Paytm Payments Bank was officially Launched on 23rd May 2017 in India. Paytm got the right to carry out its Banking Functions from the Reserve Bank of India a while back. But there were not any real traces of a Banking Function. But Now, we have something that we think is worth to share with you Guys.
So Whenever We think about PayTM and Bank, the first thing that strikes our Mind is, What about Intrest Rate? How Much would it be?
Well, We are Glad you ask, let’s see.
Intrest Rate and other Features
Well, straight on your face, it’s nothing to be excited about, don’t expect a great Percent of Intrest Rate as you might get disappointed. On the Savings Account, the Paytm is offering 4% per annum interest. There are a lot of Competitors who are offering much better Intrest Rate like Airtel Payments Bank which gives 7.25% per annum on savings accounts, or India Post Payments Bank which provides 5.5% interest per annum.
Here’s a quick Chart Comparing Paytm Payments Bank, Airtel Payments Bank, and India Post Payments Bank.
From the Intrest Rate and other features, we can easily tell that the Paytm Payments Bank’s interest rate is in line with large commercial banks, like State Bank of India, HDFC Bank, and Other Commercial Banks in India.
How to Open a Paytm Bank Account
In order to get your Paytm Bank Account, follow the below Steps Carefully:-
- First of all, you need to Update your Paytm app to the Latest Beta Version, in order to do that Go to Play store > Search PayTM App > Scroll Down Below in PayTM App Page > Join The Beta Program > Wait For Sometime > You Will Become a Beta Tester Of PayTM App. Once that’s done, Update your Paytm App.
- Now Open Paytm App and you should now see Bank Account Option, Just Tap on it and Select Proceed.
- Now you need to put your 4 Digit Passcode For PayTM Payment Bank.
- Add a Nominee for your Paytm Bank Account.
- It’s done, if you are not an existing KYC User, then you just need to Verify your KYC as well.
Now you’ll receive a Message on your Phone Number regarding your Bank Account and A Debit Card which is issued by Paytm to You. You can take a look at your Card Details within the App.
The Below Image of the Paytm Plastic Debit Card got Recently Shared on the Internet. This Rupay Debit card by Paytm on the Name of the Founder of Paytm, Mr. Vijay Shekhar Sharma clearly tells that Paytm will soon roll out Physical Plastic Card for their Customers. We don’t have much Information on this as of now, but we will update you once we get any info.
So that was our take on Paytm Payments Bank and Debit Card, let us know what do you think about this Step taken by Paytm in the Comments Section down below.