Paytm is going to launch its payment bank today. Paytm is the largest e-Wallet provider in the country. Explaining the interest paid on deposit in this bank, it was told from Paytm that it would get interest of 4 per cent per annum.
There is no limit on the minimum balance. This means that if it is zero, then no penalty or charge will be imposed. The purpose of digital payment firm Paytm is to add 500 million subscribers to this bank in the next three years. There will be no fee for online transactions. Initially, 400 crores will be invested.
Paytm plans to open 31 branches and 3,000 customer service outposts within the first year of operations. Paytm is offering the lowest interest rates compared to its rival payments bank, Airtel at7.25%
The bank is targeting a customer base of 500 million customers by 2020. The company said in a statement that The first one million customers to open a Payments Bank account and reach a deposit ₹25,000 will get a cashback of ₹250 instantly
The Company Said that All online transactions will be free of charge.