All About Paytm Payment Bank & Steps To Open Bank account with Paytm

Paytm Payments Bank: Everything You Need To Know!

Paytm Payments Bank: One 97 Communications, the parent company of digital payments provider Paytm is preparing to merge its wallet service with the eponymous payments bank– the licence for which is owned by its founder Vijay Shekhar Sharma.

So Paytm is about to Launch and convert Paytm Wallet to Paytm Payments Bank!! Yes, now your Paytm Wallet will be Paytm Payments Bank starting from 23rd May. This might be big step in Digital India Aim!

What is Paytm Payment Bank?

As per RBI guidelines, your Paytm Wallet will soon be transferred to the newly incorporated Paytm Payments Bank. Till now they were issued by One97 Communications Limited. This will happen automatically, and Paytm users do not need to do anything additional. Paytm customers will continue to use all the services provided by the Paytm Wallet, and enjoy all the benefits . Your Paytm wallet will work as it is, even after 23rd May. Log in details, wallet balance and user experience will remain the same. Your Paytm Wallet experience will remain the same for all current use cases such as paying at stores, paying for Uber rides, ticketing, fuel, etc.

Not just that, using Paytm Payments Bank, you can also enjoy features or additional benefits such as a bank account, cheque book and a debit card. You will also earn interest on the money available in your account

Paytm Public Notice about Paytm Payments Bank

We are delighted to let you know that we have received the final licence for Paytm Payments Bank from RBI and are in the process of launching on 23 May, 2017. Renu Satti will be the CEO of Paytm Payments Bank.

The core mission of Paytm Payments Bank will be to cater to the requirements of the un-served and under-served communities of India, and bring them to the mainstream economy. We are looking forward to making Paytm Payments Bank available to all our users very soon 

Source – Click here

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.

How to Open Paytm Payments Bank Account?

Well, its bit easy. You just have to Upgrade your Paytm Account by doing KYC Verification (compulsory according to RBI). You can do this through your Adhaar Card, submitting it inside Paytm App or you can also verify it through other documents and submitting them to any Paytm Store or Help Center near you.

Paytm Payments Bank FAQs (Frequently Asked Questions)

Q. What happens to my current Paytm Wallet?

A. 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

Q. Does this mean, I get a bank account with Paytm Payments Bank?

A. No. This is just a transfer of ownership of wallet to a new company called Paytm Payments Bank Ltd. Once we launch the bank, you will be given an option to open a separate bank account with us

Q. Can I move my money to any other Bank from Paytm Payments Bank Wallet?

A. Yes, you would be able to send money to any bank account from your Paytm Payment Bank Wallet.

Q. Is it mandatory to open an account with Paytm Payments Bank once it is launched, to continue using the wallet?

A. You are not required to open an account with Paytm Payments Bank to use the wallet.

Q. Can I opt out?

In case you choose not to continue to enjoy the benefits of your Paytm Wallet, please email us at care@paytm.com or log in to Paytm.com/care to notify your choice of opting out and redeeming your balance by a one time transfer to your own bank account. Do indicate the account holder’s name, account number and the IFSC Code of the Bank where you wish to redeem the money.

Q. Do I have to pay any fees for this transfer?

A. You do not have to pay any fee for this transfer.

Paytm Payments Bank: How to open Paytm Payment Bank account, Paytm Payments Bank Register Online. We will add here about How to Open Paytm Payments Bank Savings Account? Stay tuned!!