Paytm aims to create world’s largest digital bank – with 500 million accounts
The digital payments company Paytm officially launched Paytm Payments Bank Transactions. This is the first bank in the country where no charge is charged for online transactions. These accounts do not require any minimum balance. It has also been launched to reach remote locations in the country.
The Paytm stated that it is an integral part of the Popular Patient Wallet App. Paytm CEO Vijay Shekhar Sharma estimates that it will facilitate for one lakh transactions by 2018. Mr. Sharma holds majority shares in this new bank. The other share is owned by One97 Communications Limited.
Paytm Payments Bank Specials
- There is no penalty on breaking FD.
- Interest rates can be made at interest rates of 4 to 7.03 per cent on deposits.
- Free Insurance Coverage Offer to Rs.2 lakhs if death or permanent disability
- Cash withdrawal limit is upto Rs. 1 lakh in the countrywide Payment ATMs.
- There are no charges for digital transactions such as IMPS, UPI, NEFT and RGGS.
- Paytm offers free digital debit card for bank clients
- Payments Bank receives deposits. But it does not offer loans.
- The bank will have 31 lakh branches by the end of this year.