Did you hear that? Paytm will have their own Paytm Bank “Paytm Payment Bank“. Now I’ll tell you the services provided by Paytm Bank.
First, you have to know about its basic services:-
Paytm service was established in 2010, by the One97 communication. Its CEO is Vijay Shekhar Sharma. Its Headquarter is in Noida, Uttar Pradesh. After the Demonetization of money i.e. Note-Ban, Paytm comes into a trend. Because after Note Ban the only option available to the public is to do transactions online. And at that time Paytm becomes very popular amongst the Indians. Because it provides various facilities like making online payments, recharge and much more. It is easy to use. So it becomes popular among everybody.
If you don’t now how to use Paytm Then read it: – How to Use Paytm (for beginners)
Now we will discuss the facilities that will be provided by Paytm Bank.
Yesterday Vijay Shekhar Sharma announces that Paytm wallet will be transformed in Paytm Payment Bank Wallet. Mr. Sharma also says that their Paytm Bank has not many branches but they will try that all the Indians will enjoy their services.
After that announcement many rumors are flown on social media like we could not be able to use paytm wallet after 15th January. And the money in Paytm wallet will forfeit by Company.
But that’s not true. You will enjoy more benefits by Paytm Banks. As it will provide you much better facilities which a normal bank provides.
The Paytm company said that The Paytm Company will shift to newly incorporated “Paytm Payments Bank“. It is the biggest shift ever. All the Paytm Wallets, approx. 160 million, will transform in newly build company i.e. Paytm Payments Bank Ltd. In which Mr. Sharma will hold 51% of shares, and the others were by One97 communications (The backbone of Paytm Company)
The users of Paytm would not have to do anything. Their accounts will be transferred automatically to Paytm Payments Bank (Only they have to select the option of “create separate Paytm Bank account”). And their details will remain same like Their Log in Id-Password, wallet Cash and Name.
Addition to this You will get more benefits such as
- Paytm Cheque Book
- Paytm Cards (Like Debit/Credit Cards).
- You will also get Interest on your deposits with Paytm Payments Bank.
If you don’t want to use Paytm Bank feature then you can discontinue it. For this, you can send an email to firstname.lastname@example.org. And you can then redeem your paytm cash by only Paytm-Bank transaction.
But if your Paytm account has been inactivated from last six months and has zero balance, Then you are not going to enjoy Paytm’s new policy i.e. Paytm Bank. If you want to enjoy the services of Paytm Banks then you have to specifically tell to the Paytm via email or by logging in
Paytm also says that they will keep Bank Transfer rate 0% till the launch of their Paytm Bank. After that, the Paytm wallet to their Bank transfer charges will remain 0%.