Paytm Payments Bank News, Paytm Payment Bank Launch Date and account opening interest rate – The big mobile wallet company Paytm now launched its own Paytm Bank in India and it will starts from 23rd May 2017.
“We are in process of launching Paytm Payments Bank on 23rd May. We recently received approval from RBI for Renu satti to be the CEO,” said a Paytm spokesperson.
Paytm will transfer its wallet business, which has over 218 million mobile wallet users, to PPBL, licensed to Founder and CEO Vijay Shekhar Sharma.
Now read all the important information about Paytm Bank, Launch Date, and account opening process or interest rate given below in the articles.
What is Paytm Bank & Benefit
Paytm bank is a regular bank like other banks HDFC, ICICI, SBI, and CITI banks. But it comes with some extra useful advantages which can not be found in other banks.
Bank Account Balance Limits: –The minimum balance in Paytm bank can be is Rs 1 only. That means you can spend all of your funds from Paytm Payments bank. Just leave Rs 1 only & it will keep your account running. The maximum balance is Rs 1,00,000.
No Lending Allowed: – Unlike other ordinary banks, Paytm Payments bank does not provide services like loans, pension funds, mutual funds, insurance. However, you can still avail them for you by contacting to them. Paytm used to tie up with other banks to provide these services.
How to Get Passbook, Debit Card & Chequebook of Your Paytm Savings Bank Account
After completing the account opening process, Paytm bank will send you the welcome kit. In which you will get your passbook, checkbook, your paytm debit card, internet banking user manual and a welcome kit. It can take up to 14 days to be shipped to your address.
What happens to my current Paytm Wallet?
It will be transferred to the Paytm Payments Bank Limited as it is, i.e. KYC Wallet as KYC Wallet and minimum KYC Wallet as minimum KYC Wallet.
What happens to my money in the Paytm Wallet?
Your money is absolutely safe in the Paytm Wallet. It is always yours and you will never lose it. If you have any balance in your current Paytm Wallet, it will reflect in your new Paytm Payments Bank Wallet.
If your Wallet has been inactive for the last six months and has zero balance, it won’t be transferred to the Paytm Payments Bank Wallet unless you specifically give consent for the same while logging into the app, web or by e-mail.
Can I move my money to any other Bank from Paytm Payments Bank Wallet?
Yes, you would be able to send money to any bank account from your Paytm Payment Bank Wallet.
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