Indian digital payment and e-wallet giant Paytm has launched its full fledged bank in India. The bank is operational for customers from 23rd May 2017. This move by Paytm will make all the private and national banks run for their money as new customer acquisition will not be easy for any bank from here on. Paytm wallets is widely accepted by Indian audience and Paytm bank is expected to create huge traction in India market.
It will be interesting to see what strategies private and national banks adopt from here on to compete with Paytm bank.
Here is everything you need to know about Paytm bank
1. You can deposit upto INR 1 lakh in Paytm bank
2. You can open both savings and current account
3. You can avail banking services like Debit Cards, Online Banking and Mobile Banking
4. Paytm banks are not allowed to lend to customers, however it can tie up with other financial institution to offer this service
5. It will have physical branches and you can visit the branch operational from Monday to Saturday 10 a.m. – 4 p.m. (closed on 2nd and 4th Saturday
6. Paytm bank head office will be based out of B-121, Sector 5, Noida – 201301
6. You can just scan the QR code to know more about the Paytm branch services, seems most of the services will be self served and very easy to use.
How to open account on Paytm bank?
1. Go to your account on Paytm app and tap on open account
2. It will show you a screen which will say “Welcome to Paytm bank”. Click on “Proceed”
3. On the next page set your Paytm passcode
4. After setting you pass code the next screen will allow you to set a nominee on your Paytm bank account
5. Fill details of your nominee
6. You are done! Its that simple
Here is the gimps of the Paytm ATM. Looks like the ATM machine will have a fingerprint sensor to withdraw money from the ATM.