PAYTM PAYMENT BANK

 

Paytm Payments Bank

About Paytm Payments Bank

What is a Payments Bank?

Payments Bank is a new model of banks visualised by the Reserve Bank of India. As a Payments Bank, Paytm can now offer banking services like Debit Cards, Online Banking, Mobile Banking, and also accept deposits of upto Rs. 1 lakh per customer in a Savings Account.

How is a Payments Bank different from a normal bank?

Payments Bank is a new model of banks visualised by the Reserve Bank of India. As a Payments Bank, Paytm can now offer banking services like Debit Cards, Online Banking, Mobile Banking, and also accept deposits of upto Rs. 1 lakh per customer in a Savings Account.
Although Payments Bank cannot offer financial products of their own as a business entity, it can act a business correspondent and partner with other financial institutions and banks to offer Loan Products, Fixed Deposits, Insurances etc.

What are the services offered by Paytm Payments Bank?

Paytm Payments Bank will soon be offering services like savings and current account with a debit card which will help you make easy and faster payments.
It will also give you to access to a wide range of financial services such as Insurance, Loans and Mutual Funds offered by our partner banks with the seamless Paytm experience.

Is there a minimum balance requirement?

There is no minimum balance requirement for your Paytm Payments Bank Savings Account.

How can I open a Paytm Payments Bank account?

To open your bank account, kindly follow these simple steps.

• Launch your Paytm app
• Go to the Bank tab on the bottom right of your screen
• Set a passcode (if not setup already) and provide nominee details for your account.
• In case you are a Non-KYC customer, you will be prompted to book a KYC appointment
• You will be notified when your account is created

What happens to my balances above Rs 1 lakh?

As per the RBI guidelines, you can hold only a maximum of Rs. 1 lac in your Paytm account at the end of the day. This limit is imposed on the sum of your wallet and savings account balances. Balance amount in excess of Rs. 1 lac is moved to a Fixed Deposit with our partner bank.

What are the charges on a bank account?

Please refer our rates and charges here: http://www.paytmbank.com/ratesCharges.html

What will happen when I move to Paytm payments bank?

Your Wallet currently resides with Paytm Payments Bank as mandated by RBI for all Paytm Wallet customers. Paytm will offer all the services which it did as a wallet, and additional features like:

• Interest on the money deposited in the Savings Account.
• A RuPay Card to use for payments and online shopping.
• Internet and mobile banking services.

It will also enable you to access a range of financial services such as Insurance, Loans and Mutual Funds offered by our partners. If you decide to open an account with us, you can still continue to enjoy all the benefits of the wallet.

Does it mean Paytm will now be regulated by RBI?

Yes, Paytm Payments Bank will be regulated by RBI under all guidelines applicable to a Payments Bank. Please note that Paytm Wallet was already regulated by RBI under the 'Prepaid Payment Instruments Act, 2007'. Now as this wallet will become a part of the bank, additional RBI guidelines for Payments Bank will also be applicable.

I've seen your ad, what does it mean?

Our advertisement simply wishes to convey that our Paytm Wallet business which was owned by One97 Communications Ltd. will now reside with Paytm Payments Bank Ltd. as per RBI requirement. This is simply a change within the company and your services and experience with Paytm will continue to remain the same. As a part of this, all your wallet related information will reside with Paytm Payments Bank. You will also be able to open savings account with Paytm Payment bank soon. It will also enables you to access a range of financial services such as Insurance, Loans and Mutual Funds offered by our partners.

Are Paytm wallet and Paytm payments bank the same thing?

Paytm Payments Bank is our new banking entity. As guided by the Reserve Bank of India, Paytm wallet business is transferred from One97 Communications to Paytm Payments Bank. Paytm Payments Bank will continue to offer you the existing Paytm Wallet product. Other banking products will also be offered to you soon.

I don't know whether I am a KYC wallet user or Non-KYC wallet user. How do I check?

You can check whether you are a KYC or non-KYC wallet user in a few simple steps.

• Please login to your paytm app and open your profile screen from bottom navigation icons.
• If you are a KYC wallet user, you will see a blue tick-mark next to your name.
• Alternatively, if you are a non-KYC wallet user you will see your wallet balance and an option to upgrade your account.

Who is a KYC/ Non-KYC user?

When you sign up on Paytm, a wallet gets created for you in which you can add up to Rs 20,000 in a calendar month. This is as per RBI regulations. As a result there is a cap on how much you can spend. Such a user is called a non-KYC user. You can get rid of these limits and upgrade your wallet for FREE by getting your KYC (Know Your Customer) details verified. You can do this simply by getting your identity proof and address proof verified. Completing KYC details increases your wallet limits and lets you maintain up to Rs 1,00,000 at any point of time. Such a wallet user is called a KYC user.

