Paytm payment banks - All you need to know about new Paytm

PayTM (One97 Communications) has introduced their own Payments Bank, approved by Reserve Bank of India. With this PayTM Payments bank, you can create a savings or current bank account, get your debit card, withdraw money from atm, send to and receive money from other banks and do internet banking and other banking services easily.

This is a blessing for a lot of individuals, especially students who can now get a bank account with debit card easily and shop from anywhere in India.

As a student myself, I feel this new feature introduced by PayTM Is very useful. I study in college, and still have friends who don’t have a bank account, or have one, but don’t have a debit card or internet banking facility. There are several restrictions from family for using them, hence, paying online for services isn’t always very easy to them.

But, with the launch of PayTM Payments Bank Service, I am pretty sure these issues will finally get eradicated. Every person can at least have a secure account where he can receive money from others and use that money anywhere he wants.

What is a Payments Bank? How is it different from a Regular Bank?

Well, before I tell you about making a Bank Account on PayTM Payments Bank, I should explain to you about the term ‘Payments’. I keep telling Payments Bank, but what exactly is it? And how is it different from a normal bank account?

Max Balance Rs1 Lakh (Minimum Rs1 Only):

Well, no matter how useful PayTM Payments bank is, if you do a lot of transactions a month, then you will need a regular bank account with any other banks. This is because in PayTM Payments Bank the maximum amount of money you can keep is 1 Lakh only.

But if you think closely, that’s not a bad thing at all. Because most of us already have a bank account to keep most of our money, having a PayTM Bank Account will enable us to do our daily transactions using it, and keeping our Bank Account untouched.

Also, those who can’t make a bank account due to lack of money, they can easily opt for this payments bank, as the minimum amount you need to keep on your bank is just Rs1. That’s a good thing.

The Same PayTM Wallet, with a Debit Card to use:

So, in short, what you will benefit from PayTM Bank is that you are going to get a Debit Card to shop from anywhere using your PayTM Wallet.

The other wallet services like sending payments to and receiving payments from your friends will continue to work normally like earlier.

How to Make a Savings Bank Account on PayTM Payments Bank?

Making a Savings Bank Account on PayTM Is easy. But you need to have KYC Documents for verification purposes. Below I am writing the step by step guide to make your PayTM Payments Bank Account.

Creating a PayTM Account

At first, create a PayTM Account if you did not create yet. Visit PayTM Website or Download PayTM App and sign up for a new account.

PayTM will ask your profile details like your Mobile Number, Email Id, Date of Birth etc. State them correctly. Do not enter wrong details over there as PayTM will verify them using your KYC Documents before creating your Savings Bank Account.

Now PayTM will send an OTP on your mobile by SMS. Confirm that to verify your mobile number.

PayTM will also send an email verification link on your email id. Click on that link to verify your email id.

After you have made your PayTM Account, you can add up your home address on your profile. It will help you choose your delivery address quickly when you purchase anything. You can do that from PayTM Settings.

To add up your credit card or debit card inside PayTM, go to PayTM Wallet and first choose to add any amount of money in your wallet. You can choose as low as Rs10. On the next page, you can enter your card details and choose to save them for future transactions.

[You can perform all these steps from PayTM App too]

Complete your PayTM Wallet KYC Verification: Upgrade your PayTM Wallet for Free (Become a PayTM VIP Customer)

Next, you need to verify your identity to PayTM by submitting your proof of identity, proof of address and photo to PayTM. This can be done by filling up the KYC Form given by PayTM. You can find it here.

Basically, you need to download the KYC form given there, take a print out and fill up the form. Attach a passport size photo to the form in the given area.

Next, you need to take photocopies of your proof of identity and proof of address.

Now you can request PayTM for wallet upgrade.

The wallet upgrade can be done in two ways:

• Requesting PayTM to come to your house: A PayTM Personnel will visit your house and collect the documents from you. He will also see the original proof of identity and address documents directly from you.
• Visiting your nearest PayTM Office: You can visit your nearest PayTM Office carrying the documents and the original Proof of Identity and address. They will collect the documents from you and see the original ones from you there.

The list of documents which you can use as proof of identity and proof of address are:

• Aadhaar card
• Passport
• Voter ID
• Driving License
• NREGA job card
• Copy of your PAN card (optional) if you want to spend more than Rs. 50,000/- in a single transaction.

The Documents needs to be self-attested. That is, you need to put a signature on the photocopies of the documents. Start your signature from inside your document in the photocopy and finish outside the document on the paper.

Note: If you choose to submit your Aadhar Card as proof, then you can opt for eKYC based verification from PayTM Office. They will take your fingerprint and verify your identity instantly. Your upgrade will be updated in no time.

The time of upgrade can take up to 72 hours.

Migrate your PayTM Wallet to PayTM Payments Bank:

This step is the main step to create your savings account on PayTM Bank.

RBI requires all PayTM Bank Account holders to verify their identity using KYC Form and appropriate document submission. Hence upgrading your wallet is a helpful way to make your account pre-verified and making ready towards migration to PayTM Payments Bank.

The PayTM Payments Bank is starting from January 2017. Once PayTM Bank services start, PayTM will add an option in their app to open a bank account from their PayTM Wallet.

You need to complete your KYC and you can sign up for PayTM Bank digitally. If your PayTM Wallet is not upgraded yet, you need to complete the KYC Verification at first to start your bank account. Else your Wallet won’t be migrated to the PayTM Payments Bank Account.

At first, you will get an email from PayTM notifying that the PayTM Payments Bank has started and your wallet will be migrated very soon.

If you wish to join PayTM Payments Bank, you don’t need to do anything. Your wallet will be migrated to the PayTM Payments Bank automatically within a few days.

But, if you wish NOT TO JOIN, you can manually cancel the migration by sending a mail to care@paytm.com with your Registered Email and Phone Number mentioning that you don’t wish to join PayTM Payments Bank.

Note: If you don’t choose to move to the PayTM Bank, your wallet will be closed. You can’t make any transactions using your PayTM Wallet. You can, however, continue to use the PayTM Website and its services like Movie Tickets Booking, Recharging, DTH Payments etc and use your bank cards for the same. But you cannot use PayTM Wallet to pay on Zomato or Uber etc.

Start Banking with PayTM

After your migration to PayTM Payments Bank is complete, you can start banking with PayTM Payments Bank easily.

You will get a Banking Kit from PayTM with the Following:

• A Passbook
• A Cheque Book
• An ATM cum Debit Card
• Internet Banking Instructions Manual
• A Welcome Kit with instructions to use the PayTM Wallet.

The Banking Kit will reach at your home directly. It may take up to 2 weeks to reach you after your Bank Account has been created. Kindly wait for it to come.

Congrats! Now you are officially a PayTM Bank customer. Start paying anywhere and everywhere. Keep your cash secure without worries.