Personal Finance

PayTM Bank Launched: ATMs, Free NEFT RTGS And Lot More

PayTM Bank was officially launched by Finance Minister on Tuesday. The Digital Bank has lot to offer to its users from ATM to FDs and interest free transactions. Here is everything you want to know.

Paytm Bank will Accepts Deposits but Can’t Lend Loan

PayTM Payment Bank launch that officially took place on Tuesday is a digital bank offering its users to deposit money in to PayTM account. What you need to do is add your address or just verify your KYC. If you have already done then there is nothing much for you to do. You have to set a 4 digit pass code and add a nominee just like normal banks in case something happens to you then your money will be transferred to the nominee.

PayTM bank is different from PayTM wallet as the maximum amount deposited in wallet is 1 lakh while there is no such boundary in bank. The bank can’t lend a loan but you can deposit and withdraw while getting a 4% interest on the deposit. The PayTM payment bank interest rate is similar to that of other banks there won’t be any charge on online transaction and no mandatory rule for minimum balance.

If you want a FD then you will get 7% interest with zero charges in case you break the FD in middle. There also won’t be any IMPS and RTGS charges while bank to wallet transfer will cost 3% and the same will be charged on vice versa.

PayTM Rupay Cards and ATMs

PayTM has also launched its ATM service. A total of 31 branches have been planned all across the country. The ATM service is slightly different from normal ATMs as you won’t get an ATM machine but will meet a human business correspondent that will have ties with PayTM. Using your card or thumb you can withdraw money.

This ATM facility will use AEPS system relying on Aadhar for authentication of fund transfer and withdrawal. There will be 3 free transactions in Metros and 5 free transactions in non-metros. Post that there will be Rs 20 charge per transaction.

The digital Rupay debit card is free of cost while the physical Rupay debit card will cost Rs 100 and delivery charges and Rs 100 thereafter every year as subscription charges. Cheque book with 10 leaves will cost Rs 100 + delivery charges.

PayTM Bank Career and Recruitment

As the company has announced that it will have 100K distribution points of PayTM Ka ATM therefore there are chances that the company will recruit employees. There is also possibility that it can outsource this job to another country where they can go for recruitment. For the post of accountant, bank manager and other bank related posts, you can go through their website.

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