Paytm Payments Bank Launches New Zero Balance Accounts
Indian digital payments juggernaut Paytm'due south banking arm Paytm Payments Bank has announced the launch of new zero balance accounts for all its customers and aught charges on all online transactions conducted via the digital banking company. The announcement comes at a time when the regime is aggressively pushing for a cashless digital economy in the country.
The visitor revealed that all Paytm Payments Banking company account holders will be able to open up accounts without paying whatsoever fee and won't have to maintain whatsoever minimum balance in the new accounts. For the zero residue accounts, Paytm will requite users a minimum of 4 percentage interest on normal savings accounts and upward to 7.03 percentage if the customer chooses to proceed their money in sweep-out fixed deposits. Unlike other banks, Paytm won't even levy any punishment on users who break their sweep-out fixed deposits.
Additionally, all Paytm Payments Banking company account holders will exist eligible for a costless personalized RuPay digital debit card which tin can be used for domestic online transactions and cash withdrawals at all 'Paytm Ka ATM' outlets across the country. Users tin likewise opt for a physical debit card which tin be used to withdraw cash from any ATM in the land.
All digital transactions carried out using IMPS, UPI, NEFT, and RTGS past Paytm Payments Banking company customers will charge no additional fees, which is expected to profoundly increase the adoption of online transactions in the country. The company has also stated that all business relationship holders will be eligible for a free insurance embrace of up to Rs 2 lakh in cases of death or permanent total inability.
If yous wish to open a Paytm Payments Bank account, all y'all need to do is update the app to the latest version which will generate a popup that will guide you through the process. You tin and then fix a passcode and enter the details of a nominee. In one case a nominee is appointed, users will accept to enter their unique Aadhaar number, PAN number, and an address for verification. A Paytm representative volition soon visit the provided address to complete the KYC verification process, after which the account will be activated.
Source: https://beebom.com/paytm-payments-bank-zero-balance/
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