We want to introduce you to Paytm Payments Bank – India’s first bank with zero charges on online transactions, no minimum balance requirement and free virtual debit card.
All wallets will migrate from One97 communications to Paytm Payments Bank. This migration does not imply that all wallet users will get a bank account. Though any KYC wallet user can request for a bank account with us.
Initially, we are making the Paytm Payments Bank available on an invite-only basis. In the first phase, we will roll out the limited version of the banking app for our employees and associates. You can request an invite by logging onto www.paytmpaymentsbank.com or through the Paytm app (please upgrade to the latest version of the App to request an invite).
We are also setting up KYC centers across India to help customers get KYC done and make themselves eligible for a Payments Bank account.
What is a Payments Bank
Payments Bank is a new bank model conceptualized by the Reserve Bank of India. A Payments Bank, can accept customer deposits up to Rs. 1 lakh per customer in a savings or current account and offer other banking services like Debit Cards, Online Banking and Mobile Banking.
Payments Banks can not offer financial products of their own, but can partner with other banks.
Paytm Payments Bank is offering savings and current accounts with a debit card and the ability to make fast and easy payments. It will soon enable you to access a range of financial services such as Insurance, Loans, Mutual Funds offered by our partner banks with the seamless Paytm experience.
Why Paytm Payments bank?
The Paytm Payments Bank will bring a new banking model to you where an account holder’s money will be absolutely safe. Deposits will only be invested in government bonds that are used for the development of our nation, these are the safest bonds in the country.
We will offer an annual interest of 4% for all savings accounts. Our merchant partners will also have access to current bank accounts.
This Paytm Payments Bank has been designed to help achieve financial inclusion in our country. Our ambition is to become India’s most trusted and consumer-friendly bank.
How to get a Paytm Payments bank account?
Currently we are inviting limited users to open an account with Paytm Payments Bank. You can request for an invite by going to paytmpaymentsbank.com or the latest Paytm app.
What happens to my wallet?
Your current Paytm Wallet will now move to the Paytm Payments Bank Limited in the same capacity i.e. KYC wallet as KYC wallet and minimum KYC wallet as minimum KYC wallet. You continue to use the Paytm Wallet as before without any changes. In addition to a wallet, you will now be able to open a savings or current account with us and access a wide range of financial services.
If you are a merchant you can continue to accept payments as usual. You will not be impacted by the migration in any way. However, to begin getting interest on your money you will need to open a savings account with Paytm Payments bank.
Do note that if you have not used your wallet in the last 6 months and you have zero balance, you will be required to login to your wallet again to move to the Paytm Payments Bank.
Will daily operations on my wallet change in any way?
The migration will not impact you in any way. We want to make this as smooth a transition as possible for you. You can continue with your log-in details, accept payments and even refunds will continue into your wallet as usual.
However, to begin getting interest on your money you will need to open a savings account with Paytm Payments bank. But note that you will not be able to withdraw money from your wallet. You can simply move your money to your bank account to withdraw.
Please do note that the migration will happen for all wallet users. You can opt out of this by emailing us at email@example.com. Should you choose to do so you won’t be able to use our wallet services any more