New Delhi, May 23: Paytm starts its own Payment Bank live in India on 23 May.Renu Satti is the CEO of Paytm Payments Bank.
We are delighted to announce that Paytm Payments Bank [@PaytmBank] is all set to launch on 23.05.2017.
— Paytm (@Paytm) May 17, 2017
1. What is Paytm Payments Bank?
Paytm Payments Bank is a service being offered by Paytm through Paytm app. Customers using the payment wallet will automatically move to the Paytm Payments Bank Ltd, with the same amount of money in their wallets, and have the option of discontinuing their wallet services by communicating the same before 23 May.
2. How Does it Work?
User will get an invite to open a separate Paytm Bank account, has to go through the mandatory know your customer (KYC) compliance.
Proper documents such as Aadhaar and permanent account number (PAN) will be required to open the account. Paytm will also offer interest on the money in the bank.
3. Will Paytm Bank same as other Banks?
User cannot keep more than Rs 1 lakh in your account. All RBI rules relating to inoperative accounts and services like nominations, cheques/drafts, etc, will be applicable to Paytm’s bank.
But it will not offer any loans or issue credit cards to their customers.Paytm hasn’t yet announced the interest rate it will be offering on deposits.
4. What If You Don’t Want to Continue with Paytm Bank?
If the user do not wish to continue with Paytm banks follow these steps:
Send a mail to email@example.com stating you don’t want to continue using Paytm.
You will need to give details of your savings account, such as account holder name, account number, IFSC code to redeem your Paytm balance.
You will be asked to provide these details within 15 days of notifying them about your desire to opt out.
5. Other Things the user need to know.
If the Paytm wallet has been inactive for for the past 6 months or has zero balance, then the amount will be transferred to the Paytm bank with your consent.