How to Apply for Paytm Bank Account

How to apply for Paytm Payments Bank account?


Paytm, officially announced the launch of its payments bank recently. Paytm Payments Bank first physical branch opens in Delhi NCR. Paytm has already received the final license that is required to set up the payments bank from the Reserve Bank of India (RBI).

Renu Satti, is the CEO of Paytm Payments Bank. Paytm Payments Bank is the third one to enter payments bank sector in India after Airtel Payments Bank and India Post.

You can set up a zero-balance account as well as do free online transactions with Paytm Payments Bank. For all savings account holders of Paytm Payments Bank, it offers four percent interest rate per annum. As the Paytm payments bank is new, you can apply for an account on invite only. Below you will find information that is required on how you can apply.

How to apply for Paytm Payments Bank account?


Paytm has stated that all wallet accounts would be moved to payments bank. So you need not worry of how to pay your bills and other things you are doing online on paytm. The process would be the same as before. But if you want to transfer funds, you need to sign up for the Paytm Payments Bank. After Paytm Payments Bank login, you need to verify your KYC details. You can log on to paytm.com/bank or simply http://www.paytmpaymentsbank.com to get an invite.



After Paytm login, you will see the above page. Click on ‘Request an Invite’. If you have Paytm Wallet, log in to Paytm with same credentials. If you are already logged in to paytm, you will be shown the following page with a thank you message for your interest in Paytm Payments Bank.



After you have been informed of the Paytm invite, you can then start setting up a bank account with Paytm Payments Bank. Paytm offer services like offering a cheque book, demand draft and debit card as well like other banks, though, for a nominal fee. There is no minimum balance required to open a Paytm Payments Bank account and therefore customers can join with a zero-balance account as well.

A maximum limit is fixed at one lakh, a standard for payments bank in India. If you do online transactions like NEFT, IMPS, RTGS transfers, all would be free of charge at Paytm. For first million customers, instant Rs 250 cashback on deposit up to Rs 25,000 would be given.

Paytm promises, to cater to the requirements of the un-served and under-served in India, and bridging there gap and bringing them to the mainstream economy.