Paytm CEO Vijay Shekhar Sharma has formally announced the launch of the Paytm Payments Bank, whose services were already available to everyone via the latest update to the Paytm app.
With the launch, the offline services of the bank, along with online services have gone live too!
Creating a Paytm Payments Bank account from the mobile app is an easy task! All you have to do is sign in, request an account, and then enter your address for the KYC formalities. If you’ve already done the KYC for a Paytm wallet, even this step isn’t required.
Paytm Payments Bank is paying an interest rate of 4 percent, sans any cashback! There are no minimum balance requirements or charges for online transactions.
There will be no charges to deposit money into your Paytm account and up to 3 withdrawals in metros (and up to 5 in non-metros) via ATMs or branches will be free of charge. Paytm Bank is aiming to open 31 physical branches across the country in the near future.