Now Paytm Payments Bank Is Launched Officially
Now, Payments Bank of Paytm is been officially launched in the presence of Arun Jaitley, the Union Finance Minister, in New Delhi at an event. Notably, Paytm Payments Bank is a mobile-first bank of India through which one will be enabled to make online transactions at no cost. Also one does not require keeping a least amount to uphold the account of Paytm Payments Bank, the contrasting majority of other bank accounts.
The main aim of introducing the Paytm Payments Bank is to create a new business form in the banking industry, states Paytm. Paytm, by rolling out the payments bank, is primarily emphasizing on getting financial services to those underserved or un-served customers across the nation, asserts the company.
The Paytm Payments Bank and the Paytm wallet, as per the viewpoint of a customer, are 2 distinct things, even if both are possessed by the same corporate body. Wallets will carry on functioning, but if one has the mobile app already to handle their wallet, they can utilize the same to administer their bank account too, if they opt to open one. The wallet functions distinctly from the bank account; they’re not connected, so one can carry on using the wallet with no alteration, even though you generate a bank account.
Generating a Paytm Payments Bank account is quite simple from the mobile app, all that a user needs to do is sign in, ask for an account, and then input your address for the formalities of KYC. If you have done the KYC already for a Paytm wallet, then this is not needed.
So, let us tell you about the bank account:
- Account charges and fees:
There is a paperless and rapid account opening, no costs for online transactions, and phone banking.
- Rate of Interest:
The bank reimburses 4% interest for each annum remunerated each month.
- A digital RuPay Card:
A free virtual card is offered by the bank for making online buys all over the merchants accepting RuPay Cards.
Each account is assigned a unique Paytm passcode as its protection.
- An updated passbook:
With the Paytm Passbook, a sight of their balance and transactions can be taken by the account holders.
Finance Minister Jaitley, at the event, spoke about the significance of a digital platform that has made the access easy to banking systems for all, expressing it as a “new episode in history being written, with each day, several such initiatives are taking place that assists in making the economy more formal.”