Paytm Payments Bank - Here is Everything You Need to Know
As we know Paytm One of The Largest digital wallet and e-Commerce Platform is all set to open it's payment bank On May 23,Some days back ago Paytm has applied for Payments bank.
You may already Recieved the SMS from Paytm About the same.
Here is everything you need to know about New Update From Paytm!
What is Paytm new payments bank?
Paytm's Payments Bank will be a new service offered by One97 Communications, approved for carrying out business by the Reserve Bank of India (RBI). The payments bank will subsume and manage the existing wallet service, and separate permanent bank accounts that will bring with them a slew of financial features.
How to open a Paytm payments bank account?
Post the launch of the service on Tuesday (May 23), users will be invited to open a permanent account with the payments bank. As Paytm's new service is regulated by RBI's guidelines, so users will be asked to upload mandatory Know Your Customer (KYC) documents like Aadhaar and PAN.
What happens to the money in your Paytm Wallet?
If the customer chooses not to open an account under the payments bank, the money in their wallet will be transferred simply to a new wallet operated by the Paytm payments bank and will reflect in the Paytm app. The user will incur no charges. Customers, however, are also being given the option of discontinuing their wallet services altogether by notifying the company before May 23.
Why open an account in the payments bank?
The major difference over the existing wallet service will be the addition of new financial features that come with the accounts under the payments bank. For example, Paytm will offer interest on the money in its payments bank accounts, a feature not available under its wallet service. Other services like debit cards and money transfers found with permanent bank accounts will also be possible with the new service.
However, these will not exactly be the same as your usual bank accounts. Payments bank accounts will be capped to hold a maximum of Rs 1 lakh, and the bank, for now, will not be able to offer any loans or issue credit cards to their customers.
Can I choose not to move to Paytm Payments Bank?
No, you cannot. You will either be moving to Payments bank or stop using Paytm services.
Will my existing Paytm login work?
Yes, your existing Paytm login will work in the same way and you will feel no difference except the new options for Payments bank. Your Wallet only becomes the part of Payments Bank and you will have to open the account there.
Can I just use the Paytm wallet?
No, you cannot. It is mandatory to switch to Paytm Payments Bank if you wish to use Paytm wallet. Otherwise, you will have to stop using the Paytm and close your account permanently.
Can I choose not to move to Paytm Payments Bank?
No, you cannot. You will either be moving to Payments bank or stop using Paytm services.
How is a payments bank different from the usual bank?
This is the most common questions among people who first hear about Payments Bank. Payments banks are not the same as usual banks we use. Payments bank cannot lend or give advance to customers. You will never get credit cards and there will be a maximum limit you can keep in your account. You cannot keep more than 1 Lakh in your Paytm Payments bank account.
The main purpose behind the Payments Bank is to offer quick and basic banking services to the people at the bottom.
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