It was the same period last year when Paytm became a sigh of relief for people crying with demonetisation. Amidst all the problems people faced due to lack of cash availability, Paytm’s e-wallet service felt like a warm hug from friend which can find out many solutions.
But it was not only the people, the company also saw huge leap in the profits last year. Perhaps, Paytm was the only company which got so much benefit due to demonetisation.
Now 1 year down the line, Paytm has successfully entered the banking sector. Paytm Payments Bank was launched recently by the finance minister Arun Jaitley and it now promises to become world’s largest digital bank with more than 500 million accounts.
But what are those factors that make Paytm Payments Bank stand in the competition and most importantly what makes it challenge their customer base? Know it all below-
1. Now there is absolutely no major bank that allows you to keep “zero balance” while they manage your account. Some big private accounts keep a hefty amount as a security and you’ve to maintain it throughout to keep your account intact.
However, Paytm Payments Bank allows you to maintain your account with zero balance.
2. There is absolutely no penalty applied if you want to break your Fixed Deposit (FD)
3. Like all other banks, Paytm Payments Bank also offers you a debit card. PPB offers you a free personalised Rupay digital debit card.
4. Paytm Bank also provides you with a benefit of earning interest while you maintain a balance in your account. You can earn a minimum 4% interest and up to 7.03% on your bank balance and it will be added to your savings account by the last date of every month.
5. Paytm customers will be able to withdraw money from 1 lakh ATM locations nationwide.
6. Other banks charges some amount of charges on digital transaction services like IMPS, UPI, NEFT and RTGS. However, with Paytm banks you will not need to pay any such fees.
7. With Paytm bank, you can accept a payment of up to Rs 1 lakh in your Savings Bank. If you have a balance amount of more than Rs 1 lakh, it will be moved to a Fixed Deposit with Paytm Bank’s partner bank.
8. Paytm also acts as a partner with other financial institutions and banks to offer Loan Products, Fixed Deposits, Insurances etc.
What are your thoughts on it?