CEO Vijay Shekhar Sharma officially launched the Paytm Payments Bank, India's mobile-first bank, in the presence of finance minister Arun Jaitley on Tuesday.
The predominant aim of launching the bank is to begin a brand new business model.
The bank offers a saving account with zero opening charges, unlike most of the other bank accounts.
Here’s all you need to know about the bank account:
Account fees and charges:
There is a rapid and paperless account opening, phone banking and no charges for online transactions.
A digital RuPay Card
The bank offers a free virtual card for making online purchases throughout the merchants welcoming RuPay Cards.
The bank gives remunerates 4% interest per annum paid every month.
An updated passbook
The account holders can have a sight of their transactions and balance through the Paytm Passbook.
A special Paytm passcode is assigned to each account for its safeguard.
According to NDTV, in a due course of time the Paytm Bank will focus on opening 31 physical branches across India. Also, there will be no charges to deposit money into the Paytm account and up to 3 withdrawals in metros and 5 in non-metros.