Paytm Payments Bank, Payments Bank, Paytm Payments Bank Release Date, One97 communications Noida Based Company, The parent company of Paytm announced that it plans to merge Paytm Wallet into Paytm Payments Bank. Vijay sekhar sharma says After Building it from concept to a strong category leader. One97 Communication soon to transfer Paytm wallet into Paytm Payments Bank. Paytm wallet business will be transfer to Paytm Payments Bank Ltd on 23 May, 2017. If you wish not to continue with your Wallet with Paytm Payments Bank, you can opt out before 23 May, 2017. So Checkout Full details !!How to Open Paytm Payments bank account Online:-
1) If you have a Old Paytm Account, Then it will be convert to Paytm Payments Bank account on 23rd May 2017.
2) If you wish not to continue with your Wallet with Paytm Payments Bank, you can opt out before 23 May, 2017 by sending an email to firstname.lastname@example.org
Here is What Paytm said about Paytm Payments Bank on Facebook:-
Just like a daughter grows up and goes to her new family & home, We at One97 saw it from a concept to a well grown up name today. Our company One97/Paytm will transfer your Paytm Wallet to her new home, Paytm Payments Bank — A fully Indian entity, being built to make India proud in banking space.”
Interest Rate and Benefits of Saving account On Paytm Payment Bank :
Intrest Rate on Saving account of Paytm is very interesting it is 4 % per Year and Payable monthly .One more good thing with Paytm Bank is their is no minimum balance limit to operate account .Below is the Offer Image which giv you better ideas of offering .Limits Of Paytm Payment Bank :
Usually if you compare with normal banking it offers same services But Main limitation of Paytm Bank is Payments Banks are not allowed to lend to customers means they will not provide credit cards or loans. However, they can partner with other financial institutions/banks to offer financial products like loans, insurance, mutual funds, pension funds etc.
Also their Bank account Limitation is Rs 1 Lacs It means You can Put maximum 1 lac in your paytm bank account .
What happens to my existing Wallet?
“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 KYC wallet as minimum KYC wallet. You continue to use the Paytm Wallet as before without any changes.”
Is it Compulsory To join Paytm Payment Bank ?
Yes it is . If you are existing paytm user then on 23 rd may your normal paytm account transfer it to Payment bank account .So automatically you will become member of paytm bank . If you do’t want to join Paytm bank then simply mail to paytm about this they will transfer your all Money to your Bank account and close your paytm wallets.
How ever if your account is inactive from last 6 months then it will not converted in to paytm bank until you give confirmation to it.
Some Frequently Asked Question about Paytm Payments Banks wallet:-
Q. What happens to my current Paytm Wallet?
A. It will be transferred to the Paytm Payments Bank Limited as it is, i.e. KYC Wallet as KYC Wallet and minimum KYC Wallet as minimum KYC Wallet
Q. What happens to my money in the Paytm Wallet?
A. Your money is absolutely safe in the Paytm Wallet. It is always yours and you will never lose it. If you have any balance in your current Paytm Wallet, it will reflect in your new Paytm Payments Bank Wallet
If your Wallet has been inactive for the last six months and has zero balance, it won’t be transferred to the Paytm Payments Bank Wallet unless you specifically give consent for the same while logging into the app, web or by e-mail.
Q. Can I move my money to any other Bank from Paytm Payments Bank Wallet?
A. Yes, you would be able to send money to any bank account from your Paytm Payment Bank Wallet.
Q. Will the Paytm app change?
No. The user experience will remain the same as the app will continue to work as it does. You will continue to use it to pay for taxi, fuel, food, etc. the same way.
Q. What will change then?
The wallet business will get transferred to the new company but will keep running as it is.
Q. Will I get a bank account number, chequebook, debit card, etc.?
Only if you opt to open an account with the new payments bank of the company. Otherwise, your wallet will keep working as it is. The company will give you an option to open a separate account. You will earn interest on your money if you choose to open a payments bank account.
Q. Can I opt out?
In case you choose not to continue to enjoy the benefits of your Paytm Wallet, please email us at email@example.com or log in to Paytm.com/care to notify your choice of opting out and redeeming your balance by a one time transfer to your own bank account. Do indicate the account holder’s name, account number and the IFSC Code of the Bank where you wish to redeem the money.
Q. Do I have to pay any charges for this transfer?
A. You do not have to pay any charges or fees for this transfer
What’s New in Paytm Payments Bank account:-
• As per the directions of the Reserve Bank of India (RBI), One97 Communications will be transferring its wallet business after receipt of necessary approvals to the newly incorporated Paytm Payments Bank Limited (PPBL).
• Paytm Payments Bank Limited (PPBL) is 51% owned by Vijay Shekhar Sharma & 49% ownership is with One97 Communications Ltd. Paytm Payments Bank is a truly Indian company owned & operated by Indians.
• Currently, all money transfers from Paytm Wallet to any Bank account is 0% for all users. Once we launch Paytm Payments Bank, we will ALWAYS allow you to transfer money from Paytm wallet to Paytm Payments Bank Account at 0% even after 31 Dec’16.
RBI last Year granted an “in-principle payments bank license” including Airtel, Vodafone, Department of posts, RIL, Aditya Birla Nuvo & one97 Communications (Paytm).
Vijay Shekhar Sharma, the chief executive officer of one97 Communication was granted in-principal payment bank license by RBI earlier this year. Vijay Shekhar Sharma Reportedly owns 51% of Paytm Payments Bank, while one97 communication has the remaining 49 percent.
Paytm Has Seen tremendous growth over the last month after the demonetisation of Rs 500 & Rs 1000 old notes by our Honorable Prime Minister Shri Narendra Modi. Company crossed 155 million people are joined since demonetisation of Rs 500 & Rs 1000 takes place.
Paytm said as per direction of RBI, one97 Communication will be merge its wallet business to Paytm Payment Bank as earlier.
What is Paytm Payments Bank:-
Paytm Payments Bank Can accept deposits restricted to Rs 1 lakh per customer, and allowed to pay customer interest on the money that is being deposited. they can be used for either current accounts or saving accounts.
Paytm Payment Bank – What Will Happen to your Paytm Wallet:-
Paytm wallet will now be a part of Paytm Payment Bank. As per Paytm public statement, the current Paytm wallet owner can login into Paytm account and Transfer their existing balance to their bank accounts by providing account details.