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How to Open an Account and Get a Free RuPay Debit Card, How to Open a Bank Account in Paytm Payments Bank and Get a Free RuPay Debit Card

How to Open an Account and Get a Free RuPay Debit Card, How to Open a Bank Account in Paytm Payments Bank and Get a Free RuPay Debit Card
Written by Manoj Kadam
How to Open an Account and Get a Free RuPay Debit Card, How to Open a Bank Account in Paytm Payments Bank and Get a Free RuPay Debit Card

How to Open an Account and Get a Free RuPay Debit Card, How to Open a Bank Account in Paytm Payments Bank and Get a Free RuPay Debit Card

The country's most popular digital payment platform Paytm opened its payments bank for everyone last month. Earlier, Paytm Payments Bank was in beta phase since its launch in May. At the time of launch, users could sign up only through an invite based system. But now, like any other bank account, users can open a savings account in Paytm Payments Bank.

We will tell you how you can open your account in Paytm Payments Bank? The process of opening a savings account in Paytm Payments Bank is very easy. And the best thing is that for this you do not need to go anywhere, the account is opened sitting at home.

Process to open a savings account in Paytm Payments Bank

  • First of all you have to download the latest version of your Paytm app.
  • After this open the app and then click on the bank account icon.
  • Now read the terms and conditions carefully and then tap to proceed further.
  • Set the passcode and then confirm.
paytm account
  • After this enter your Aadhar card number and proceed.
  • After giving all the necessary information, you will have to name a nominee or you can also choose the option of “I don't want to add a nominee”.
paytm account

After this you will have to enter your address. If you have purchased from Paytm, the already stored address will be visible or you can also enter a new address.

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KYC for customers
If you are a KYC customer then you do not need to do anything and your account will be opened within a few minutes.

For non-KYC customers
All necessary information will have to be provided for KYC. After this you will get a call from a Paytm representative to take an appointment to complete all the necessary paper verifications. After this, after successful verification by the Paytm representative who comes to your home, your saving account will be opened.

paytm account

After opening Paytm bank account, you will receive a message on your registered mobile number. And along with this, you will also get information about a virtual RuPay debit card provided with the account. On making any online transaction through RuPay Card, an OTP (One Time Password) will be sent to your registered mobile number.

Method of depositing money in savings account
First method: You can get information about your account by going to 'Add Money' and then select 'Savings Account'. Now, you can transfer money to your Paytm bank account through IMPS or NEFT by going to the app of another bank account.

Second way: Visit your nearest Paytm branch and deposit cash in your savings account. Currently there is only one flagship branch of Paytm Bank account.

Paytm is not launching its own ATM. However, its debit card can be used up to five times at non-metro ATMs without paying any charges, and three times at metro city ATMs. After this, every time you withdraw cash, you will have to pay a fee of Rs 20, while for other transactions like checking balance, you will be charged Rs 5.

paytm rupay card

Interest rate available from Paytm bank account
There is no minimum limit for maintaining balance in a bank account, however, the maximum balance that can be maintained is only Rs 1 lakh. Apart from the wallet, the amount deposited in the Payments Bank will earn interest. Currently PayTm Payments Bank is giving 4 percent annual interest.

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Benefits of Paytm Bank Account
Paytm says that there will be no transaction charges for any electronic transfer (including UPI) from a bank account. According to Paytm's website, if you need to transfer money from your Paytm wallet to the bank, you will have to pay a fee of 3 percent. Apart from this, physical facilities like chequebook, demand draft and debit card will also be made available at very low charges.

One of the most special features of Paytm Payments Bank is that as per the terms and conditions, free insurance of up to Rs 2 lakh is available in case of death or permanent disability.

What about existing wallet?
Your existing Paytm wallet will automatically convert to Paytm Payments Bank Limited. And you will continue to use the wallet as before without any changes.

There are also some restrictions for Payments Bank. The first is that it is not allowed to give loans like other banks. This means that Paytm credit card cannot be issued. However, payments banks can partner with other financial institutions to offer additional services, which are expected to be rolled out in the future.

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Manoj Kadam

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