Paytm has launched its own payment bank. WOW!! That is so cool… This meas now you can leverage the benefits of a bank through a mobile app.
But one second. Do you know what actually a Payment Bank do?
Do not worry. Let’s delve deep into the Paytm Payment Banks working and learn how they are different from conventional banks.
Difference Between Paytm Payment Bank and Conventional Banks
|Conventional Bank||Paytm Payment Bank|
|Customers open Saving Account and Current Account by visiting the bank||Open Saving Account or Current Account using the App|
|There is no limit on maximum cash deposit||1 lakh per account is the maximum cash deposit limit|
|Opening a bank account takes time||Opening payment bank account is instant|
|Interest rate varies from bank to bank||Customers will get an interest of 4% on cash deposited|
|IMPS/RTGS/NEFT is available||IMPS/RTGS/NEFT is available|
|Credit card is provided on request||No such facility is available on Paytm Payment Bank|
|Debit Card facility is available||Paytm Payment Bank Rupay Debit Card can be availed by the customer|
|Insurance, Loans, Mutual Funds services are available||Insurance, Loans, Mutual Funds services are coming soon|
How to Open a Bank Account using Paytm App
Currently Paytm is inviting limited users to open an account with Paytm Payments Bank. You can request for an invite using paytmpaymentsbank.com.
To know more about the Paytm Payment Bank account Opening process, read this article.
Payments Bank is a new bank model visualised by the RBI. It accepts customer deposits upto Rs. 1 lakh per customer in a savings or current account and offer other banking services like Debit Cards, Online Banking and Mobile Banking. Payments Banks can not offer financial products of their own, but partner with other banks.