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Everything you need to know about paytm bank

      • What is a Payments Bank?

        Payments Bank is a new model of banks visualised by the Reserve Bank of India. As a Payments Bank, Paytm can now offer banking services like Debit Cards, Online Banking, Mobile Banking, and also accept deposits of upto Rs. 1 lakh per customer in a Savings Account.
      • How is a Payments Bank different from a normal bank?

        Payments Bank is a new model of banks visualised by the Reserve Bank of India. As a Payments Bank, Paytm can now offer banking services like Debit Cards, Online Banking, Mobile Banking, and also accept deposits of upto Rs. 1 lakh per customer in a Savings Account.
        Although Payments Bank cannot offer financial products of their own as a business entity, it can act a business correspondent and partner with other financial institutions and banks to offer Loan Products, Fixed Deposits, Insurances etc.
      • What are the services offered by Paytm Payments Bank?

        Paytm Payments Bank will soon be offering services like savings and current account with a debit card which will help you make easy and faster payments.
        It will also give you to access to a wide range of financial services such as Insurance, Loans and Mutual Funds offered by our partner banks with the seamless Paytm experience.
      • Is there a minimum balance requirement?

        There is no minimum balance requirement for your Paytm Payments Bank Savings Account.
      • How can I open a Paytm Payments Bank account?

        You can open your savings account by following the steps mentioned here http://paytmbankwebsite.s3-website.ap-south-1.amazonaws.com/AccountOpening.html
      • What happens to my balances above Rs 1 lakh?

        As per the RBI guidelines, you can hold only a maximum of Rs. 1 lac in your Paytm account at the end of the day. This limit is imposed on the sum of your wallet and savings account balances. Balance amount in excess of Rs. 1 lac is moved to a Fixed Deposit.
      • What are the charges on a bank account?

        As of now, we have launched Banking products to limited set of people with zero charges for account maintenance or any account related services. We will roll out our operations to a wider set of users soon. We will be informing you about our services and applicable charges, if any.
      • What will happen when I move to Paytm payments bank?

        Your Wallet currently resides with Paytm Payments Bank as mandated by RBI for all Paytm Wallet customers. Paytm will offer all the services which it did as a wallet, and additional features like:

        • Interest on the money deposited in the Savings Account
        • A RuPay Card to use for payments and online shopping
        • Internet and mobile banking services.

        It will also enable you to access a range of financial services such as Insurance, Loans and Mutual Funds offered by our partners. If you decide to open an account with us, you can still continue to enjoy all the benefits of the wallet.

      • Does it mean Paytm will now be regulated by RBI?

        Yes, Paytm Payments Bank will be regulated by RBI under all guidelines applicable to a Payments Bank. Please note that Paytm Wallet was already regulated by RBI under the ‘Prepaid Payment Instruments Act, 2007’. Now as this wallet will become a part of the bank, additional RBI guidelines for Payments Bank will also be applicable.
      • I’ve seen your ad, what does it mean?

        Our advertisement simply wishes to convey that our Paytm Wallet business which was owned by One97 Communications Ltd. will now reside with Paytm Payments Bank Ltd. as per RBI requirement. This is simply a change within the company and your services and experience with Paytm will continue to remain the same. As a part of this, all your wallet related information will reside with Paytm Payments Bank. You will also be able to open Savings Account with Paytm Payment bank soon. It will also enables you to access a range of financial services such as Insurance, Loans and Mutual Funds offered by our partners.
      • Are Paytm wallet and Paytm payments bank the same thing?

        Paytm Payments Bank is our new banking entity. As guided by the Reserve Bank of India, Paytm wallet business is transferred from One97 Communications to Paytm Payments Bank. Paytm Payments Bank will continue to offer you the existing Paytm Wallet product. Other banking products will also be offered to you soon.
      • I don’t know whether I am a KYC wallet user or Non-KYC wallet user. How do I check?

        You can check whether you are a KYC or non-KYC wallet user in a few simple steps. 1. Please login to your paytm app and open your profile screen from bottom navigation icons. 2. If you are a KYC wallet user, you will see a blue tick-mark next to your name. 3. Alternatively, if you are a non-KYC wallet user you will see your wallet balance and an option to upgrade your account.
      • Who is a KYC/ Non-KYC user?

