Alright so you have been hearing all this from a long time, “PayTM Bank.” Well, What Actually it is? How does it work? What will I Have to do? What is it’s Benefits? Will my wallet continue to work? I am a Minor, What should I Do?
Well, there are a lot of questions, and you want the Answer. Well, you, my friend are at Right Place, here in this post we will tell you everything you need to know about PayTM Bank and will answer all of your Questions. So let Us Start.
What is PayTM Bank?
Back in December 2016, PayTM decided to evolve itself int a bank. Well, due to the hype it got with the help of demonetization and Digital India, they decided to merge their Wallet Services with the Bank. So, there was PayTM fulfilling some requirements to get the Legal Permission from the Regulatory Authority of India.
A few days back PayTM announced that it has got the Permission from the Regulatory Authority which is Reserve Bank of India to commence it’s Bank Services. PayTM started it’s Bank Services from today, 23 May 2017. The CEO will be Renu Satti, who is a long-time executive and vice president of PayTM. The operations will be quite similar to what a Typical Bank offers including ATM, Cheque Book, Pass Book, etc.
So Now Let us take a look at How PayTM Bank Works.
How Does PayTM Bank Works?
Well, PayTM Bank works like any other bank out there. It’s just that it has more of Digital Things that other Banks do offer, but not as effectively as PayTM. Well, you will be getting an Interest of 4% p.a. in your Savings Account which is a God thing.
Like any other bank, PayTM will use your money to provide loans and will give you Interest in Return and the difference between what is being gained from loans and What is paid to Holders as Interest would be PayTM’s Revenue.
Well, a lot of People are asking about the Benefits of PayTM Bank, so let us discuss that.
What are PayTM Bank Benefits?
The benefit here is that earlier the money which used to sit there in PayTM will now get an Interest of 4% p.a. Hence, you are getting Interest on Money now.
You will also get more benefits that a Bank Offers like Cheque Book, Pass Book, ATM and other Facility. The Limit which was earlier of 25,000 per Month is now increased to 1 lakh per month.
Let Us now see How you can get the PayTM Bank.
How to get PayTM Bank?
Well, you don’t need to do much to enroll yourself for PayTM Bank, you don’t need to go anywhere, all you need to do is simply go to https://paytm.com/bank and follow the Steps mentioned below
Click on “Request an Invite.”
Log in to your PayTM Account.
Now You will shortly Recieve a call.
Make sure that you have successfully verified your Identity with the KYC. In case you have not, then follow the below steps carefully.
First of All, Open the Paytm Application on your Device.
Now login to your Account by entering your Phone Number, Password, and OTP.
Now you should see PayTM KYC Option in the app.
Select ‘Paytm KYC.’
Now you need to Complete your KYC Verification using your AADHAR CARD.
Enter your 12 digits AADHAAR Card No. and your Name as per your AADHAR CARD to verify your KYC.
You should now receive a Verification Number on your Phone Number linked with your AADHAR Card.
Enter the Verification Code to Verify the KYC.
In case you are someone who doesn’t have an aadhar Card, then don’t worry you can verify your KYC using other Documents like Passport, Driving License, Voter ID or NREGA Job Card.
Now let Us answer your Question, Will my wallet continue to work if I don’t enroll for PayTM bank?
Will my Wallet continue to work if I don’t enroll for PayTM Bank?
Well, the answer to the above question is Of Course YES, you will still be able to use your PayTM wallet for Transactions.
But do note that, if you don’t Upgrade your Wallet to Bank, you will not get any Interest on the Amount you have in your PayTM Wallet. Also, your Limit will be 25,000 per month instead of 1 lakh per month which you can get in PayTM Bank.
Now let’s answer the Last Question, What If I am a Minor?
What if I am a Minor?
Well, if you are a Minor, someone with age less than 18, then you cannot upgrade your Wallet to the Bank, there is no such announcement for Minors from PayTM as per now. Still, you can use your Wallet as usual and in case you want to use the Bank, then you can use your parents or Guardian’s ID and use it.
That’s only you have, Minors to use the PayTM Bank. Well, we can wait for some time, let’s see if PayTM comes with something for all the Minors.
So that’s it Guys that was our Post, we hope that it helped you to clear all your doubts regarding the PayTM Bank, in case you still have any question or Doubt, you can leave them in the Comments Section Down Below.