PayTM Payments Bank – Everything You Need To Know

This Article was fact checked and last updated for accuracy on February 25, 2020 by Mani Karthik

So, India’s biggest digital payment platform PayTM has launched it’s all new payments bank! That’s not even a surprise as we’ve seen plenty of hints early on. But now PayTM has officially launched their banking platform and there are reasons for you to cheer about.

• How much money can you deposit in PayTM payments bank?
  Up to 1 Lakh. Just like the post office payments bank (and AirTel’s bank) you can deposit up to Rs.1 Lakh in your account.
• What’s PayTM’s interest rate on deposits?
  You will get 4% interest charge on your deposit and the interest is paid monthly.
• What’s the minimum account balance for PayTM payments bank?
  There is no minimum balance required. You can pretty much start an account with any amount you wish.
• Are ATM transactions free for PayTM payments bank?
  No not all ATM transactions are free. There are free ATM transactions every month and there would be ATM fees based on which location you are (metro or not). In Metros, there are 3 free ATM transactions every month. Beyond that, cash withdrawals have a charge of Rs.20 per transaction and balance checks and mini statements charged at Rs.5 per transaction. In Non-metros, there are 5 free ATM transactions every month.
• What are fund transfer charges for PayTM payments bank?
  Funds transfers to other accounts are free from PayTM payments bank.

What services are offered by Paytm Payments Bank?

Paytm Payments Bank currently offers savings and current accounts with a debit card. It is intended to make fast and easy payments of all types. It does not offer any financial services of it’s own (like insurance, mutual funds, credit cards etc) but will offer services from it’s partners.

Should you get an account with PayTM payments bank?

I totally think so. Head over to their official website for details.