Paytm Payments Bank Launched With Zero Minimum Balance And No Online Charges Or Fees At All

It’s now officially official. Arun Jaitley, Hon'ble Finance Minister inaugurated Paytm Payments Bank which is to be the first India's mobile bank with zero charges over online transactions without any minimum balance requirement along with a free virtual debit card. Best part of this Bank is that you are not required to have any kind of minimum balance to maintain your Paytm Payments Bank account which others banks does not offer or put a slab of minimum balance of about Rs 1000 or Rs 5000 like State Bank of India.

What Paytm Payments Bank really is?

Starting with that Paytm Payments Bank is India's first mobile bank with zero charges on every online transactions and no requirement of having any kind of minimum balance unlike others do. Mission of Paytm is seems to be achieved by its Paymensts Bank to bring half a billion of Indian under mainstream of economy.

Once you open a Paytm Payments Bank account you will be getting a free RuPay digital debit card from which you can withdraw your balance from any ATM. Not only this but for any kind of query or issue also you contact 100,000 Paytm Ka ATM across the country.

What features or Services does this Paytm Payments Bank offers?

As already told that main key highlight of the Paytm Payments Bank is none other than its no minimum

balance to hold an account. Apart from this there are a lot more features or services it offers like-

• You can quickly open your bank account without use of any hard paper or visiting any office.
• Paytm Payments Bank also offers you interest on your savings same as other banks does but in a more convenient way.
• Each and every transaction of Paytm Payments Bank is totally without any fee or charges rather be it like IMPS, NEFT, RTGS or even UPI.
• Every bank account holder of Paytm Payments Bank will get a personalized RuPay digital debit card which will be acceptable to whole country for any kind of payments made through it.
• Not only this but every Paytm Payments Bank account holder will also be eligible to withdraw money from any of the ATM out there easily.

What are Paytm Future Goals or Plan?

By officially launching Paytm Payments Bank for long run Paytm is trying to target 500 million customers for its Payments Bank within 2 years that is 2020. CEO of Paytm Vijay Shekhar told to CNBC, "It's a moon shot target. It's not worth aiming something lesser than that and I do believe that the number of resources and investments and the team that we are chasing we should be able to achieve 500 million customers for out Payment bank."

Paytm is also looking to invest about $500 million in KYC operations that is Know Your Customer form. And using the e-KYC Paytm has even cut down its cost to adding news customers into their business. Currently Paytm is doing about 50,000 KYC every day and they are having 1.2 lakh biometric devices as well. It’s all thanks to Aadhaar for this much boon in KYC and adding more customers to their business.

Ultimately this Paytm Payments Bank looks promising with its zero opening charges for bank account and no balance maintaining requirement along with zero additional fees or charges for any online services.