My Savings Account

Savings Account

How do I open a Savings Account?

To open your bank account,follow these simple steps.

• Launch your Paytm app
• Go to the Bank tab on the bottom right of your screen
• Set a passcode (if not setup already) and provide nominee details for your account.
• In case you are a Non-KYC customer, you will be prompted to book a KYC appointment
• You will be notified when your account is created

Can I open more than one Savings Account?

No, only one Savings Account can be opened for one customer.

What are the charges on a bank account?

Paytm Payments Bank offers its customers a free-to-use bank account with minimum or no charges for account maintainence or any account related services. Please refer to our account T&Cs for more details.

Is there a minimum balance requirement?

There is no minimum balance requirement in a Paytm Payment Bank Savings Account. Customers can maintain zero balance in their account and enjoy all banking services with no account related service charges.

How do I get a debit card?

You will get a Digital Rupay card which is linked to your Paytm Payments Bank savings account.You can use this card for making online payments. We would soon launch physical debit card which can be used at ATM & POS machines

How do I request a chequebook?

Currently, We are not providing chequebook facility for the Savings Account.

How do I request a demand draft?

Currently, We are not providing demand draft facility for the Savings Account.

How much interest will I earn on my Savings Account?

Your deposit will earn interest of 4% p.a. on the daily balance of your Savings Account. Interest earned will be added to your Savings Account on the last date of every month.

If I do not have a Paytm Wallet, can I open a Savings Account?

Every customer who registers with Paytm is being given with a wallet feature by default. Once you signup at Paytm you can also choose to open the Savings Account with us.

Nominee

What is nomination facility?

You can add a nominee to your account. In case something unforeseen happens to you, your nominee will get the balance in your account.

How do I add a nominee?

You can add nominee to your account at the time of opening the bank account.
In case you didnt add a nominee at that time, you can add it now from your Paytm app:

• Open the Paytm app and click on Bank tab.
• If you are not already logged into your Paytm account, the app prompts you to login / sign up. Else skip to step 3 directly.
• Click on Add Nominee under the Bank Account Services tab'
• Enter your 4-digit passcode
• You can now fill in details of the nominee you wish to assign to your savings account.

Please note that the minimum age of the nominee has to be 18 years.

I want to change my nominee

Currently, we do not allow change of nominee. However, we will provide this option soon.

Can I have a different nominee for my wallet and Savings Account?

No, you may nominate only one single nominee for both your wallet and Savings Account.

How many nominees i can add in my Savings Account?

Currently, you can have only one nominee for your Savings Account.

Passcode

What is a passcode?

Your bank account details inside the Paytm app are protected with a passcode. It is a 4-digit numeric code set by you which can be used to assist in resetting your login password.

What is difference between my password and passcode?

Paytm password is a security check which allows you to login into your Paytm account and make online transactions. It is a combination of alpha-numeric and special characters.
Paytm passcode is a 4-digit numberic code which acts as an additional security check to authorise access to your bank account details or transactions. This is to ensure a higher level of security to your bank account details and transaction history.

I forgot my passcode

If you have forgotton your passcode, you can reset it with mentioned steps

• Go to the profile tab on your Paytm homescreen
• Choose 'Security settings'
• Select the option 'Change Passcode'
• Select the option 'Forgot passcode'
• Enter your Paytm login password and click on 'Submit'
• Now enter your new 4-digit numeric passcode.

Your passcode has been successfully reset.

I want to change my passcode

Your passcode can be reset in four simple steps

• Go to the profile tab on your Paytm homescreen
• Choose 'Security settings'
• Select the option 'Change passcode'
• Enter your current passcode.
• Now enter your new 4-digit numeric passcode.

Your passcode has been successfully reset.

PAN card

How do I add PAN card to my account?

You can add PAN number to your account if not done already in four simple steps:

• Go to Profile section of Paytm app
• Select 'Edit Profile'
• Enter your PAN card number in the field 'PAN Card'
• Select 'Done' at the top of the screen.

Your PAN number is now saved with us.

Closing Account

How do I close my Savings Account?

For closure of your account, you will need to raise a ticket with us from the 'Contact us' section of the Paytm website or the 'Help & Support' section of your Paytm app.
If you choose to close your savings account only, you will still be able to use your wallet as usual and enjoy services offered by Paytm.

Account details

How do I check my account number

To check your account details, follow these simple steps.

• Launch your Paytm app.
• Click on the Bank icon.(bottom right).
• You can see your account number and IFSC code under the Savings Account section.

How do I check my nominee details

To check your nominee details, follow these simple steps.

• Launch your Paytm app.
• Click on the Bank icon.(bottom right).
• Click on 'Account Nominee' under the Bank Account Services section
• Your nominee details will be visible now

Please note if you have not updated the nominee details for your Savings Account, you will be able to add the nominee using 'Add a nominee' under the 'Nominee details' section.

