PAYTM LAUNCHES ITS 1ST PAYMENT BANK
- Paytm launches its first payment bank by 23rd May, 2017 at Noida. It plans to expand to open 31 branches and 3000 customer base in a year’s time. It plans to open around 500 million accounts by 2020.
- Payment Bank will get initially for two years Rs. 400 Crores of investment.
- One 97 Communication (i.e Paytm) will Transfer its wallet business to payment bank from 23rd May, 2017 . Once the wallet business becomes the part of payment bank the money in the wallet will be transferred to customer’s payment bank account. Customer need to send request for payment bank on the www.paytmpaymentsbank.com or Paytm iOs application.
- Paytm Payment Bank offer 4% annual interest along with cash back on deposit. Thus customers will get a cash back of Rs. 250 on depositing Rs. 20000- 25000 in the payment bank.
- Paytm Payment Bank will be a zero balance account with no minimum requirement and will offer all kind of online transaction facilities.
- Payment bank can accept Rs. 1 lac per account.
- RuPay debit cards will be provided to the customers which can be used for 5 free ATM cash withdrawal in non – metro cities per month and later on the charges shall be Rs. 20 per withdrawal.
- Payment Bank will follow all the guidelines of RBI in undertaking day to day operations.
- Paytm will initially launch its Banking App for employees.