15 Important Things to Know About Paytm Payments Bank:
1. All the active Paytm accounts will automatically be transferred to Paytm Payments Bank.
2. Although, the money will be transferred it will remain a wallet account until the user puts in their Know Your Customer details.
3. Checkbooks and Debit cards will be issued for all the Paytm Payments Bank users.
4. The bank will not offer any kinds of loans or credit card offers.
5. The app will remain the same even once the complete transition is done, the app’s features will not be tampered with.
6. Paytm Payments bank will provide a 4% interest rate for all deposits.
7. Paytm has also announced it will give cashback to the first one million account holders.
8. Paytm will also give a Rs. 250 cashback for a 25,000 deposit in the Paytm Payments bank.
9. Accounts that have remained inactive for a long time will not have an automatic transfer like the regular users. The inactive users will need to opt in for the bank facilities.
10. Paytm has also revealed that it will be a zero balance account which means no minimum charges will be added to your account.
11. IMPS, NEFT and RTGS online transactions will not incur any charges as well.
12. The Paytm Payments bank will only accept users on an invite basis. People can request an invite via the website.
13. Paytm will also be opening their own ATMs.
14. The debit cards provided by Paytm can be used at non metro ATMs for no charge the first five times.
15. Then on a monthly basis, it will be three transactions from non metro banks and then a charge of Rs. 20 per transaction will be deducted.
