Paytm Payments Bank the initiative of one 97 payments limited has made an official announcement that they are launching their payments bank in coming days & finally they have launched the paytm payment bank. Paytm wallet business will be transfer to Paytm Payments Bank Ltd on 23 May, 2017. If you wish not to continue with your Wallet with Paytm Payments Bank, you can opt out before 23 May, 2017.
How To Access This Bank Service:
1.If you have a old paytm account, Then it will be convert to Paytm Payments Bank account on 23rd May 2017.
2.If you wish not to continue with your Wallet with Paytm Payments Bank, you can opt out before 23 May, 2017 by sending an email to email@example.com
PaytmBank Saving Account:
Limits Of Paytm Payment Bank :
Usually if you compare with normal banking it offers same services But Main limitation of Paytm Bank is Payments Banks are not allowed to lend to customers means they will not provide credit cards or loans. However, they can partner with other financial institutions/banks to offer financial products like loans, insurance, mutual funds, pension funds etc.
Also their Bank account Limitation is Rs 1 Lacs It means You can Put maximum 1 lac in your paytm bank account .
New in Paytm Payments Bank Account:
1.Paytm Payments Bank Can accept deposits restricted to Rs 1 lakh per customer, and allowed to pay customer interest on the money that is being deposited. they can be used for either current accounts or saving accounts.
2.As per the directions of the Reserve Bank of India (RBI), One97 Communications will be transferring its wallet business after receipt of necessary approvals to the newly incorporated Paytm Payments Bank Limited (PPBL).
3.Paytm Payments Bank Limited (PPBL) is 51% owned by Vijay Shekhar Sharma & 49% ownership is with One97 Communications Ltd. Paytm Payments Bank is a truly Indian company owned & operated by Indians.
4.Currently, all money transfers from Paytm Wallet to any Bank account is 0% for all users. Once we launch Paytm Payments Bank, we will ALWAYS allow you to transfer money from Paytm wallet to Paytm Payments Bank Account at 0% even after 31 Dec’16.
FAQs Regarding Paytm Payments Banks wallet:
1. What happens to my current Paytm Wallet?
A. It will be transferred to the Paytm Payments Bank Limited as it is, i.e. KYC Wallet as KYC Wallet and minimum KYC Wallet as minimum KYC Wallet
2. What happens to my money in the Paytm Wallet?
A. Your money is absolutely safe in the Paytm Wallet. It is always yours and you will never lose it. If you have any balance in your current Paytm Wallet, it will reflect in your new Paytm Payments Bank Wallet
If your Wallet has been inactive for the last six months and has zero balance, it won’t be transferred to the Paytm Payments Bank Wallet unless you specifically give consent for the same while logging into the app, web or by e-mail.
3. Can I move my money to any other Bank from Paytm Payments Bank Wallet?
A. Yes, you would be able to send money to any bank account from your Paytm Payment Bank Wallet.
4.Will the Paytm app change?
No. The user experience will remain the same as the app will continue to work as it does. You will continue to use it to pay for taxi, fuel, food, etc. the same way.
5. What will change then?
The wallet business will get transferred to the new company but will keep running as it is.
6.Will I get a bank account number, chequebook, debit card, etc.?
Only if you opt to open an account with the new payments bank of the company. Otherwise, your wallet will keep working as it is. The company will give you an option to open a separate account. You will earn interest on your money if you choose to open a payments bank account.
7. Can I opt out?
In case you choose not to continue to enjoy the benefits of your Paytm Wallet, please email us at firstname.lastname@example.org or log in to Paytm.com/care to notify your choice of opting out and redeeming your balance by a one time transfer to your own bank account. Do indicate the account holder’s name, account number and the IFSC Code of the Bank where you wish to redeem the money.
8.Do I have to pay any charges for this transfer?
A. You do not have to pay any charges or fees for this transfer