How to apply for Paytm Payments Bank: India’s fastest growing digital payments app Paytm has recently launched their payments bank in India. Previously Airtel launches Airtel Payment Bank, same Like regular bank accounts of India. Now users can create saving accounts in Paytm Payments bank. Paytm will also provide credit, debit cards and Cheque books for Paytm Saving Account holders. Paytm has received Bank approval from RBI and Bank will be launching on 23rd May 2017.
Facilities of Paytm Payment Bank:
- You can receive or send money anytime anywhere.
- 1Lakh Bank Balance Limit.
- Debit card and Cheque book facility.
- 14.5% Interest Rate
- 18+ Age Must Required to open Paytm Payments Bank.
Bank Balance Limits: You can run your Paytm bank account on Rs 1 & the maximum balance is Rs 1,00,000 (1 Lakh). Your Money are Totally safe with Paytm Payments bank.
Debit Card: The Paytm account holders will get debit card to use money at online shopping stores and other.
Cheque Book: You will also receive Cheque books for your transactions. This is much better.
Paytm Payments Bank Account Limitations:
- You cannot keep more than 1 lakh on your account.
- Payment bank can allow debit cards but no credit cards.
- No loan will be provided to customers any under circumstances.
How To Create A Savings Account On Paytm Payments Bank?
To Apply for Paytm Payments Bank is too easy. You can apply for it by online way. Just keep your KYC documents ready and Follow below steps.
Step 1: Create Paytm account
- First of all, You have to visit Paytm website from here
- You can also register yourself on Paytm by using Paytm Mobile app
- Then Click on Signup on Paytm account or Login your Account
- Enter your Mobile number, email id, password
- Tick on “I hereby certify that I am 18 years of age” and click on “Create Your Paytm Wallet”
- Now they will verify your mobile number via OTP
- That is it. You have successfully created your Paytm account. Now go to the next step to create a savings bank account on Paytm Payments bank.
Step 2: Add Money To Your Wallet
- After Opening Paytm account, Simply, login to your Paytm account
- Then click on “Add Money” button and enter suitable amount
- Choose payment mode as Credit, Debit, Net Banking, IMPS or ATM card
- Enter card details and proceed
- That is it. The amount will be added to your Paytm wallet.
Step 3: Upgrade Your Paytm Wallet & Be A Paytm VIP Customer
- You have to upgrade your paytm wallet by filling the KYC form
- Now, visit your nearest Paytm office with all original documents copies
- If you want to transfer More than Rs 50,000 then you need Pancard
- After submitting the KYC documents, upgrade process can take upto 72 hours to be done.
Step 4: Migrate Your Normal Paytm Wallet To Paytm Payments Bank
Remember; you cannot migrate your paytm wallet to paytm payments bank until you can’t complete your KYC verification and upgrade your wallet. After completing the all steps,Your Paytm Wallet will get automatically migrate to paytm payments bank.