Paytm payments bank goes live; here’s what you should know

Paytm payments bank has gone live in India. Your mobile wallet will automatically migrate to the payments bank. However, you can also opt out of it. Check out the details here

By: News Desk |
May 23, 2017 3:58 pm

After getting a green signal from the Reserve Bank of India, Paytm payments bank went live in India on Tuesday. According to a blog by the company, the bank which is an entity of the Paytm Payments Bank Limited (PPBL) has been launched to ‘achieve financial inclusion’ in India. It will integrate the banking services of the payments bank within your Paytm mobile wallet.

Like all other banks, Paytm payments bank will also require all its customers to get KYC verification done. The company has set up verification centres across the country to for the same. Customers can also book an appointment at a place of their convenience for the same.

Here’s all you need to know about the Paytm payments bank:

What is Paytm payments bank?
It is payment bank which offers banking services as mandated by the RBI. The services of the bank have been integrated into the app and the customers don’t need to download a separate app to use the services offered by the bank.

The accounts will have zero balance requirements and all online transactions will be free.

What are the services offered by Paytm payments bank?
It offers savings and current accounts with a debit card. It also offers online banking and mobile banking services. However, services like insurance, mutual funds and loans are not available.

Customers who opt for a savings account will get an interest of 4 percent annually.

How can I open my account?
As of now, Paytm payment bank is available on ‘invite only’ basis. However, you can request an invite by Paytm payment bank website or by downloading the latest version of your Paytm app.

What happens to my e-wallet if I open my account?
Your Paytm wallet will move to the payments bank and you will be able to use your e-wallet as before. However, if you haven’t used your wallet in last 6 months and you have zero balance in your account, you will have to log in to your Paytm wallet again.

ALSO READ: Paytm launches ‘Food Wallet’ to replace food coupons

Can I opt out of Paytm payments bank?
Yes, you can. To opt of the payment bank, you will have to send a mail to care@paytmpaymentsbank.com. But there’s a catch.

If you chose not to opt out of Paytm payments bank, your Paytm wallet will be closed and you will not be able to make any transactions using your mobile wallet.

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Can I transfer money to any other bank from Paytm payments bank?
Yes, you can.