Know what is and how to work

Paytm has its payment bank in India on Tuesday Launched The company has given newspapers and its blog post I issued a public notice and gave this information. Paytm Payments Bank has been delayed by several months. But according to the notice, Paytm’s wallet business has been transferred to the company’s new product Paytm Payment Bank Limited (PPBL). Paytm was planned to start Paytm Payment Bank around Diwali last year.

In 2015, RBI had allowed 10 other people to make payment banks, including Paytm founder Vijay Shekhar Sharma. But in addition to Paytm so far, only Airtel’s payment banks are running.

If you are also a Paytm wallet user, and the number of people using Paytm wallets has increased rapidly since November. If you are also wondering how this change will affect you, then know everything about this here.

• All Paytm wallet accounts will automatically migrate to the new payment bank. If you do not want to migrate in the bank, then you have to email on help@paytm.com or paytm.com/care You have to choose the option of opt out. And then to redeem the remaining balance has to be transferred to your bank account.

• Your account with Paytm Payments Bank Limited (PPBL) will remain a wallet, not a bank account. The accounts which have not been active for the last six months and zero balance will not be transferred to PPBL without opting-in. Apart from the wallet account, users will also be able to open a Paytm Payment Bank Saving or Current account. However, the login of both will be the same, but you will need to open a separate bank account.

• Paytm Payments Bank is currently in beta phase and is being released to employees and partners. Apart from this, other people can also send the request of invoice to become an account holder in the bank. The limit of these accounts is one lakh rupees per customer. And it is different from the wallet as it offers debit cards and interest.

• For a paytm payment bank account, you Paytm Bank page Will have to go on and then click on ‘Request N Invite’. After this you will be asked to sign your Paytm account. Once done, your interest will be accepted to become an account holder.

• If you transfer more than Rs 25,000 to your Paytm Payment Bank, then you will get a cashback of Rs 250 (one percent) a maximum of four times.

• There is no limit to keep a minimum balance in the bank account. Apart from this, no fee will have to be paid for online transaction (such as IMPS, NEFT, RTGS).

• The biggest difference between a wallet and a payment bank is the interest offered by the payment bank. Paytm Bank will pay 4 percent interest annually. This is being given by Airtel Payment Bank 7.5 percent interest The rate is low. Apart from this, Axis, ICICI also offer the same interest.

• Apart from this, apart from wallet, payment bank debit cards (not credit cards) also offer. According to Paytm’s website, Paytm Payment Bank will also provide a checkbook, demand draft and debit card for a very low fee. The interesting thing is that Airtel is not offering any physical debit card, but a virtual card is available online.

• Paytm Bank will issue a Rupay Debit Card, which will be free. But for this, delivery charge will have to be paid as Rs 100 + annual fee. Apart from this, you will also have to pay Rs 100 + delivery fee even if the card is lost. The price of a checkbook with 10 checks will also be equal to Rs 100 + delivery fee.

• Paytm is not starting its ATM. However, its debit card can be used five times in non-metro ATMs without paying any fee, and three times in metro ATMs. After this, every time the cash will have to be paid a fee of Rs 20, while there will be a fee of Rs 5 for other transactions like checking the balance.

Paytm’s parent company One 97 has invested in Gadgets 360.