What is Paytm Payments Bank? How does it work?

Paytm Payments Bank is a payment bank that helps you save and earn interest on your savings. It offers competitive interest rate at 4% per annum, which is higher than the standard bank deposit rates offered by other banks in India. You can use your Paytm wallet for all your financial transactions, transfer funds from one account to another, get an authentic debit card and more. In this post, we'll tell you everything about Paytm Payments Bank and how it works.

What is Paytm Payments Bank? How does it work?

What is Paytm Payments Bank?

Paytm Payments Bank is a digital bank that allows you to store your money, pay bills and get interest on investments. It was launched in May 2018 and is currently available only in certain parts of India.

The company is owned by the same parent company as Paytm (but not the same business) but operates under its own brand name. The RBI has granted it a payment bank license, which means it can accept deposits from customers and make loans too, although these aren't for personal use like those offered by banks do today; they're used for things like purchasing homes or cars using cash payments instead of credit cards or other financing methods.

How does it work?

Paytm Payments Bank is a digital bank that allows you to open a savings account, transfer money from your wallet to the bank and vice versa.

You can also use your Paytm Wallet after opening an account with Paytm Payments Bank!

This is the best way to use your Paytm wallet and get all the benefits of a bank account.

-Who is eligible to open an account?

In order to open an account, you must be a resident of India and have a valid Aadhaar card with the eKYC details. You also need to provide your personal information such as name, address, phone number (optional), email id and other contacts in order to complete KYC formalities.

You can apply for the Paytm Payments Bank through its official website which will guide you through the entire process from start to finish with ease.

You will be required to fill up the online application form with your basic information and submit it. You can also visit their nearest branch to get the account opened.

What are the charges of opening a Paytm account?

Paytm Payments Bank is the first digital payments bank in India. It was launched on May 30, 2018 by Vijay Shekhar Sharma and his company One97 Communications Ltd., which acquired PhonePe for $200 million in June 2017.

The bank will be offering several services that are similar to those of other banks including home loans, credit cards and debit cards.

The company is based in Delhi and was established with an initial capital of $200 million. It currently has over 1,50,000 users and aims to expand its network across the country by December.

How can I open my Paytm Payments Bank account?

If you want to open an account with Paytm Payments Bank, you can do so by downloading the app on your phone or computer. You will have to register for an account with your name and email address.

If you already have a Paytm account, then it's easy: just log in with your existing login details and continue onto step 2 below!

You'll also need to fill in some personal information such as PAN card number, Aadhaar number and bank details (if applicable). Once done, confirm that everything looks correct before uploading them into their system; otherwise they'll reject your application!

What are the benefits of opening a Paytm Payments Bank account?

Paytm Payments Bank offers a number of benefits to its customers. The company is offering 4% interest on savings accounts and a debit card that can be used to make payments and withdrawals at any ATM in India. It also offers a mobile wallet with a minimum balance of Rs 1000 which allows users to store their money online securely.

One of the biggest selling points of the new bank is its free deposits and withdrawals. The company has partnered with over 500,000 physical locations across India, where customers can deposit or withdraw money without any charge.

Can I still use my wallet after opening an account with Paytm Payments Bank?

You can still use your wallet to pay for your utilities, bills and even shop online.

You also get access to a host of other services like loan processing and remittance services through the bank account.

Without a bank account, you will have to carry around cash as well as your wallet. This could be quite inconvenient at times and may even put you at risk of being robbed.

In how many days will I get my debit card after opening the account?

In how many days will I get my debit card after opening the account?

You can expect to receive your debit card in 7-10 days. You can use it to withdraw money from ATMs, make online payments and use other banking facilities.

You can also use it to make purchases in stores and online just like any other digital payment service. You can choose to have the card mailed to your home or office, or pick it up at one of their branches.

Can I transfer funds from my wallet to bank or from bank to wallet and vice versa?

You can transfer funds from your wallet to bank account and vice versa.

You can also transfer funds from your bank account to wallet and vice versa.

You can also send money to another Paytm user by using the app or website of their respective bank accounts.

In addition to this, you can also withdraw money from your Paytm account. You can do this by visiting any nearby ATM that supports Paytm. Once there, enter your card details and the amount of money you wish to withdraw.

Where can I find my money in the bank app after opening the bank account?

You can find your money in the bank app.

You can transfer funds from your wallet to bank and vice versa.

You can use your debit card to pay for services and products at merchant stores, ATMs, fuel pumps and other places where you see “Paytm” mentioned on the bill boards or signboards.

You can also use Paytm to pay your electricity, gas and water bills. You will need your bill and bank account details for this purpose.

You can open a saving account in paytm and earn 4% interest per annum

You can open a saving account in paytm and earn 4% interest per annum. There are two ways to enjoy this benefit:

  • Transfer funds from your wallet to bank or vice versa via ATM, UPI, Paytm app or website;

  • Set up an overdraft facility on your savings account by paying an amount of Rs 3 lakh (Rs 50,000).

The overdraft facility will be available for seven days and can be used up to three times in a month. The interest rate on this facility is 4% per annum, which is lower than what you get on the savings account (4% per annum).


So, if you are looking to start a new savings account in Paytm Payments Bank, then this is the right time. There are several benefits of opening a savings account with them. One of the most important ones is that it will help you earn up to 4% interest per year on your deposits. So, what are you waiting for? Sign up now!

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