        When you sign up on Paytm, a wallet gets created for you in which you can add up to Rs 20,000 in a calendar month. This is as per RBI regulations. As a result there is a cap on how much you can spend. Such a user is called a non-KYC user. You can get rid of these limits and upgrade your wallet for FREE by getting your KYC (Know Your Customer) details verified. You can do this simply by getting your identity proof and address proof verified. Completing KYC details increases your wallet limits and lets you maintain up to Rs 1,00,000 at any point of time. Such a wallet user is called a KYC user.
      • What would be the interest rate of Paytm Payments Bank?

        In order to earn interest, you will have to open a Savings Account. When you request for opening Savings Account, we would explain the necessary details such as Interest rate, charges etc.
      • Now that you’ve become a bank will you stop cashbacks

        Your Paytm Wallet will continue to operate in the same way as before. We will continue to offer exciting offers and cashbacks on your Paytm Wallet usage.
      • Do we need to download a new app to make payments? Or when are you releasing the new mobile app for Paytm Payments bank?

        You don’t need to download a new app to make payments. You can continue using the existing Paytm app for making payments. Currently we have launched banking services only to limited set of users. We will soon offer this service to all our users.
      • Since it’s going to be a bank, can I deposit cash to my Paytm wallet?

        Yes, You would be able to deposit in your Savings Account through our Banking correspondents or Bank branch soon after we launch for all users
      • What is One97 Communications?

        One97 Communications Ltd. is India’s leading mobile internet company. Started in 2001 in India it offered telecommunication value added services. In 2010, One97 launched a brand Paytm, which is now India’s largest digital goods marketplace. It expanded quickly to enable online payments like recharges, utility bill payments etc. and also created a E-Commerce marketplace for physical goods. Today it is present across 4 countries India, Afghanistan, Nigeria and Bangladesh and has more than 200 million customers.
      • Is One97 Communications different from Paytm

        One97 Communications Ltd. is India’s leading mobile internet company. It started in 2001 by offering telecommunication value added services. In 2010, One97 launched a brand Paytm, which is now India’s largest mobile payments and commerce platform. Owned by One97 Communications, it offers you a platform to make mobile payments, recharges, bill payments, travel and ticket bookings and many more services.
      • Can I still use credit card to add money to my wallet?

        Your Paytm Wallet continues to work in the same way as before. You can continue to use credit card or any other option available to add money to your wallet.

Pay or Send

      • How do I send money from my Savings Account to other account?

        You can transfer money to other account from your Savings Account by using the ‘Transfer Money’ option on your app.
      • How do I send money from my Savings Account to my Wallet?

        “Currently, you cannot transfer the money to your wallet from your Savings Account directly.

        However, you can use ‘Add Money’ option on our app and web to add the money in your wallet using Rupay card linked to your Savings Account. Below are the steps:

        • Launch Paytm app
        • Click on ‘Add Money’ option and select ‘Wallet’
        • Enter the amount you want to add
        • Select the ‘Paytm Payments Bank Rupay Card’ under the ‘Saved cards’ option (If you are unable to view the card details, please enter the card details manually under ‘Credit/Debit’ option)
        • Enter the card CVV and click on ‘Proceed to Pay’
      • How can I pay from my Savings Account?

        “You can make online payments using your Rupay Card linked to your Savings Account. Your Rupay card details will be visible under the ‘Passbook’ section of Paytm app.
        When you initiate a transaction using your Rupay card, you will need to enter an OTP (One time password) which will be sent to your registered mobile number.”
      • I have total balance Rs x but it shows insufficient balance error when I pay through debit card?

        Total balance is your balance across wallet and Savings Account. Debit card can be used only on available funds in Savings Account.

My Savings Account

      • How do I open a Savings Account?

        You can open a bank account in these simple steps.

        • Launch your Paytm app
        • Go to the ‘Profile’ or ‘Passbook’ section
        • Choose the option to open a bank account.
        • Set a passcode (if not setup already) and provide nominee details for your account.
        • If you are a non-KYC Customer, You need to book a KYC Visit as part of bank account opening process
      • Can I open more than one Savings Account?

        No, only one Savings Account can be opened for one customer.
      • What are the charges on a bank account?

        Paytm Payments Bank offers its customers a free-to-use bank account with minimum or no charges for account maintainence or any account related services. Please refer to our account T&Cs for more details.
      • Is there a minimum balance requirement?

        There is no minimum balance requirement in a Paytm Payment Bank Savings Account. Customers can maintain zero balance in their account and enjoy all banking services with no account related service charges.
      • How do I get a debit card?

