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Paytm Bank Launched: Here What’s You Need to Know
May 25, 2017
India’s largest digital wallet company Paytm has launched its own payments bank today. It will offer 4% interest on the savings accounts, online transactions at zero fee and a variety of cashback offers on the deposits. The parent company One97 Communications also aims at investing Rs. 400 crores initially.
As a part of the transition, all the current Paytm users will be transferred to Paytm Payments Bank automatically. However, users who don’t desire this shift can also transfer their wallet balance to their bank accounts by providing the appropriate details.
Currently, Paytm has decided to offer user accounts only on invite-basis. It also plans to release a beta app for its associates and employees soon.
