawal Limits, and Other Details

Paytm Payments Bank Launched: Cashback on Deposits, ATM Withdrawal Limits, and Other Details 4f3d1g

By Gadgets 360 Staff | Updated: 24 May 2017 13:15 IST

Highlights

Paytm payments bank was officially launched on Tuesday
The wallets business has been transferred to the bank
Paytm will pay an interest rate of 4 percent on bank deposits

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Paytm has Paytm Payments Bank Ltd (PPBL). 51w64

There seems to be some confusion around the Paytm payments bank, how it differs from the Paytm Wallet , and what happens to the money in s' wallets. Here's everything you need to know about the new Paytm bank, how to open an , and what you get by g up.

All Paytm wallet s will automatically be migrated to the new Paytm Payments Bank. If you don't want to continue with the bank, you have to opt out by emailing [email protected] or visiting paytm.com/care to opt out and redeem your balance by transferring it to your bank .

Your will remain a wallet with PPBL, not a bank . s that have been inactive for six months, and have zero balance, will not be transferred to PPBL without opting-in. In addition to the wallet , you will also be able to open a Paytm payments bank savings or current . Although both will have the same , you will need to open a bank separately.

How to open Paytm Payments Bank ? 5n10i

Opening a Paytm Payments Bank is an option only for Paytm employees and associates as it is being rolled out as a beta. Paytm s can also request an invite to become holders in the payments bank. These s have a limit of Rs. 1 lakh per customer, and are different from wallets because they can offer debit cards, and interest.

To get a Paytm Payments Bank , you have to visit Paytm's Bank page, and then click on Request an Invite. This will ask you to sign in to your Paytm , and once you do that, automatically log your interest in becoming an holder.

Paytm Payments Bank features 494hz

Paytm bank offers cashback on deposits - If you transfer more than Rs. 25,000 into your Paytm payments bank , you will get a cash back of Rs. 250 (1 percent), up to four times.
4 percent interest rate - A big difference between a wallet and a payments bank is that the latter can offer interest. Paytm will be paying 4 percent per annum. This is lower than the 7.5 percent interest that Airtel payments bank is offering, and in line with what you get from Axis, ICICI, and HDFC.
No minimum-balance requirements, no charges for online transactions - There is no minimum balance requirement for the bank . Also, online transactions (such as IMPS, NEFT, RTGS) will not have any charges.
Paytm bank offers debit cards but no credit cards - Unlike wallets, payments banks can offer debit (but not credit) cards. According to Paytm's website, physical services such as a chequebook, demand drafts, and debit cards, will be available from the Paytm payments bank, at a nominal fee. Interestingly, Airtel isn't offering a physical debit card, but a virtual one to use online. The Paytm bank will issue a Rupay debit card, which will be free, but it will charge Rs. 100 + delivery as an annual fee; a lost card replacement will also be Rs. 100 + delivery. A 10-leaves chequebook will also cost you Rs. 100 + delivery charges.
ATM withdrawals on Paytm bank debit cards - Paytm isn't bringing out its own ATMs. However, its debit card can be used with no charges five times at any non-metro ATM, or three times at metro ATMs. After that there will be a Rs. 20 cash withdrawal charge, while other transactions such as balance checks will cost Rs. 5.

Sharma had secured an in-principle approval to start a payments bank in 2015, the Paytm bank was scheduled to commence operations payments bank running, with Paytm following suit now.

Disclosure: Paytm's parent company One97 is an investor in NDTV's Gadgets 360.

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