Paytm Payments Bank is going to Launch soon – Please check Full details

Paytm Payments Bank, Payments Bank, Paytm Payments Bank Release Date, One97 communications Noida Based Company, The parent company of Paytm announced that it plans to merge Paytm Wallet into Paytm Payments Bank. Vijay sekhar sharma says After Building it from concept to a strong category leader. One97 Communication soon to transfer Paytm wallet into Paytm Payments Bank. Paytm waiting for RBI approvals to start operations of the Paytm Payments Bank. 

Paytm Payment Bank

How to Open Paytm Payments bank account Online:-

We will add more details soon about How to open Paytm Payments Bank account.

Also See:- True Balance App – Get Rs 35 Free Recharge + Rs 10 Per Referral (All India)
Here is What Paytm said about Paytm Payments Bank on Facebook:-

Just like a daughter grows up and goes to her new family & home, We at One97 saw it from a concept to a well grown up name today. Our company One97/Paytm will transfer your Paytm Wallet to her new home, Paytm Payments Bank — A fully Indian entity, being built to make India proud in banking space.”

Some Frequently Asked Question about Paytm Payments Banks wallet:-

Q. What happens to my current Paytm Wallet?

A. It will be transferred to the Paytm Payments Bank Limited as it is, i.e. KYC Wallet as KYC Wallet and minimum KYC Wallet as minimum KYC Wallet

Q. What happens to my money in the Paytm Wallet?

A. Your money is absolutely safe in the Paytm Wallet. It is always yours and you will never lose it. If you have any balance in your current Paytm Wallet, it will reflect in your new Paytm Payments Bank Wallet

If your Wallet has been inactive for the last six months and has zero balance, it won’t be transferred to the Paytm Payments Bank Wallet unless you specifically give consent for the same while logging into the app, web or by e-mail.

Q. Can I move my money to any other Bank from Paytm Payments Bank Wallet?

A. Yes, you would be able to send money to any bank account from your Paytm Payment Bank Wallet.

Q. Is it mandatory to open an account with Paytm Payments Bank once it is launched, to continue using the wallet?

A. You are not required to open an account with Paytm Payments Bank to use the wallet.

Q. Can I opt out?

In case you choose not to continue to enjoy the benefits of your Paytm Wallet, please email us at [email protected] or log in to Paytm.com/care to notify your choice of opting out and redeeming your balance by a one time transfer to your own bank account. Do indicate the account holder’s name, account number and the IFSC Code of the Bank where you wish to redeem the money.

Q. Do I have to pay any charges for this transfer?

A. You do not have to pay any charges or fees for this transfer

What’s New in Paytm Payments Bank account:-
  • As per the directions of the Reserve Bank of India (RBI), One97 Communications will be transferring its wallet business after receipt of necessary approvals to the newly incorporated Paytm Payments Bank Limited (PPBL).
  • Paytm Payments Bank Limited (PPBL) is 51% owned by Vijay Shekhar Sharma & 49% ownership is with One97 Communications Ltd. Paytm Payments Bank is a truly Indian company owned & operated by Indians.
  • Currently, all money transfers from Paytm Wallet to any Bank account is 0% for all users. Once we launch Paytm Payments Bank, we will ALWAYS allow you to transfer money from Paytm wallet to Paytm Payments Bank Account at 0% even after 31 Dec’16.

RBI last Year granted an “in-principle payments bank license” including Airtel, Vodafone, Department of posts, RIL, Aditya Birla Nuvo & one97 Communications (Paytm).

Vijay Shekhar Sharma, the chief executive officer of one97 Communication was granted in-principal payment bank license by RBI earlier this year. Vijay Shekhar Sharma Reportedly owns 51% of Paytm Payments Bank, while one97 communication has the remaining 49 percent.

Read Also:- Airtel Payment Bank Goes Live – Offer 7.5% Interest Rate Per Annum

Paytm Has Seen tremendous growth over the last month after the demonetisation of Rs 500 & Rs 1000 old notes by our Honorable Prime Minister Shri Narendra Modi. Company crossed 155 million people are joining per day since demonetisation of Rs 500 & Rs 1000 takes place.

Paytm said as per direction of RBI, one97 Communication will be merge its wallet business to Paytm Payment Bank as earlier.

Read Also:- Jio Payment Bank – RIL-SBI Joint Venture Launched Soon

What Is Paytm Payments Bank:-

Paytm Payments Bank Can accept deposits restricted to Rs 1 lakh per customer, and allowed to pay customer interest on the money that is being deposited. they can be used for either current accounts or saving accounts.

Paytm Payment Bank – What Will Happen to your Paytm Wallet:-

Paytm wallet will now be a part of Paytm Payment Bank. As per Paytm public statement, the current Paytm wallet owner can login into Paytm account and Transfer their existing balance to their bank accounts by providing account details.

Tags:- Paytm Payments Bank, How to open Paytm Payment Bank account, Paytm Payments Bank Register Online.

Sharing is Caring:-)

10 thoughts on “Paytm Payments Bank is going to Launch soon – Please check Full details

  1. HARSH says:

    can anyone check if bank transfer working in paytm, i am getting error “we found some technical error. please try again”

  2. Ashok says:

    Hi Yash, i was searching everywhere and tried to ask some people in forums, blogs…But I didn’t get any proper response…

    I see that, U are communicating with each & every one.

    Plz reply to my questions too…

    1. So I guess only for now, it is free to transfer to any bank. But after DEC 21, we can transfer ONLY to Paytm Bank that too for Free which might become chargeable in future.

    2. Airtel says it’s free from Airtel bank to Airtel bank acc, but chargeable to other bank and it is giving 7.25% interest and no Debit Card for now. So does Paytm provide any interest & any Card. And is it same with Paytm too…Free from paytm Bank to Paytm Bank acc but charges for paytm Bank to other bank.

    3. So does every Paytm Number gets converted into 1 Lakh Account irrespective of KYC / No-KYC.

    4. I heard that Merged Accounts have 2 Lakh Limit. So, does Bank acc will also have 2 or 1 Lakh Limit.

    • Yashveer Arya
      Yashveer Arya says:

      We already mentioned maximum details give by Paytm.

      We can expect some of things from Paytm !!

      1) FREE

      2) Yes Paytm give interest on Money and Debit card as well (according Payments Banks RBI Ruling).

      3) Yes. I think some changes required when its launched.

      4) No. Not possible.

Leave a Reply

Your email address will not be published. Required fields are marked *