Online Portal PayTM has started Payments Bank Service. Now you can
create your Savings or Current Bank Account and avail the banking
services. The PayTM Bank is RBI Approved and works almost like a usual
bank, but with notable differences.
This initiative is a
significant step towards a new era of cashless transactions and mobile
banking. I received a lot of queries regarding PayTM Payments Bank, and I
am listing them here below.
Frequently Asked Questions:
Q: What are the benefits of PayTM Payments Bank?
The first benefit is that you can keep your wallet balance zero also.
You need not have any balance in your bank account, and still, you can
use the banking services.
You will get a plastic debit card to use
offline across all retail stores. You can also send and receive money
to and from anyone. You can use the internet banking services with
Q: What is the interest rate on PayTM Payments Bank?
A: PayTM will offer higher interest rates than normal balance so that you
can keep more money in your account. However, till now PayTM has not
announced any interest rates yet. Once I receive any official
announcements regarding the same, I will update it here.
Q: What is the difference between a Normal Bank and a Payments Bank?
A: A payments bank account balance cannot exceed 1 lakh at any point of time. You can do transactions up to 1 lakh only.
payments bank is not allowed to lend to customers. Hence, you cannot
officially avail loans, pensions, mutual funds, etc. from Payments bank
directly. However, don’t worry, PayTM has partnered with 3rd parties and
financial institutions to offer these services.
Q: What are the steps to create my savings account on PayTM Payments Bank?
A: I have described the whole procedure step by step.
Q: What KYC documents are required for creating my Savings Account on PayTM?
A: The list of documents which you can use as proof of identity and proof of address are:
- Aadhaar card
- Voter ID
- Driving License
- NREGA job card
- A copy of your PAN card (optional) if you want to spend more than Rs. 50,000/- in a single transaction.
Documents needs to be self-attested. That is, you need to put a
signature on the photocopies of the documents. Start your name from
inside your document in the photocopy and finish outside the document on
Q: What will happen to my existing PayTM Wallet?
Your existing PayTM Wallet will be migrated to the Savings Account of
PayTM Bank. If you have any balance left in your wallet, that balance
will be automatically transferred to your bank.
Q: Can I choose not to use the PayTM Banking Services?A:
Yes, you are free to choose whether you want to use the PayTM Banking
Services or not. If you don’t want to use the PayTM Banking Services,
only leave an email to firstname.lastname@example.org writing your views.
Q: Can I withdraw money from ATM using PayTM Bank?
Bad News for you. Nope. You cannot withdraw your money as cash from
your PayTM Account. But, don’t worry. You will get a physical debit card
to use anywhere offline. Also, you can send money to your friends and
family on PayTM like you used to do earlier. So, it is not much of a
Q: Will I get any debit card from PayTM Bank?
Yes, you will get a physical plastic card from PayTM which will work as a
debit card. However, you cannot use that to withdraw money from ATMs.
Q: Will PayTM Prepaid Plastic Card work for international transactions?
A: We haven’t received any updates regarding the same till now. Once I receive any update, I will write it here.
Q: Is there any changes in other sectors of PayTM?
No, everything else works like previously. You can shop, recharge, do
DTH Payments, book movie tickets, pay electricity bills, fees, etc. like
you used to do earlier. Nothing changes. Not even your PayTM Login Id
Thanks for reading my FAQ post on PayTM Payments Bank. I hope all your doubts regarding PayTM Payments Bank are clear by now.
If you still have queries, comment them below. I will answer them. At least I will try to answer them.
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