How To Open Account in Paytm Payment Bank Limited (PPBL)
Existing Paytm users, I have a great news for you as Paytm payment Bank launched on 23 May 2017. News is directly coming from Paytm on facebook by CEO Vijay Shekhar Sharma. As of Now digital wallet is going to transform into a bank. Earlier paytm also launched Paytm mall. You might have many queries regarding this, So I decided to come and write one article,
It is not surprising Paytm has finally decided a date for launching Paytm payment banks. Paytm has been planning about this from a long time. They were stuck in between clearance and License required for this setup.
Do you know? Chinese Softbank also funded 1.4$ billion paytm for the kick start of payment bank in india.
Finally Paytm is set to start all its operation from 23 May 2017, So if you are from Paytm 220 Million users, here we will discuss about some important points that you should know and all benefits that paytm payment bank will give you.
After the setup Paytm will be renamed as Paytm Payments bank Limited or PPBL. In this company Vijay Shekhar Shamra will hold 51% share and One97 Communications LTD will hold the rest.
What is Paytm Payment Bank or PPBL?
- 1 What is Paytm Payment Bank or PPBL?
- 2 How to open account in Paytm Payment Bank limited (PPBL)?
- 3 Interest Rate and Benefits of Saving account On Paytm Payment Bank :
- 4 All Questions Regarding Paytm Payments Bank Limited
- 5 What will happen to the money in Paytm wallet?
- 6 Is opening account into Paytm payment bank is compulsory?
- 7 Will I be able to use my paytm wallet instead?
- 8 Is it a real bank?
- 9 Will Money transfer is applicable to others banks?
- 10 Will I be charged for not maintaining my Paytm bank?
- 11 How can I make recharges, Bill payment etc from Payment banks?
- 12 How to apply for Debit card and Checkbook?
- 13 What are Interest Rate on Savings Account?
Paytm was just a mobile digital wallet for doing online transaction and operated by their original owner One97. But here is a change, As after transforming into Payment bank more facility will be added like virtual debit card, cheque book, money interest, and a lot more.
|Paytm Bank Details|
|Type Of Account||Savings|
|Account Limit||Rs. 1 Lakh|
|Transaction Fee||No charges|
|Money Transfer to bank charge||No charges|
How to open account in Paytm Payment Bank limited (PPBL)?
I have prepared a step of step guide for you, Just go through it and within 2 minutes you will enroll into Paytm saving account owner.
Paytm has updated its Application that you can download from play store or from Paytm website. They have introduced some new features with this update. Refer to the below picture to see major changes introduced in paytm app version.
- To be a part of Paytm Payment bank you have to request an invite to join Paytm Payments bank.
- So Firstly update your paytm app.
- Now You will see Paytm payments bank banner click on it
- You will be asked to proceed as stated in below screenshot
- After that you need to Submit your KYC documents. Just Enter your name and Aadhar card number and proceed.
- After you will be asked to verify your aadhar through OTP Code that is registered through your Aadhar card.
- In case you have missed your number then you have two options:
- Visit a KYC center with any of the document as stated in below image
- You can even request a visit from paytm to verify your documents.
That’t it you have successfully enrolled in Paytm Payment bank.
New Key features launched in New Paytm App
- Start Accepting Payment using Paytm More easily
- Add an App Password to secure Payment.
Interest Rate and Benefits of Saving account On Paytm Payment Bank :
Interest Rate on Saving account of Paytm is 4 % per Year and Payable monthly .One more good thing about Paytm Bank is there is no minimum balance limit to operate account .Below is the Offer Image for deeper knowledge.
All Questions Regarding Paytm Payments Bank Limited
Here is a list of question and answers might be raising in your mind. So go through these answer and discover how paytm is going to manage their old users.
What will happen to the money in Paytm wallet?
Don’t worry your money is totally safe with paytm payment bank. Moreover from now onward you will also get interest for maintaining your paytm balance. Additional the process will be automatic so money will be transferred on 23 May by paytm itself.
Is opening account into Paytm payment bank is compulsory?
If you are willing not to engulf in this transformation then simply sent a mail to paytm and ask them to discontinue your wallet. They will transfer your money safely into the bank account.
Will I be able to use my paytm wallet instead?
No, If you want to use Paytm service then you have to get this transfer else you will not be able to do any transaction from paytm.
Is it a real bank?
No, it is a digital bank that cannot lend money or advance loan for different purposes. PPBL comes with a limit of 1 Lakh rupees that can be used to made online purchases.
Will Money transfer is applicable to others banks?
Yes, you will be able to transfer your money back to your primary bank as you have done so far.
Will I be charged for not maintaining my Paytm bank?
No information has been passed yet on this topic, but they might not charge you anything.
How can I make recharges, Bill payment etc from Payment banks?
The process will be same as you were doing till now, plus more benefit will be added with these arrangements.
Important : Those users who have inactive account for more than 6 months and has a Zero balance, Paytm will not transfer their wallet unless you ask customer representative to do so. You can do so by Paytm app or e-mail or their twitter handle.
How to apply for Debit card and Checkbook?
You will get interest from Paytm payment bank saving accounts by keeping your deposits. Also you will receive checkbook too for all offline transaction.
You can go to paytm.com to check your transactions status.Plus you will get a debit card to do faster transactions.
What are Interest Rate on Savings Account?
Well this is most interesting part of this article, as paytm is offering 4% of Interest on keeping money, So you can consider to keep money in your digital paytm payment bank. If you have further queries you can ping comment or contact us.