Paytm, which runs India's biggest electronic wallet, said it will offer an interest rate of 4 percent per annum on deposits. Additionally, the company has announced to give away instant Rs 250 cashback on deposit up to Rs 25,000 for first million customers.
Speaking on the launch of the payments bank, the newly appointed CEO of the payments bank Renu Satti, said, "We are very excited to launch Paytm Payments Bank and bring financial services to unbanked segment of Indians". Also, in future PPB plans to offer a range of financial services such as Insurance, Loans, Mutual Funds offered by partner banks with the seamless Paytm experience. We are proud that our customer deposits will be safely invested in government bonds, and be used for nation building. Owned by Vijay Shekhar's One97 Communication, Paytm Payments Bank is the third firm to enter payments bank sector in India after Airtel Payments Bank and India Post.
Further, when you are notified of the invite, you can proceed to setup a bank account with Paytm Payments Bank. In the first phase, they will roll out the beta version of the banking app for Paytm employees and associates.
In Paytm Payments Bank, One97 Communications owns a 49 percent stake and Vijay Shekhar Sharma owns 51 percent.
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Airtel Payments bank is offering its customers 7.5% interest, India Post said it would provide 5.5% interest while Mobikwik said that it would offer up to 6% interest on deposits.
While one may think of Paytm loosing out on the interest rates battle (though its rates are in line with traditional banks and won't hurt it much), the company's cash withdrawl charges are extremely well targeted. They will also offer Rupay Debit Card to customers for offline use, which will come with a yearly subscription of Rs. 100 + delivery charges.
India's largest digital wallet player Paytm has opened its payments bank.
The company said that the payments bank can accept up to Rs. 1 Lakh per account. Sharma and One97 Communications have together invested Rs 220 crore in the payments bank to date.
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The crucial transition to the Paytm Payments Bank can be expected to be a smooth affair, unlike the technical problems it faced post the November 8 demonetisation exercise, when users regularly complained of glitches with the app, and Paytm servers crashing during transactions.
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For most payments banks, there is a cash withdrawal charge. Since the payments bank is relatively new, one can apply for an account on invite only.
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