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