Leading Online recharging and shopping portal Paytm now successfully entered in Banking services by launching its Payments Bank offering extra benefits to new customers.
Paytm plans to spend Rs.400 crore to build banking network across the country. Through digital payment services Paytm is offering 4 percent interest rate on deposits and cashback's on deposits, zero percent charges for Online transactions and zero minimum balance for new customers.
Paytm planned to start these services merchants current accounts and soon to open nearly 31 branches and three thousand service points in the first year itself. The company will also provide virtual Rupay debit cards to customers immediately and physical card on request for withdrawing cash from any ATM centers.
In a Statement Paytm Payments Bank Chairman Vijay Shekhar Sharma said, 'RBI has given us an opportunity to create a new kind of banking model in the world. We are proud that our customer deposits will be safely invested in government bonds, and be used for nation building. None of our deposits will be converted into risky assets'.
Paytm has nearly 218 million subscribed wallet accounts and soon will be migrated to bank after user approval. However, the customer will need to make this communication before 23rd May. The company is setting up KYC centers across the country to help its customers in opening accounts.
Paytm plans to spend Rs.400 crore to build banking network across the country. Through digital payment services Paytm is offering 4 percent interest rate on deposits and cashback's on deposits, zero percent charges for Online transactions and zero minimum balance for new customers.
Paytm planned to start these services merchants current accounts and soon to open nearly 31 branches and three thousand service points in the first year itself. The company will also provide virtual Rupay debit cards to customers immediately and physical card on request for withdrawing cash from any ATM centers.
In a Statement Paytm Payments Bank Chairman Vijay Shekhar Sharma said, 'RBI has given us an opportunity to create a new kind of banking model in the world. We are proud that our customer deposits will be safely invested in government bonds, and be used for nation building. None of our deposits will be converted into risky assets'.
Paytm has nearly 218 million subscribed wallet accounts and soon will be migrated to bank after user approval. However, the customer will need to make this communication before 23rd May. The company is setting up KYC centers across the country to help its customers in opening accounts.