Paytm Updates: Paytm launches Payments Bank
The big update is coming from Paytm that company is shifting its wallet business to Paytm payments bank. As per the RBI guidelines, Paytm will just shift its wallet business to the newly integrated payments bank.
The money in your Paytm wallet balance will transfer to PPBL (Paytm Payments Bank Limited) automatically. As per the reports, the money you’re having in your wallet will now become a part of a new company. There is an option wherein you can opt out as well, in case you aren’t planning to continue.
From now on Paytm users will get the cheque book and debit card as well like they get from banks. Right now there are no such credit card facilities.
As per the recent reports, there will be no such changes in the Paytm app. The user’s understanding will remain same as it was before and it will continue to work. Users can use for several payment like before in the same way only.
Now this is something really big that from now onwards Paytm will give you interest as well on the deposits. As per the recent reports, rate of the interest will be 4% on the account balance. Paytm will give cash back to the first one million account holders. As per the Paytm policies they will give cash back of Rs 250 for those who are depositing Rs 25,000.
The accounts those are inactive from last six months, such accounts will not transfer to this.
Paytm payment bank accounts will be at zero balance. And there will be no changes for RTGS and NEFT kind of payments.
Now there is another big update that Paytm is also planning to open their ATMs as well. That will be free of cost for the first five times of the withdrawal.