What is a PAytm payment bank?
Payments Bank is a new type of bank, authorized by the Reserve Bank of India. As a payment bank, Paytm can now accept customer deposits up to Rs. 1 lakh per customer in a portfolio, savings account or current account and offers other banking services such as 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 such as loans, insurance, mutual funds, pension funds, etc.
Paytm Payments Bank will continue to offer a paytm portfolio. In addition, current accounts for businesses and savings accounts bearing interest for individuals will be offered by the bank. This will also allow you to access a range of financial services such as insurance, loans, mutual funds offered by our partners with Transparent Paytm experience.
How do I open a Paytm Payments Bank account?|
We will soon launch our banking services. You will have the option of opening a bank account and accessing a range of other financial services by completing your KYC and enrolling you digitally.