Paytm on Tuesday became the third entity after Airtel and India Post to launch the Payment Bank in India. The bank claims to be India’s first bank with zero charges on online transactions, no minimum balance requirement and free virtual debit card. For saving accounts, the payment bank will offer annual interest of 4 per cent and will also be setting up up KYC centers across India to help customers get KYC done. KYC is a mandatory eligibility requirement for a Payments Bank account.
The company while announcing the launch said that the Paytm Payments Bank will be initially available on an invite-only basis. It said in a blog post, “The Paytm Payments Bank will bring a new banking model to the world where an account holder’s money will be absolutely safe. Deposits will only be invested in government bonds that are used for the development of our nation.”
via Paytm Payments Bank launched; 10 points guide on what it means for you – The Financial Express
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