Speech On Paytm Payment Bank

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Paytm Payment Bank is launched in May 23 2017 and now its the most popular bank among adults. Paytm which is already populated for easy cashless transaction had their kick their backs to offer more to Indian Citizens. Now, their bank many physical banks like services. Paytm Payment bank offer UPI, debit card and interest on storing money. As well as it will offer fixed interest of upto 7.03% on reaching certain limit which I will explain later.

Now before we talk about how to open your Paytm bank account first understand why you need a digital Payment bank.

Why You or I need a Paytm Payment Bank Service in 2017?

Comparing 2017 with 2012 or so. It is now getting easy to open a bank account than in past. In order to open bank account in 2017
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Paytm offer you to redem or break your FD anytime. They don't charge any penalty over breakage. Paytm offers 7.03% on FD and their maturity period is of 13 months as per Indulsand bank policy.

How to Open Paytm Bank Account in under 5 Minutes

Unlike other payment bank. Paytm offer you quickest possible way to open a saving account. In order to get started you will need.

Aadhar Card (UID)
PAN Card
Smartphone
You need to download Paytm mobile app in your smartphone to get started.

PAYTM DOES NOT OFFER ANY SEPARATE APP FOR BANKING SO BE AWARE OF FRAUDULENT

Download the app from Play Store or App Store. Open the app and login to your Paytm account. If you don't have account create it by using your Mobile number.

Paytm deprecated sign up with Facebook and Google. So you need to create Paytm account manually.

Head toward the Bank option from bottom menu bar. Tap on it. A pop will ask you to proceed. Click blue Proceed button.

Paytm ask you to set passcode which will be later used for UPI and transactions. Set it with your desired 4 digit PIN. You can change it later too.

App ask you to set a nominee. Set it now. Details will be asked like Name, Relationship with you or account holder, DoB and Address.

If for any reason you have done KYC before. Your account will be opened
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Its the time to load cash into your saving account. In order to load cash you can use following services. Paytm does not limit any minimum amount to be transferred. You can submit from Rs.1 to Rs.10000 without any hosch posch.

Bank account transfer (NEFT/RTGS)
UPI transfer/IMPS
I recommend you to use BHIM APP for UPI service. Paytm also provide UPI service where your phone number will be your VPA address. Incase if your phone number is 9999990000 then your Paytm VPA will be 9999990000@paytm

Open BHIM APP
Tap on Send
Tap on Mobile/Aadhaar/UPI ID
Enter your Paytm UPI ID and verify
Enter amount
Click on big Pay button
Enter your UPI code and send
Your money will be transferred in under a minute
What's Left?

Why there is a limit of 1 Lakh?

RBI restrict the maximum amount to be deposit in Payment banks is Rs.1 Lakhs. This amount may or may not be increase with time. Till today the max is just 1 Lakhs.

In order to handle such high payment deposit. Paytm partnered with private sector bank. Your exceeded amount will be enrolled in a separate fixed account. The dashboard for FD will be found under Paytm > Bank

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