Paytm Is Going To Transfer Their Wallets Into Paytm Payments Bank on 23rd May 2017

Paytm is currently the most popular digital payments provider company of India. Moreover, in a Facebook post, Paytm founder Vijay Shekhar Sharma has officially announced about Paytm’s next step, transferring Paytm wallet to Paytm Payments Bank.

Paytm Payments Bank

In that Facebook post, he said –

Just like a daughter grows up and goes to her new family & home, We at One97 saw it from a concept to a well grew up name today. Our company One97/Paytm will transfer your Paytm Wallet to her new home, Paytm Payments Bank — A fully Indian entity, being built to make India proud in banking space.

After posting on Facebook Paytm shared their announcement on the front page of Times Of India as a full page advertisement. Paytm Payments Bank is not a new thing. It already exists. But they want to enlarge their business by transferring Paytm wallet users to Paytm Payments Bank.

For Knowledge, The full form of Paytm is “Pay Through Mobile“.

Paytm Payments Bank Limited’s plan was to get 20 crore users within one year of launching. But the process of getting customer was slower than the ideal speed. So they made the decision to transfer Paytm wallet users to Paytm Payments Bank. This way they are getting all the wallet users as the customers of their payment bank. According to analytics, now they will get 15 crore users on their first day. Because Paytm wallet users are huge in quantity.

Paytm Payments Bank Features

Now, there is a huge number of paytm wallet users in India, especially for the demonetization of Rs 500 and Rs 1000 currency in India. But all the paytm wallet users should know the following changes on their Paytm wallet & the funds they have in their wallet:

1) After merging your paytm wallet with paytm payments bank, all of your funds will be transferred to your payments bank account. The changes will be made automatically. If you don’t want to transfer funds from your wallet to payments bank, you can oppose until 21st December 2016.

2) To oppose the transfer process of your funds, you have to send an email to paytm.com/care to notify your opposition. After sending the email, they will give you 15 days to transfer your funds from paytm wallet to your personal bank account.

3) In a case of you do not transfer your funds within the 15 day period they given, all of your funds will be transferred to a special payments bank account from where you cannot transfer your funds to anywhere. If that happens, you must submit your bank account details to get back your funds.

4) If you have not used your paytm wallet since six months, then Paytm will not transfer your wallet to Payments bank. To do so, you have to notify them.

Paytm Is Going To Transfer Their Wallets Into Payments Bank

Paytm founder Vijay Shekhar Sharma has already made Paytm E-Commerce Pvt. Ltd to manage their online shopping business which completely complies with Reserve Bank Of India’s rules regarding Payments Bank operation. Paytm has also tied up with a famous Chinese company called “Alibaba Group”, the creator of UC Browser, UC Union and much more services to make e-commerce platform bigger in India.

It will be a tough job for Vijay Shekhar, the founder of Paytm to market Paytm Payments Bank at a time when Airtel, Vodafone and Reliance Jio has already launched their payments bank.

Cashback Offers & Interest Rates May 2017

Launch Date23rd May 2017
Interest Rate4%
Saving LimitRs 1 Lakh
Account TypeSavings
CashbackRs 250 Cashback on Depositing Rs 25,000

Paytm Payments Bank will also bring additional benefits such as a bank account, chequebook and a debit card. You will also earn interest on the money available in your account. Here we will add all interest rates with details once they launch their Bank. However, Airtel payment bank is offering 7.25% per annum on savings accounts. It will be interesting to see how much interest rates Paytm will provide to their users. So guys stay tuned with us. You can also check paytm promo codes & coupons to avail upto 100% cashback.

Bank Charges

How to Open Payment Bank Account?

When paytm launch their bank, you will get a new feature on you paytm app where you need to submit a form to open your bank account. You have to provide your Aadhaar or Permanent account number (PAN). For More Details Visit Here

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