Smart guide to use the newly launched PayTM Payments Bank
If you’re a PayTM user, then there is an exciting news for you. The parent company of PayTm, One97 Communications received permission from the Reserve Bank of India (RBI) to formally launch the Paytm Payments Bank in January 2017. In December 2016, One97 Communications issued a public notice that it would be transferring its wallet business, to the newly-incorporated Payment Bank entity.. Aiming its initiative to proceed to the next level in this digital India era, PayTM is revolutionising itself very fast so that its users could be able to gain more benefits from it and that too with new interesting features like Payments Bank.
Before getting to guide let’s know the main objective of PayTm behind launching this special feature for the users.
According to newly appointed CEO of PayTM - Renu Satti, the key objective to launch this service was to tackle the requirements of the underserved communities of India and to bring them to the mainstream economy of India.
FREQUENTLY ASKED QUESTIONS (FAQS) AS PER PAYTM PAYMENTS BANK.
What is PayTM Payments Bank and how it’d be different from a conventional banks ?
To define it in a simplest way, it’s your bank in your pocket along which has all the banking documents likes your cheque book, pass book, etc. Offering users with multiple benefits that includes interest to their wallet amount, Virtual debit card and the cheque book too.
This service is the evolution of the initial Paytm wallet, which is integrated in your PayTm app, for which you don’t need to download any separate app.
And as per PayTM if you’d any money left in your PayTm wallet, then it’ll be automatically moved into the new feature known as Payments Bank.
What would be its service nature and enclosure of facts needs to be considered?
As the service would start functioning, the users will be invited to open a separate PayTM Bank account.
PayTM will offer its user monthly interest on the deposits in the payments bank too. Along with this all, the new PayTM Payments Bank will also offer the financial services which includes as insurance, loans, pension funds and Mutual Funds too.
Note : The bank won’t offer any loans or issue credit cards.
The PayTM payments bank, can now accept customer deposits upto Rs.1 lakh per customer in their savings or current account.
Source : Internet
There is no minimum balance limit to operate this PayTM Payments Bank account. But the merchant partners will have access to current bank accounts as of now.
The account will have zero balance requirement and every online transaction (such as IMPS, NEFT, UPI) will be free of charge.
Useful physical services like nominations, cheque, Demand Draft and Debit Card will be available at a nominal fee, bench marked to the industry.
What Documents Do I require to Open My PayTM Payments bank account ?
Regardless of so much stuff, you just need these two main documents to sign up for Payments Bank Account :
#1. Your own Aadhar Card Number/PAN Card/Passport/Voter ID Card/Driving License or you Job Card.
#2. Your own Mobile Number for verification.
What if I’m an existing user of PayTM?
Those who’re existing users could open their accounts by using the KYC (Know Your Customer) Process. Not doing the KYC process would still make you access PayTM payments bank but with the limitation upto Rs. 20,000 INR per month but with no banking benefits.
Where my deposits will be used by the company?
According to the sources, the PayTM Payments Bank claims that the deposits from the customers will only be invested in the government bonds that will be used for the development of the nation.
If I’m an existing user, what’ll be the behaviour of my existing wallet now?
Your current PayTM account will automatically be migrated to PayTM payments bank but the capacity limit would be the same i.e. KYC wallet
Can I get my Payments Bank Account, if I haven’t done my KYC?
Only KYC enabled PayTM users would be enabled to open a PayTM Payments Bank Account. The KYC process is instant and absolutely paperless.
Note : With zero balance in your account, if you didn’t used your wallet in the last 6 months and you’ve zero balance, just login again to your PayTM wallet again and convert it into PayTM bank.
What shall be my process for accessing the aadhar based KYC or e-KYC
To get verification done, the customer can either choose to visit the closest PayTM centre or could request a visit from a PayTm agent at his/her mentioned residential address.
The PayTm agent would carry out eKYC process using the mobile based biometric scanner. Customer based consent would be captured using the aadhar based e-Sign, ensuring entire process to be completely paperless.
Will My Previous Wallet Balance could earn interest ?
To earn interest, it is mandatory for every user to open a savings account. The option to open savings account has yet to be launched by the PayTM.
Will I be able to move my money to any other bank from my PayTM Payment Bank ?
Yes sending money to any other bank is possible from your own PayTM Payment Bank.
Can I automatically be a bank customer, if I’m already having a PayTM account ?
As an existing PayTM user, it is mandatory to open a bank account separately in your existing PayTM account.
Would I be still able to access the existing PayTM services like (recharge, booking, shopping, etc.) along with this newly launched feature in PayTM?
Surely, the existing services could still be accessed by the users.
The Editor’s concluding words.
In this growing digital era, it is important for everyone to get upgraded with the digital accessories that many startups and entrepreneurs are designing for the evolution of mankind. Therefore it is a need of the time that the future of the mankind should be nurtured digitally to move to the next innovating level.
So stop waiting and head towards the new era “The Digital Era”. Join the PayTm Payments Bank and enjoy the benefits of cashless Transactions.