PayTM has today announced the launch of its much awaited Payments Bank in India. PayTM has been the biggest beneficiary of Digital India initiative of the Government promoting Cash less transaction. Continuing the same, PayTM announced that it will charge no fees for Online transactions what so ever.
Apart from nil charges on online transaction, PayTM announced that it will offer annualised 4% return to its Payments Bank account holder (not wallet) and there would be no minimum requirement of maintenance of balance, the account would be a zero balance account by default.
PayTM Payments Bank’s first branch is also launched in Noida, Uttar Pradesh, PayTM already has their headquarters in the same city. Just last week, PayTM had announced capital infusion of $1.4 billion by Softbank and for the bank, PayTM has earmarked 400 crores to expand its network across the country and set up the KYC centres across India.
Please make a note that PayTM Wallet is different is PayTM Payments Bank Account. Tough all the wallets are moved from PayTM to PayTM Payments Bank which is a different entity, opening of Payments Bank required completion of KYC. As of now the PayTM Payments Bank would not be open to everyone rather an Invite only system has been introduced. As a promotional offer, PayTM is offering a cash back of Rs. 250 for customers adding Rs. 25000 in to their Payment Banks account.
PayTM is the 3rd entity to launch Payments Bank post getting approval from the RBI. Airtel and India Post are already started their respective Payments Banks, Airtel offers 7.25% interest on their accounts where as India Post has promised around 5% interest on their accounts.
You can register on PayTMPaymentsBank.com for the invitation to open an account with PayTM.