Paytm Payments Bank operations from today: All you need to know

New Delhi: After months of delay, Paytm on Tuesday launched its payments bank operations.

Here are the key facts you need to know about the Paytm Payments Bank

-Paytm Payments Bank is a new type of bank, licenced by the Reserve Bank of India. As a Payments Bank, Paytm can now accept customer deposits upto Rs 1 lakh per customer in a wallet, savings or current account and offer other banking services like Debit Cards, Online Banking and Mobile Banking.

-Payments Banks are not allowed to lend to customers. However, they can partner with other financial institutions/banks to offer financial products like loans, insurance, mutual funds, pension funds etc.

-Paytm Payments Bank will continue to offer paytm wallet. In addition, current accounts for businesses and interest bearing savings accounts for individuals will be offered by bank. It will also enable you to access a range of financial services such as insurance, loans, Mutual Funds offered by our partners with the seamless Paytm experience.

-Your current Paytm Wallet will now move to the Paytm Payments Bank Limited in the same capacity i.e. KYC wallet as KYC wallet and minimum detail-KYC wallet as minimum detail-KYC wallet. If we do not receive any communication against the same before December 21, 2016 your wallet will move as a part of the migration, but you will continue to enjoy the same experience of the wallet. To upgrade to bank account, you will need to complete KYC and sign up.

-However, if you have not used your wallet in last 6 months and have zero balance in your wallet, you will be required to consent to the migration through login to your wallet before the migration date to move to Paytm Payments Bank.

-Movement to Paytm Payments Bank is required by RBI for all Paytm Wallet customers. However, If you choose not to continue to enjoy the benefits of the Paytm Wallet, please email us at care@paytm.com and we will let you know the process to transfer your wallet money to your bank account.

Alternatively, you can raise your request either through Paytm app or through website by following these steps –

Through App –

    1. Go to Profile section
    2. Select ‘Contact Us’ on IOS devices & ‘Help & Support’ on Android devices
    3. Choose the option – Paytm Payments Bank
    4. Select your issue category as – Know about Paytm Payments Bank
    5. Select your issue as – Opt out of movement to Paytm Payments Bank
    6. Press on submit to send us the query.

Through Web –

    1. Go to https://paytm.com/care/ticket
    2. You will see a screen saying ‘Help us understand your concern’. Select ‘Paytm Payments Bank’ from the drop down menu.
    3. Please specify your problem by choosing – Know about Paytm Payments Bank
    4. Select your issue as – Opt out of movement to Paytm Payments Bank
    5. Press submit your query to send us your request

Please note, if you chose not to migrate to Paytm Payments Bank, your wallet will be closed. You will not be able to make payments using Paytm Wallet.

-To earn interest, you will need to open a savings account. We will be launching the option to open savings account soon.

Source: Paytm Payments Bank website