Paytm Payments Bank

Paytm Payments Bank has finally been launched today. The popular wallet and e-commerce portal has announced that starting today, its Payments Bank services will become operational. However, at this point, the company has revealed that it will be testing its services with a limited set of users only.

How To Apply For Paytm Payments Bank Account?

Paytm Payments Bank services are open on an invite-only basis as of now. You can request for an invite to the service at Paytm.com/bank. Once you get an invite, follow the steps as mentioned in the mail.

Once the Payments Bank service is opened to all users, you will have to apply to open a Savings or Current account with Paytm. Existing wallets will continue to work even after your account is opened.

KYC verification is compulsory for opening an account.

Recommended: Paytm Payments Bank FAQs: Everything You Should Know

Paytm Payments Bank Schedule Of Charges

Here is the full schedule of charges of Paytm Payments Bank. Main highlights are:

  • Zero balance
  • 4% interest per annum
  • Free virtual Rupay debit card, no issuance or annual charges
  • Physical Rupay debit card – Rs. 100 + delivery charges
  • Cheque book – Rs. 100 + delivery charges
  • Metro locations – 3 free ATM transactions per month, Rs. 20 thereafter for withdrawal, Rs. 5 for balance enquiry
  • Non-metro locations – 5 free ATM transactions per month, Rs. 20 thereafter for withdrawal, Rs. 5 for balance enquiry

Paytm Payments Bank charges list

Recommended: Digital Wallet vs Normal Bank vs Payments Bank – Clearing The Confusion

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Rounak is techie by heart and journalist by profession. He is responsible to take care of editing job at Gadgets To Use. Driven by curiosity and a thirst to learn new things in life, he is always intrigued by the things we can do with a gadget in our hands. A stock Android and Nexus fan, he also enjoys cricket and reading in his free time.