Following the approval of the Reserve Bank of India (RBI), Paytm has launched its Payments Bank on May 23, 2017. The paytm’s mobile-wallet afflicted Payments Bank provides zero-balance accounts to all of its mobile wallet customers.
However, the customers can opt out of the Payments Bank anytime if they are not satisfied with the services.
Paytm offers a cashback of 1% (Rs.250) for a deposit of Rs. 25,000 made in Payments Bank and a interest of 4% per annum. Paytm won’t charge for any online transactions (NEFT, RTGS or IMPS).
Paytm provides Debit (Rupay) card free of cost and charges Rs.100 per annum as a maintenance fee. Replacement for a lost ATM card and a 10 leaf check book to cost Rs. 100 each.
Hope the Paytm Payments Bank encourages Digital Transactions to support Digital India…
(Image Source: Paytm)