Paytm from E-Wallet to Payments Bank

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Paytm Payments Bank Ltd: Paytm has been a very useful e-wallet company that solved the problems that came with Demonetisation. The company has gotten a green signal from the RBI and from May 23rd  Paytm will become an official bank.

Paytm Payments Bank will be part of the same Paytm app and will require you to create a bank account with them, separate from the Paytm wallet.

The money from your Paytm will automatically be transferred to your Paytm Payments Bank Ltd., once you have created it. To create the account you will have to submit a Know Your Customer (KYC) form. This will mostly include the details of your Aadhaar card and PAN card.

There will be no new app, you can continue to use your wallet account if you’d rather not open a bank account with Paytm.

One of the restrictions on Paytm bank will be a limit of Rs. 1 lakh in the account. All other RBI rules such as inoperative accounts and unclaimed deposits will be as it is.

Paytm will issue a digital debit card for all the users that register to the bank. Paytm will be a payments bank, not a full service bank. Hence, loans will not be applicable to customers of the bank. Neither will credit cards be issued for the customers.

An important note to keep in mind for those whose accounts have been inactive for more than 6 months or zero balance accounts. The account will be transferred to Paytm Payments Bank Ltd., only after the account holder gives their consent.

At present, Paytm is soaring with nearly 218 million users on its wallet app.

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