How to Open Paytm Payments Bank Account

PayTM Payments Bank to be launched on May 23 What is a Paytm Payment Bank? How to open Paytm Payments Bank Account.

PayTM Payments Bank - the first bank in India to have zero fees, minimum balance and free virtual debit card on online transactions.

Paytm Payments Bank brings a new banking paradigm to the world, where an accountant's money is perfectly secure.
Deposits are made only in government bonds used for the development of our country. Paytm will set up KYC centers across India to enable customers to receive KYC and qualify for Payment Bank Account.

Offer 4% annual interest on all savings accounts. Merchant partners also have access to current bank accounts.
You can log on to or request an invitation via the Paytm app

Payments Bank is a new type of bank licensed by Reserve Bank of India. As a payments bank, PayTM is now offering Rs. You can accept the deposit with the customer. 1 lakh per customer in a wallet, savings or current account and offers other banking services such as debit card, online banking and mobile banking.

Whether you are transferring money to your friends or merchants, you need to use Paytm to make small transactions. Paytm just got a long way from the wallet. Now you can open a savings account through Paytm Payments Bank or invest in mutual funds through Paytm Money.
A savings account is one of the basic and essential financial products. While you may have a regular savings account, another savings account, especially a digital savings account, can help you park money for your other financial goals.
Paytm Savings Account can be used as a great savings account to save money for the little things that make fun. Click here for more information.

The Paytm account is only valid for one year of KYC. Now, customers need to complete KYC with Aadhaar at your nearest KYC point. Therefore, before opening a savings account, make sure you have completed the KYC process of your Paytm account.
You can complete the KYC process for free. Customers must provide their Aadhaar and PAN for KYC verification.
Click here to check out your nearest KYC center. Just enter your zip code and you will get the details of Paytm KYC centers working in the area. The address is displayed with their contact number.
How to Open Paytm Payments Bank Account

SOME qusions are paytm bank releted

Q.What are the services offered by Paytm Payments Bank?

Answer: Paytm Payments Bank offers fast and easy payments with savings and current account and debit card. It will soon enable you to provide financial services such as insurance, loans and mutual funds.

Q.What happens to my current wallet?
Answer: Your current Paytm Wallet will now go to Paytm Payments Bank Limited with the same capability, namely KYC Wallet as KYC Wallet and Minimum KYC Wallet as KYC Wallet. You will be using Paytm Wallet as before.
However, if you haven't used your wallet in the last 6 months and you have zero balance, you will need to log in again to your wallet to go to Paytm Payments Bank.

Q.Will my old login details work?
Answer: Yes, your Paytm login details remain the same.

Q. Can I transfer my money from Paytm Payments Bank Wallet to another bank?
Answer: Yes, you can send money from your Paytm Payment Bank Wallet to any bank account.

Q. I didn't do my KYC. Do I have a Payment Bank Account?
Answer: Only KYC-enabled Paytm users are allowed to open a Paytm Payment Bank account. Our KYC process is instant and certainly not paperless - so what are you waiting for? Find your nearest KYC center or click here to book an appointment at your convenience (limited service).

Follow these steps to open a Paytm savings account:
Step 1: Download Paytm app. Open the app and tap on the bank icon at the bottom right.

Step 2: Tap the Open Savings Account icon

Step 3: Set Password for your Paytm Bank Account.

Step 4: Add your nominee details.

Now your Paytm online savings account is open.
Paytm Savings Account Features
Paytm savings account gives an interest rate of 4% per annum. The interest rate will fall to 3.5% from 9 November 2019. Earned interest is paid each month.
The interest rate offered is similar to that of large PSU banks such as SBI. Since the interest rate is not attractive, there should be no interest rate behind opening a savings account.
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