Well there is no doubt that PayTM has been doing wonders with their money wallet. Most of us use it for ordering food, for booking tickets on BookMyShow or getting an Uber cab.
Usage of PayTM wallet has a limit of 10,000 INR every month and if you want to bypass that limit then you will have to fill the KYC form. This is a rule which has been set by RBI for all the customers using any wallet.
We know that PayTM is the most popular Digital Money wallet in the country and they have been trying to get a license to open their bank in India. It seems that they are about to (or already have ) received an approval from RBI for their bank.
As per the source of this news, it seems that they will be opening their bank next year and will be offering an interest rate of 14.5% on a saving accounts. Now this is HUGE.
No other bank is even close to this. Kotak Mahindra was the only bank which has been offering the highest rate of interest till now. However it seems that the banking industry is going to have a taste of disruption caused by startups.
So keep you adhaar card ready and stay tuned with us for more updated regarding this one.
Source – PC-Table