Indians are terrified of most of the new things which happens around them. Latest confusing thing right now happening to them is Paytm payment banking, though it is not new at all. Airtel and India post are already competing with each other in this kind of banking sector. RBI should be acknowledged for taking this kind of bold move in the banking sector which may be able to reform the Indian banking methods.
Now about the Paytm, I am sure you have tons of queries to ask, so LikeWike would love to solve all of your issues regarding paytm payment banking.
- Questions like
What will happen to your Paytm balance? Is – don’t worry Paytm wallet will continue to be an e- wallet solely even after the bank is launched. You can keep cash balance in it as well as continue transacting using the e-wallet. If you wish to opt. for Paytm payment banking you just need to take care of some very simple formalities and you are good to go. All you existing customers of e- wallet, you have no option to choose because Paytm payments bank will automatically transfer your accounts.
About new customers, you need to log on PaytmBank or download the iOS app to get an invitation for account opening. Customers will need to submit e-KYC (Know your customer) documents. E- Wallet customers will get a perk of transferring money to other accounts.
Interest rates are bit disappointing as it is of 4 percent only which is lowest among other existing online banks like Airtel payments banks offers 7 percent annually and India post payment banks 5.5 percent. One thing which hasn’t changed in Paytm services is cash back and the first million customers to open accounts with Rs 25,000 deposits will get cash back of Rs 250 instantly. You can open your account on zero balance as well with no extra charges.
If you are not satisfied with this new system you can close your account just by sending a mail to the help desk of Paytm (firstname.lastname@example.org).
One last thing ,may be you will have a new ATM card in your wallet to use, just by spending RS100 extra in Paytm payment banking, which you can use to withdraw money like every other banking system.