Paytm Payments Bank to deliver cash at home upto Rs 5,000 for senior citizens in Delhi NCR

New Delhi: Paytm Payments Bank Limited (PPB) has said that it will deliver cash at home to support senior citizens in Delhi NCR.

The cash withdrawal request can be raised through the bank’s app. Senior citizens can request for cash of minimum Rs 1000 and maximum Rs 5000, through this facility.

Paytm Founder Vijay Shekhar Sharma holds 51 per cent share in Paytm Payments Bank, while the rest is held by One97 Communications.

Paytm Payments Bank claims to have already crossed Rs 1,000 crore in savings accounts.

The payments bank had earlier said that it has crossed Rs 600 crore in fixed deposit accounts as it witnessed growth during the lockdown period due to volatility in other assets.

"Paytm Payments Bank Ltd (PPBL) has crossed Rs 600 crores in fixed deposit accounts held with its partner IndusInd Bank," PBBL said in a statement.

PPBL offers its customers the choice to opt for a fixed deposit account with its partner bank, allowing them to earn up to 7 percent per annum interest, which is among the highest in the industry.

In April, a survey was done by done by consultancy firm Local Circles that showed that the nationwide lockdown has benefited digital payment platforms as 42 per cent Indians have increased the use of digital means for payments since after the lockdown was announced.

Buying essentials and mobile recharges are top use cases for digital payments, the survey found.