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All You Need To Know About Paytm e-Wallet Post Today’s Paytm Bank Launch

What happens to Paytm balance?

Paytm wallet will continue to be a wallet solely even after the bank is launched. Customers can keep cash balance in it as well as continue to transacting using the e-wallet.

Will customers have to switch to Paytm Bank?

Existing customers will be transferred to the Paytm Payments Bank automatically post the launch. Making the switch is not optional.

How to open a new account?

Customers can log on to www.paytmpaymentsbank.com or download the iOS app to get an invitation for account opening. Customers will need to submit e-KYC (Know your customer) documents.

Is it possible to transfer money to other accounts?

Yes, it is possible to transfer money. However, this facility will not be available to customers who only operate an e-wallet.

What is the annual interest on your deposits?

Paytm is offering a 4 percent annual interest rate and cash-backs on deposits. In comparison to other payments banks, this is the lowest – Airtel offers 7.3 percent while India Post has 5.5 percent interest rate annually.

Can I close my Paytm bank account?

They can easily close the bank account by sending an email to Paytm’s helpdesk – help@paytm.com. They will also have to give their account number and IFSC code for branch. The balance in the e-wallet will be then transferred to the customer’s alternative account.

Will the bank offer card services?

Paytm will issue debit cards in partnership with RuPay cards for an annual fee of Rs 100. First five ATM transactions will be free in non-metro cities per month. Post that, customers will be charged Rs 20 per ATM withdrawals.

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