Paytm Payment Bank: No charges on online transactions, no need to maintain minimum balance and free Virtual Debit Card

After getting a huge success during the time of demonetization, Paytm has launched Paytm Payment Bank. This is similar to the traditional banks where a user can open their account through Paytm app or website and can deposit their balance into it. But it is different in some ways, it has a new banking model where an account holder’s money will be safe and deposits will only be invested in government bonds.

According to the company "The Paytm Payments Bank is the first to offer zero charges on online transactions, no minimum balance requirement and free virtual debit card."

Initially the invite-only basis will be available for Paytm Payment Bank and the limited version of the banking app will be rolled out for our employees and associates. One can easily request an invite by logging onto www.paytmpaymentsbank.com or through the Paytm app (The latest Paytm app version 6.0 for Android and iOS).

According to the company "We are also setting up KYC centers across India to help customers get KYC done and make themselves eligible for a Payments Bank account. We will offer an annual interest of 4% for all savings accounts. Our merchant partners will also have access to current bank accounts."