India’s fastest growing digital payments provider mobile app Paytm has recently launched their payments bank. Like regular bank accounts of India, users can create current & saving accounts in Paytm Payments bank. Paytm will also provide credit, debit and net banking facility if you create your account on Paytm Payments bank. In this article, we will share the complete guide on how you can create a savings account or current account on Paytm Payments bank.
The other facilities of Paytm payment bank are you can receive money anytime anywhere. This made the process of sending and receiving money pretty faster and easier. Now, let me introduce you with Payments Bank.
Table of Contents
- 1 Definition Of A Payments Bank
- 2 How To Create A Savings Account On Paytm Payments Bank?
Official Steps to Open Your Savings Account
- You need to download the latest version of Paytm App.
- Open the app & then click on Savings Bank Account icon.
- Read the T&Cs carefully and tap on Proceed.
- Set your Passcode & confirm it.
- You can also add a nominee by filling in all the necessary details or you can skip by selecting “I don’t want to add a nominee”.
For KYC Customers
If you are KYC customer then no need to do anything, Your account will be opened in a few minutes.
For Non-KYC Customers
You have to submit the necessary KYC details. You get a call from a Paytm representative to fix an appointment to complete document verification. Upon successful verification, your Savings Account will be opened.
Add Money to Savings Account
Method 1: Firstly get you ou can find your account details by visiting ‘Add Money’ and then selecting ‘Savings Account’ tab. Now open other’s bank app and transfer money to Paytm Bank by using IMPS or NEFT
Method 2: Visit your nearest paytm branch and then deposit the cash to your savings account
Definition Of A Payments Bank
You can use it as a regular bank account. But it comes with some extra useful advantages which can not be found in other banks.
Bank Balance Limits: – The minimum balance that can be is Rs 1 only. That means you can spend all of your funds from Paytm Payments bank. Just leave Rs 1 only & it will keep your account running. The maximum balance is Rs 1,00,000. However, if you need to deposit more than 1 lakh, then you have to choose another bank account to continue.
However, it will keep your Paytm Payments bank account safe. You can use it like an all time wallet. Deposit small and spend small. There is no risk of loss. You do not need to use your bank account again and again to spend smaller amounts.
No Lending Allowed: – Unlike other ordinary banks, Paytm Payments bank does not provide services like loans, pension funds, mutual funds, insurance. However, you can still avail them for you by contacting to them. Paytm used to tie up with other banks to provide these services.
Debit Card: – The big thing is you will get a debit card to spend money at online shopping stores and other places where card required. Just use your Paytm debit card to spend from your paytm wallet anytime anywhere.
How To Create A Savings Account On Paytm Payments Bank?
- Alert: Follow Official Steps to Open Savings Account, Check Above for Official Steps Only.
Making a savings bank account on Paytm Payments bank is easy. Just keep your KYC documents ready, to begin with, Paytm Payments bank. Follow the steps given below to make savings account on Paytm Payments bank easily in no time.
No.1 Make A Paytm Account
Follow below steps to create a Paytm account if you have not created one for you.
1) At first, go to paytm website here.
2) You can also register yourself on Paytm using their mobile app. Click here to download from Google Play Store.
3) Click on “Sign Up”.
4) Enter your mobile phone number, valid email address and a secure password.
5) Check on “I hereby certify that I am 18 years of age” and hit “Create Your Paytm Wallet” button.
6) Now they will send a one-time password to your given mobile phone number.
7) Verify your number by entering the one-time password.
8) That is it. You have successfully created your Paytm account. Now go to the next step to create a savings bank account on Paytm Payments bank.
No.2 Add Money To Your Wallet
Just after creating a Paytm account for you, you can simply add your address, credit/debit cards into your Paytm account profile by visiting the settings page here. Follow the easy steps described below to add money to your Paytm wallet:-
1) Firstly, login to your Paytm account.
2) Then click on “Add Money” button and enter your desired loading amount.
3) Choose payment methods like Credit, Debit, Net Banking, IMPS or ATM card.
4) Enter card details and verify via one-time password.
5) That is it. The amount will be deducted from your bank account and will be added to your Paytm wallet.
You can also save your card details for future transactions. Minimum add money to Paytm wallet limit is Rs 10 only.
No.3 Upgrade Your Paytm Wallet & Be A Paytm VIP Customer
You have to upgrade your paytm wallet by filling up the KYC form. For that, you will require some of your documents which are listed on Paytm KYC Form page. Just download the form and attach all the required documents like address proof, identity card & a passport size photograph of yours. As evidence, take a xerox copy of your Aadhar card and put your signature on that copy.
Now, visit your nearest Paytm office with all original documents with self-attested copies. Take a copy and original of your PAN card if you want to transfer more than Rs 50,000 in one transaction. After submitting your KYC documents, upgrade process can take up to 72 hours to be completed.
No.4 Migrate From Normal Paytm Wallet To Paytm Payments Bank
Remember one thing; you cannot migrate your paytm wallet to paytm payments bank until you complete your KYC verification and upgrade your wallet. After completing the previous steps, it shall automatically migrate your standard paytm wallet to paytm payments bank.
However, if you do not want to migrate your paytm wallet, you need to send a request to them. However, if you do so, your Paytm wallet will be closed permanently. Because from 23rd May 2017, Paytm started migrating all the paytm wallets to paytm payments bank automatically.
How to Get Passbook, Debit Card & Chequebook of Your Paytm Savings Bank Account
After completing the above processes, a banking kit will be shipped to your address. This kit will contain your passbook, chequebook, your paytm debit card, internet banking user manual and a welcome kit. It can take up to 14 days to be shipped to your address.
Hope this A-Z Paytm Payments bank guide will help you to open or make an account on Paytm Payments Bank. Now, it is your turn.
- Do you want to get started with Paytm Payments Bank?
- Do you have any queries about Paytm bank?
- Have you already created an account for you?
- How good or bad is your experience with Paytm Payments bank?
Please leave your answers in the comment section below. We will try to answer all of your questions regarding the process of creating an account on Paytm Payments bank. Don’t forget to subscribe to our blog to get latest updates instantly.