Vijay Shekhar Sharma announced the launch of the Paytm Payments Bank offline services on yesterday. These services are already available for online users who signed into Paytm app. Finance Minister Arun Jaitley has attended the event. From customer’s perspective, Paytm Wallet and Paytm Payments Bank are different which are running under a same corporate company. If you had a mobile wallet, then it operates separately from the bank account and those two are not linked. So, you can continue to use the Paytm wallet without any change even if you create a bank account.
Paytm Payments Bank offers debit cards, interest on money deposited to the account. It’s a seamless process to create the Paytm bank account with the mobile app by doing KYC formalities. Paytm Payments Bank is paying an interest rate of 4 percent, but the cashback being offered earlier are now gone. Sharma addressed this at the launch, saying that the amount was actually 4 percent to 7 percent. “Your savings account gets 4 percent, like any other bank, but we have a swipe-in FD where there is zero fee for creation or breakage,” he explained, “and customers can look at it as a long-term saving product, and that is paying at 7 percent.”
Soon, We will let you know complete details about this Paytm Payments Bank.