Taking one more step towards the Digital India Concept initiated by Narendra Modi, Paytm launches Paytm Bank in India. This formation of the bank is a combined decision of CEO Vijay Shekhar Sharma and Finance Minister Arun Jaitley. This bank is India’s mobile-first bankwith zero charges on all online transactions. To the more, there is no minimum balance requirement if you have an account in this bank.
ThePaytm Payments Bankhas been designed to achieve financial inclusion in the country. During the inauguration, Sharma explained of how the bank will grow in the coming years and how it will benefit people across the nation.
The service of this bank started officially in May this year. Now Paytm is working on another level which is about making an ATM network. For all with offline KYC registration, Paytm bank is now open. Some of the special features of the Paytm Payments Bank are quick and paperless account opening, earning interest on savings account, zero-fee account, no minimum balance requirement, Free personalized RuPay digital debit card, cash withdrawal fromanyATM and access to personalized banking at more than 100,000 Paytm ka ATM locations all over India. A major thing to be kept in mind is that money
It is believed that there will be 31 physical branches all over the country in the coming period.
Paytm is now working on building an ATM network too. The Payments Bank is now open for all with offline KYC registration. Some of the salient features of the Paytm Payments Bank include quick and paperless account opening, earning interest on savings account, zero-fee account, no minimum balance requirement, Free personalized RuPay digital debit card, every online transaction will be free of charge, cash withdrawal fromanyATM and access to personalised banking at more than 100,000 Paytm ka ATM locations across India.
It has to be noted that no charges will be applied to deposit money into your Paytm account and up to 3 withdrawals in metros (and up to 5 in non-metros) via ATMs or branches.