You must have heard that Paytm’s wallet is soon changing into a new type of bank licensed by the RBI. As a Payments Bank, Paytm can now accept customer deposits upto Rs. 1 lakh per customer in a wallet, savings or current account and offer other banking services like Debit Cards, Online Banking and Mobile Banking. Sounds good ? But people are scared too as there is a lot more they should know. So Dealnloot is here to help you with all you need to know about PayTM Payments Bank.
There are some rumors circulating that you will not be able to use the Paytm Wallet after 23th May! Nothing could be farther from the truth. On the contrary, Paytm Wallet users will soon enjoy additional benefits through Paytm Payments Bank Account.
Features of Paytm Payment Bank–
1 . Paytm Payment Bank to pay 4% Interest on Saving account
2. It will offer Five free ATM Transactions(in non-metro cities) per month,post which they will be charged 20 Rs per ATM Withdrawal.
3. The First one million customer to open a Payments Bank account and reach a deposit 25,000 Rs will get a cashback of 250 Rs instant.
4. Paytm aims to open 31 branches and 3,000 customer service points in the first year.
5. Paytm is setting up KYC for customers and make them eligible for a payments bank account
FAQ Regarding Paytm Payment Bank
Q. What happens to my current Paytm Wallet?
A. It will be transferred to the Paytm Payments Bank Limited as it is, i.e. KYC Wallet as KYC Wallet and minimum KYC Wallet as minimum KYC Wallet
Q. What happens to my money in the Paytm Wallet?
A. Your money is absolutely safe in the Paytm Wallet. It is always yours and you will never lose it. If you have any balance in your current Paytm Wallet, it will reflect in your new Paytm Payments Bank Wallet
If your Wallet has been inactive for the last six months and has zero balance, it won’t be transferred to the Paytm Payments Bank Wallet unless you specifically give consent for the same while logging into the app, web or by e-mail.
Q. Does this mean, I get a bank account with Paytm Payments Bank?
A. No. This is just a transfer of ownership of wallet to a new company called Paytm Payments Bank Ltd. Once we launch the bank, you will be given an option to open a separate bank account with us
Q. Can I move my money to any other Bank from Paytm Payments Bank Wallet?
A. Yes, you would be able to send money to any bank account from your Paytm Payment Bank Wallet.
Q. Is it mandatory to open an account with Paytm Payments Bank once it is launched, to continue using the wallet?
A. You are not required to open an account with Paytm Payments Bank to use the wallet.
Q. Can I opt out?
In case you choose not to continue to enjoy the benefits of your Paytm Wallet, log in to Paytm.com/care to notify your choice of opting out and redeeming your balance by a one time transfer to your own bank account. Do indicate the account holder’s name, account number and the IFSC Code of the Bank where you wish to redeem the money.
Q. Do I have to pay any fees for this transfer?
A. You do not have to pay any fee for this transfer.