My Digital Debit Card

About RuPay Card

What is a Rupay card?

RuPay is an Indian domestic card scheme conceived and launched by the National Payments Corporation of India (NPCI).
Your Paytm Payment Savings Account comes with a Digital Rupay card that you can use to make payments on all online platforms where debit cards are accepted. We will soon launch physical debit card which can be used at ATMs & stores.

Where and how do I use Rupay card?

Paytm digital Rupay card can be used at all the major online merchants which accept Rupay cards. At the time of any online transaction, you can choose to pay through debit card. You will need to enter your card details.Once the details are entered, you will receive a One-Time-Password(OTP) on your registered mobile number. Enter the OTP to complete your purchase.
Steps to see Card details

• Open the Paytm app and click on the Bank section(bottom right)
• If you are not already logged into your Paytm account, the app prompts you to login / sign up. Else skip to step 3 directly.
• Enter the 'Digital Debit Card' section
• Click on 'View CVV/Expiry Date'
• You will be prompted to enter your 4 digit password
• On entering your passcode,you can view your digital debit card which displays your card number, expiry date and CVV number.

Can I use Rupay card on my wallet balance?

The Rupay card can be used only to spend money available in the Savings Account.

Can I use my Paytm rupay card to make international payments?

The Rupay card is accepted only on merchants in India.

Do I get charged if I pay through my Rupay card?

There are no charges levied by Paytm Payments Bank on the payments made through your Rupay card. However as per Government's directions, surcharge may be levied on railway ticket bookings and payments at petrol pump. The surcharge will be as per the rates prevailing at the time of transaction.

What is the maximum amount I can pay using my rupay card?

The per transaction limit on your card is set at 2 lacs. Total daily transaction limit on the card is also 2 lacs.

My Paytm Rupay Card details

How do I see my card details

Please follow the given steps to view your digital debit card details

• Open the Paytm app and click on the Bank section(bottom right)
• If you are not already logged into your Paytm account, the app prompts you to login / sign up. Else skip to step 3 directly.
• Enter the 'Digital Debit Card' section
• Click on 'View CVV/Expiry Date'
• You will be prompted to enter your 4 digit Passcode
• On entering your passcode,you can view your digital debit card which displays your card number, expiry date and CVV number.

Will I get a physical debit card and cheque book with this account?

Currently, our savings account comes with a digital debit card that can be used for online transactions. We will have physical debit card and cheque book facility soon!

Withdraw money using Rupay Card

How do I withdraw money from my account using Rupay Card?

You will require a physical debit card for withdrawing funds using Rupay Card. We currently do no provide Physical debit cards, but we will be introducing this soon.
Till then you can go to our branch and ask for cash withdrawal from your account.

Block/unblock card

How do I block my Paytm Rupay card?

Please follow the given steps to block your digital debit card

• Open the Paytm app and click on the Bank section(bottom right)
• If you are not already logged into your Paytm account, the app prompts you to login / sign up. Else skip to step 3 directly.
• Enter the 'Digital Debit Card' section
• Click on 'Block Card'
• You will be prompted to enter your 4 digit Passcode
• On entering your passcode,your card will be blocked

You can unblock it any time using the 'Unblock Card' option

How do I unblock my Rupay card?

Please follow the given steps to unblock your digital debit card

• Open the Paytm app and click on the Bank section(bottom right)
• If you are not already logged into your Paytm account, the app prompts you to login / sign up. Else skip to step 3 directly.
• Enter the 'Digital Debit Card' section
• Your Digital Debit Card will show the option 'Unblock Card'
• On clicking it,you will be prompted to enter your 4 digit Passcode
• On entering your passcode,your card will be unblocked

Cashback

How much cashback do I get?

You will get a Cash back of 5% on utility bill payments made using Rupay Card. Cash back is capped at Rs. 50/month.
You also get Rs. 25 cashback on train ticket booking through irctc.co.in using Rupay Card.
For more details, please visit: here

When do I get cashback?

Cashback will be credited to your Savings Account within first 10 working days of each month for the transactions done in the previous month.
For more details, please visit: here

My Savings Account Passbook

Savings Account balance

Where can I see my savings account passbook?

Please follow the given steps to view your savings account passbook

• Open the Paytm app and click on the Bank section(bottom right)
• If you are not already logged into your Paytm account, the app prompts you to login / sign up. Else skip to step 3 directly.
• Click on the balance under the 'Savings Account' section
• You will now be able to view your savings account passbook

Savings Account statement

How do I get bank account statement on email?

Currently, we support only wallet statement on email and will provide the bank statement on email soon.

How do I request certified printed copy of bank statement?

You need to visit our branch for certified statement request.