Paytm Payments Bank - Free Rs.250 Cash + 4% Interest (For All Users)

Get Set Ready for free Rs.250 cashback on opening savings account & depositing Rs.25,000 + 4% interest starting 23rd may 2017 on Paytm.

Source Link - The Hindu (Click to visit the Official Link)


“The first one million customers to open a Payments Bank account and reach a deposit ₹25,000 will get a cashback of ₹250 instantly,”

What is Paytm new payments bank?

Paytm's Payments Bank will be a new service offered by One97 Communications, approved for carrying out business by the Reserve Bank of India (RBI). The payments bank will subsume and manage the existing wallet service, and separate permanent bank accounts that will bring with them a slew of financial features. 

How to open a Paytm payments bank account? 

Post the launch of the service on Tuesday (May 23), users will be invited to open a permanent account with the payments bank. As Paytm's new service is regulated by RBI's guidelines, so users will be asked to upload mandatory Know Your Customer (KYC) documents like Aadhaar and PAN.

What happens to the money in your Paytm Wallet?

If the customer chooses not to open an account under the payments bank, the money in their wallet will be transferred simply to a new wallet operated by the Paytm payments bank and will reflect in the Paytm app. The user will incur no charges. Customers, however, are also being given the option of discontinuing their wallet services altogether by notifying the company before May 23.

Why open an account in the payments bank?

The major difference over the existing wallet service will be the addition of new financial features that come with the accounts under the payments bank. For example, Paytm will offer interest on the money in its payments bank accounts, a feature not available under its wallet service. Other services like debit cards and money transfers found with permanent bank accounts will also be possible with the new service.

However, these will not exactly be the same as your usual bank accounts. Payments bank accounts will be capped to hold a maximum of Rs 1 lakh, and the bank, for now, will not be able to offer any loans or issue credit cards to their customers.

For more Info Visit - https://paytm.com/care/payments-bank/