Paytm announced the launch of its payments bank in India, It is the third payments bank in the country, after Airtel and India Post.
If customers wants to open an account with the Paytm Bank, they will have to log on to www.paytmpaymentsbank.com or download the iOS app to get an invitation for account opening and need to submit e-KYC (Know your customer) documents.
Customers can transfer money to other accounts by Paytm Bank Account But this Facility will not be available to customers who only operate an e-wallet.
The bank will offer an interest of 4% per annum for savings accounts. The First one million customers will get a Rs 250 Cashback to open a Paytm Bank account and Reach a Deposit of Rs 25,000.
Paytm will issue RuPay debit cards for an annual fee of Rs 100. First five ATM transactions will be free in non-metro cities per month and after that, customers will be charged Rs 20 per ATM withdrawals.
There is no minimum balance requirement for the bank account. online transactions (such as IMPS, NEFT, RTGS) will not have any charges.