To open your account in the Paytm payment bank, you will need three things, the first of which is Aadhar Card, Second is Pan Card, and Third Aadhar Verification means your thumb for KYC. After this, you can open your Savings account in the Paytm payment bank.
Benefits of opening an account in Paytm payment bank
If you open your savings account, you will get many benefits-
- You can keep up to Rs 1 lakh in your account.
- You can send money to anyone in 24 hours, IMPS, free of Paytm payment bank.
- You will get 4% pa in Paytm payment bank, which will be credited to your account every month.
- In this, you will get one virtual debit card, i.e., only visible debit card so that you can buy from any website online in India.
- When you are shopping online with Paytm debit card, there is a limited risk of hacking.
- You can also pay by the UPI from Paytm payment bank account.
Loss of account opening in Paytm payment bank
There is no harm to open an account in Paytm, but it is a completely online bank, and you may have some inconvenience.
- You can not deposit cash in Paytm payment bank. You will have to collect money through NEFT, IMPS or UPI from any other bank.
- You will not get a physical debit card in it; you will get a vertical debit card which you can use only for online shopping.
- If I compare other payment banks such as Airtel payment bank, then the interest is very low compared to these.
- You can deposit max 1 lakh in your paytm bank account,
What to do to open an account in Paytm payment bank
To open an account in Paytm payment bank, you will have to get KYC, which means that you have to verify your base details.
How to get KYC in Paytm
There are two ways to get KYC in Paytm-
1. You can apply for KYC to upgrade the Wallet Limit from Paytm app, you have to enter your Aadhaar number and PAN card number and your home address, then any agent of Paytm will come home from your home.
After KYC, your wallet limit will increase from Rs. 20,000 to Rs. 100,000. And after that, you can open Savings account in Paytm payment bank in 2 minutes.
The process of increasing the wallet limit or KYC application
1. Click on Paytm KYC
2. Enter your Aadhar number
3. Enter your name
4. Tick on box
5. Click on Proceed Now
2. If the agent does not come to your home, you will have to go to Paytm KYC center. The KYC of Paytm will only make a close retailer close to you. Means that you can get KYC completed from any mobile shop, if not have a KYC retailer near you, then you can move to a nearby big city or you can Nearby KYC center from Paytm mobile app.
How to find KYC center around you
1. Click Nearby KYC points
How to open your Savings Bank Account after KYC
After getting KYC, opening a savings account also leads to posture, you just have to follow a few steps.
1. Click on bank
2. Click on Open Your Saving Account
3. Set Nominee, means that after your death, who will be the heir to this account-
How To Open Your Bank Account Without KYC
If you have not done your KYC, you should get KYC first, but if you want KYC to be done with the bank account, then you can get it done.
1. Click on bank section – See the previous screenshot.
2. Click on Open Your Saving Account – See the previous screenshot.
3. Set Nominee, means that after your death, who will be the heir to this account – See the previous screenshot.
4. Now Apply for KYC
Now you get KYC from Paytm and enjoy the savings bank account of Paytm payment bank.
Once you open an account in Paytm payment bank, you will get a virtual Rupee Debit card, which allows you to shop online from any website in India.
Your account number is your mobile number in Paytm payment bank.
Author: Vishal Gupta
My name is VISHAL, and I am a blogger. I write about blogging, social media marketing, WordPress, SEO, technology, freelancing and web development and my specialization is in WordPress, PHP, and SEO.