Used as a digital wallet, Paytm has just launched her own Payment Bank. In which you can change your account even in Payment Bank. Paytm informed that all existing wallet accounts will be converted into payment bank. So that users can continue paying their bills. The more you spend with the user’s Paytm Wallet, you can spend that much.
For this, the user will have to sign up at Paytm Payments Bank to get all banking facilities. After that, the users will have to check their KYC details. Also, you will have to click on ‘Request an invite’ by going to the Paytm user www.PaytmPaymentsBank.com or the Paytm app in iOS.
After this, the user will get an OTP (one-time-password) on the mobile number. After verification, the user will be registered for Paytm payment bank. After the completion of this entire process, the user is informed of the invoice on behalf of Paytm. After which the users are eligible to set up a bank account with Paytm Payments Bank.
Paytm also offers the facility like a check book, demand draft and debit card to the user like all other banks. For this, the user has to pay a minimum charge. When Paytm Company opened an account to 10 million users in the payment bank, they would give a cashback of Rs.250 for a deposit of 25,000 rupees immediately. There will be zero charges on online transactions by IMPS, NEFT and RTGS in this account. The company will also pay 4 percent interest every year on depositing money in a savings account.