Paytm payment Bank is set to rollout tomorrow by giving the consumers an account on the invite-only basis, especially for the public in North India. Noida is the place where the first physical branch of Paytm plans to go live. Paytm has plans to spend about 400 Crore over the next 2 years for building new banking networks across the country.
The bank has its goals set high. It plans to expand its presence by building 31 more branches and including about 3000 customer service points this year. The company plans to include around 500 Million customers by the end of 2020. The new branches launch in the other states can be expected after 3 months. Around Rs 125–150 Crore is what the firm plans to achieve in the next 12 months.
Paytm Payment Bank provides fabulous facilities such as zero balance requirements and free online transactions such as national electronic funds transfer, immediate payment service as well as real-time gross settlement. The savings account holder will be provided with 4% interest per annum by the company. The firm plans to provide its first million customers with Rs 25000 deposit with a cashback offer of about Rs 250. The customers can issue debit cards with a yearly fee of Rs 100 is what the company and its partner Rupay plan to follow.
The Paytm Payment Bank has received funds of about Rs 220 Crore from the One97 Communications Ltd. With the help of Reserve Bank of India (RBI), the company plans to modernize the banking sector. Paytm Inc assures that the customer’s deposits are secure and will be used for the nation building or improve the government bonds. No misuse of the money is guaranteed.
PaytmPaymentsBank.com and the Paytm iOS app can help the customers enroll in banking by using the invitation request. The company itself will transfer its active wallet account holders on the app to the payment bank. This will be carried out when the user notifies to do so.
Paytm Payment Bank’s free fund transfer charges are set to make it one of the most convincing bank account for the customers.