With the grand launching of Paytm’s one of the biggest project, Paytm Payments Bank is finally launched and its features are beneficial for the people who prefer digital transactions and belongs to middle class.
Initially, Bank will expand its physical operations with 31 branches in the country in the current year with 3,000 customer service points. Moreover, it will also offer a cashback of Rs 250 to customers depositing Rs 25,000 in the payment bank.
Paytm will get Rs 400 crore of investment in coming two years to boost up its banking operation. Founder & CEO, Vijay Shekhar Sharma is the main owner with 51% stake in Paytm bank as per RBI norms and remaining is handled by One97 Communications itself.
Sharma and One97 have together already invested about Rs 220 crore in the payments bank.
One97 Communications will hand over wallet business to Paytm Payments Bank on Tuesday and as stated by the company, it is already informed to customers via every possible medium. Customers can opt-in via www.paytmpaymentsbank.com
CEO Renu Satti will be managing all the top-level operations in Paytm Bank.
Features of Paytm Payments Bank:
* Zero Balance account opening
* Free unlimited IMPS, NEFT, RTGS
* Debit card, Cheque Book, Passbook
* 4% interest with monthly credit option
* RuPay Debit Card
* Rs 250 instant cashback on depositing Rs 25,000
In addition, there will be transaction charge for ATM usage, 3 free usages in Metro Cities while 5 free usages in Non-Metro. After that, there will be Rs 20 charged for each transaction which simply means that it’s time to become digital and support the cashless economy.
The account limit will be of Rs 1 lakh at present. It can be extended but did not found any hints from Paytm.
“RBI has given us an opportunity to create a new kind of banking model in the world. We are proud that our customer deposits will be safely invested in government bonds, and be used for nation building. None of our deposits will be converted into risky asset,” said Sharma in a statement.