India based payment and commerce giant ‘Paytm’ recently created a buzz with the announcement of converting its mobile wallet into a devoted Payments Bank. This means that with this Paytm users who access Paytm on a usual basis are ready to witness major changes, mostly pertaining to handling Paytm.
With this new announcement Paytm has become a full-grown RBI approved Payments Bank now. With which one can request for an invite to open a Payments Bank account from Paytm’s official page.
Presenting you 5 facts and realities that you as a user must be acquainted with about Paytm’s newest venture:
It’s almost like a bank- While there is a little indistinctness about the term “Payments Bank”, let us tell u that it is pretty much like a bank. Paytm will be giving its users 4% interest on their savings every year, which itself shows that it is not different from a usual bank. The interest rates are quite equal with some nationalized banks.
No need to maintain balance - Since it’s like a bank account now, the users now must be speculating concerning the minimum balance they need to maintain in the account. Well, if that’s the case, then it is please to inform that it is a zero balance account, providing the users a freedom to load up cash as they want.
No transaction fees- If the users want to send money from Paytm to a bank account right now, he/she will be charged a 2% transaction fee for the transaction. This won’t be a concern longer with the Paytm Payments Bank as the user can send money via IMPS, NEFT, and RTGS without any extra fees.
Chequebook, Debit Card, Demand Draft to be available very soon- Via its Payments Bank very soon, Paytm will also is issuing debit cards, chequebooks, and demand drafts. For this, the users will be charged a nominal fee for the same, which is in line with other banks.
Exhilarating cashback promos on deposits- Enormously popular for its cashback promotions, Paytm very well understands this and offers a cashback of Rs 250 on every deposit of Rs 25,000 or above on Paytm Payments Bank account. The cashback is only valid four times per month. The promotion is subject to change without prior notice, so this could well be an introductory offer.