What is Paytm Payments Bank ? How to Open Your Paytm Payments Bank Savings Account ? Open Account & Get Free PayTM Debit Card !!

What is Paytm Payments Bank ? How to Open Your Paytm Payments Bank Savings Account ? Open Account & Get Free PayTM Debit Card !!

Paytm is an Indian e-commerce payment system and financial technology company, based in Noida, Uttar Pradesh, India.

Paytm is currently available in 11 Indian languages and offers online use-cases like mobile recharges, utility bill payments, travel, movies, and events bookings as well as in-store payments at grocery stores, fruits and vegetable shops, restaurants, parking, tolls, pharmacies and educational institutions with the Paytm QR code.California-based PayPal filed a case against Paytm in the Indian trademark office for using a logo with a similar color combination to its own on 18 November 2016. As of January 2018, Paytm is valued at $10 billion. It is planning to launch its initial public offering (IPO) in 2022.

As per the company, over 7 million merchants across India use this QR code to accept payments directly into their bank account.The company also uses advertisements and paid promotional content to generate revenues.

What is Paytm Payments Bank ?

Paytm Payments Bank is offering savings and current accounts with a debit card and the ability to make fast and easy payments. It will soon enable you to access a range of financial services such as Insurance, Loans, Mutual Funds offered by our partner banks with the seamless Paytm experience.

Payments Bank is a new bank model visualised by the Reserve Bank of India. As a Payments Bank, Paytm can now accept customer deposits upto Rs. 1 lakh per customer in a savings or current account and offer other banking services like Debit Cards, Online Banking and Mobile Banking.

How to Open Your Paytm Payments Bank Savings Account ?

The account-opening process is completely digital! Here are the steps to follow if you are a KYCed user-

Step 1: Download the latest version of Paytm App. Open & tap on Savings Bank icon.

Step 2: Tap on open savings Account

Step 3: Set your passcode & confirm passcode

Step 4: Enter nominee details

Step 5: Read T&C and tap on Proceed

Step 6: There you go, you now have your Paytm Bank Savings Account

Step 7: Login to continue.

The account-opening process is completely digital! Here are the steps to follow if you are a Non KYCed user-

1: Download the latest version of Paytm App. Open & tap on Savings Bank icon.

2: Tap on open savings Account

3: Set your passcode & confirm passcode

4: Enter nominee details

5: Read T&C and tap on Proceed

6: Now you will need to Complete your KYC. To complete your KYC, click here. To find out more about Getting your KYC done.

Note: Submitting PAN/Form-60 is mandatory for Wallet and Saving Account

Terms & Conditions:

• Paytm Payments Bank account can be opened only by a Resident Indian
• Paytm Payments Bank is allowed to hold a maximum balance of Rs 1,00,000/- per individual customer at the end of the day i.e. the combined balance of your wallet and savings accounts should not exceed Rs 1,00,000/- at the end of the day.
• There is no minimum balance requirement to open an account with Paytm Payments Bank. Hence, you can open an account with us even with zero balance.
• Paytm Payments Bank is not permitted to offer loans, overdrafts/advances against customer deposits, credit cards, term deposits, recurring deposits, PPF accounts, demat accounts etc. In case we offer such products, they will be powered by our partner institutions.
• Nomination facility is available for all deposit accounts.

Read it also:-

How to Transfer Paytm Cash Wallet Money to Bank Account & Mobile Account

How to complete Full KYC or Minimum KYC in Paytm for Paytm Payments Bank Savings Account ZERO fee

How to check CIBIL score on Paytm app for free

PayTM Digital Bharat – Collect Stickers & Get Assured Up To ₹1000 Cashback /Latest Cashback Offers

After Opening the Account You will get a Banking Kit from PayTM with the Following:

• A Passbook
• A Cheque Book
• A Debit Card
• Internet Banking Instructions Manual
• A Welcome Kit with instructions to use the PayTM Wallet.

The Banking Kit will reach at your home directly. It may take up to 2 weeks to reach you after your Bank Account has been created. Kindly wait for it to come.

Conclusion:

The features and benefits of Paytm Savings Account are not very different from any other savings account. If you don’t have any savings account, you can look at Paytm bank account. However, the limit of Rs. 1 lakh can act as an impediment.

If you want to take the full benefit of a savings account, you can easily open a Paytm Payments Bank account, a zero balance account, complete the full KYC and experience new-age digital banking to its fullest. 

Last thing

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