Paytm as we all know is the Indian’s top leading money transfer, recharge and payment app which gives the advantage of cashless payment and transaction through online. Well, Paytm can be called as India’s only relief at the time of demonetization where every individual was like Paytmhaikya? Paytmkardu?
Now the revolutionary Paytm is about to introduce it’s another mind blowing feature that enable wallet to get clubbed with payment bank. This new feature got finalized by ‘ONE97 Communications’ when Reserve Bank of India decided to convert digital payment into Payment Bank.
Now most of you must be thinking what actually is Paytm Payments Bank? So let us give a clear vision on this. Basically this will convert digital wallet into Reserve Bank Of India certified and licensed bank. All the usage like debit card credit card interest, managing account, transferring money are possible with this new feature of Paytm Payment Bank introduced by Paytm itself.
Now again some of you must be thinking what is someone does not want to avail this new feature then let use tell you folks, there is nothing like NOT AVAILING as the current account of yours will automatically get converted into Payment Banks. But yes if you are not satisfied this service then you got no option than switching off your wallet permanently. For this just one email is required from customer’s end on email@example.com with IFSC code and user bank account details. Then the wallet will get closed and the remaining balance will get transferred to user’s desired bank account. Huh long procedure, but RBI as RBI though.
But yes user who has not used their Paytm for over six months or is having zero balance in their wallet, in such case Paytm will not convert that account into Payment Banks.
If a fresh user wants to open an account he or she just need to submit e-KYC and after the account gets open, user then can request for passbook, virtual debit card and cash book.
Paytm is also likely to give interest on the money available in user’s Payment Banks. Now this could attract a lot of Paytm freaks.