Paytm Payments Bank Now Open For All
The Paytm Payments Bank Limited (PPBL) has finally opened for all users, after it’s launch in May. For now, PPBL has launched been launched as a beta version. Paytm users can only sign up for the Paytm Payments Bank with an invitation based system.
Update To Paytm App 6.0.0 For Paytm Payments Bank
To be able to use Paytm Payments Bank, you need to get the latest version of the app,V6.0.0, where the Paytm Payments Bank will be accessible to all users (the update is available on both Android and iOS).
Not Available on Web Browser or any Physical Branch
To avail the Paytm Payments Bank service, you have to use the app. It will only be available through the Paytm app for now. You cannot sign up for Paytm Payments Bank via any web browser. At the same time, there are no physical branches, where you can go to sign up either.
New Corporate Entity
Before Paytm launched the Payments Bank service, the Gurgaon based company created an all-new corporate entity – Paytm Payments Bank Limited. This new entity holds both, Paytm Wallet as well as the new Payments Bank business. Both of the businesses are run by Paytm, but the the Paytm Payments Bank is different from the Paytm Wallet.
The Paytm Payments Bank Signup Process
Once you update the app and open it, you will get a pop-up with Paytm Payments Bank greetings.
- Step 1. If you wish to proceed, tap on it. The app will ask you to set a passcode for the Paytm Payments Bank, and will also ask you to appoint a nominee.
- Step 2. The app will ask you enter your address (if you have shopped on Paytm before, you will get to see the saved addresses) or you can enter manually.
- Step 3. After that, now you need to provide your Aadhaar Number and your name as printed on the Aadhaar Card.
- Step 4. Up next, Paytm will arrange a visit to your place, to carry out all the KYC formalities, and this will finally create the Paytm Payments Bank account.
[If you have your KYC already done for the wallet, it will directly create your Paytm Payments Bank account]
Paytm Payments Bank A/C Number
After you complete the whole signup process, you can get your Paytm Payments Bank account within a few minutes without going to any branch or doing any paperwork. For Airtel Payments Bank, your phone number is your account number. But for Paytm Payments Bank, you need to log in through your registered ID to see your bank statement along with the wallet statement in the Paytm app.
No Minimum Balance Required
The Paytm Payments Bank account does not require any minimum balance, though the maximum limit is capped to Rs. 1 lakh. Paytm Payments Bank will offer a interest at 4 percent per annum.
Bank Transfers And Virtual Debit Card
For all the electronic transfers (which includes UPI) from the Paytm Payments Bank account, it will not carry any transaction charges. You will also be issued a Virtual RuPay Card which can be used for online transactions, at no additional cost.
ATM Withdrawal Possible
The debit card though can be used to withdraw cash from ATMs. As of now, Paytm is not launching it’s own physical ATMs, But you will be able to withdraw cash with no additional charges for upto five times in a month from any other bank ATM all throughout India. Post 5 withdrawals (in a month), each withdrawal will carry a charge Rs. 20, which falls under the standard provision.
Lower Interest Than Airtel Payments Bank
Airtel Payments Bank offers a higher rate of interest at 7.5 percent. Though it does not offer a debit card for ATM withdrawals. Instead, Airtel Payments Bank will provide a virtual debit card which can be used for online transactions at no extra cost.
Limitations Of Paytm Payments Bank
There are a few limitations in using Paytm Payments Bank;
- Payments Banks cannot issue a loan.
- No loans means, cannot issue credit cards.
- Has to partner with other financial institutions to offer any additional services.