        You will get a Digital Rupay card which is linked to your Paytm Payments Bank Savings Account and you can view the card details in your Paytm app under ‘Passbook’ option. You can also use this card for making online payments. We would soon launch physical debit card which can be used at ATM & POS machines
      • How do I request a chequebook?

        Currently, We are not providing chequebook facility for the Savings Account.
      • How do I request a demand draft?

        Currently, We are not providing demand draft facility for the Savings Account.
      • How much interest will I earn on my Savings Account?

        Your deposit will earn interest of 4% p.a. on the daily balance of your Savings Account. Interest earned will be added to your Savings Account on the last date of every month.
      • If I do not have a Paytm Wallet, can I open a Savings Account?

        Every customer who registers with Paytm is being given with a wallet feature by default. Once you signup at Paytm you can also choose to open the Savings Account with us.
      • What is nomination facility?

        You can add a nominee to your account. In case something unforeseen happens to you, your nominee will get the balance in your account.
      • How do I add a nominee?

        You can add nominee to your account at the time of opening the bank account.
        In case you didnt add a nominee at that time, you can add it now from your Paytm app:

        • Open the Paytm app and click on ‘Passbook’ tab
        • If you are not already logged into your Paytm account, the app prompts you to login / sign up. Else skip to step 3 directly.
        • Choose the option ‘Savings Account details’
        • Enter your 4-digit passcode
        • The app displays your account details. Choose the option ‘Add nominee’
        • You can now fill in details of the nominee you wish to assign to your Savings Account.

        Please note that the minimum age of the nominee has to be 18 years.

      • I want to change my nominee

        Currently, we do not allow change of nominee. However, we will provide this option soon.
      • Can I have a different nominee for my wallet and Savings Account?

        No, you may nominate only one single nominee for both your wallet and Savings Account.
      • How many nominees i can add in my Savings Account?

        Currently, you can have only one nominee for your Savings Account.
      • What is a passcode?

        Your bank account details inside the Paytm app are protected with a passcode. It is a 4-digit numeric code set by you which can be used to assist in resetting your login password.
      • What is difference between my password and passcode?

        Paytm password is a security check which allows you to login into your Paytm account and make online transactions. It is a combination of alpha-numeric and special characters.
        Paytm passcode is a 4-digit numberic code which acts as an additional security check to authorise access to your bank account details or transactions. This is to ensure a higher level of security to your bank account details and transaction history.
      • I forgot my passcode

        If you have forgotton your passcode, you can reset it with mentioned steps

        • Go to the tab profile on your Paytm homescreen
        • Choose ‘Security settings’
        • Select the option ‘Change Passcode’
        • Select the option ‘Forgot passcode’
        • Enter your Paytm login password and click on ‘Submit’
        • Now enter your new 4-digit numeric passcode.

        Your passcode has been successfully reset.

      • I want to change my passcode

        Your passcode can be reset in four simple steps

        • Go to the tab profile on your Paytm homescreen
        • Choose ‘Security settings’
        • Select the option ‘Change passcode’
        • Enter your current passcode.
        • Now enter your new 4-digit numeric passcode.

        Your passcode has been successfully reset.

      • How do I close my Savings Account?

        For closure of your account, you will need to raise a ticket with us from the ‘Contact us’ section of the Paytm website or the ‘Help & Support’ section of your Paytm app. for the closure of your Savings Account. Once your request is received, you will be asked to clear the balance of your wallet and your bank account inorder to process your request.
        Kindly note that if you choose to close your Savings Account, you will not be able to access your Paytm account anymore and your wallet will be deactivated along with your Savings Account. In case you wish to continue using Paytm services after you have deactivated your account, I would request you to create a new account with us.
      • How do I check my account number

        To check your account number, follow these simple steps.

        • Launch your Paytm app
        • Go to the ‘Passbook’ section of your app
        • Choose ‘Savings Account details’ on the summary page
        • Enter your four digit passcode

        Your will be able to see the account details now

      • How do I check my nominee details

        You can check your nominee details in the following steps:

        • Go to the passbook option on your Paytm homescreen
        • Choose ‘Savings Account details’ on the summary page
        • Enter your four digit passcode
        • If you have already update the nominee details, you will be able to see the name of nominee under the ‘nominee details’ option. Tap on the name of the nominee to see the nominee details.

        Please note if you have not updated the nominee details for your Savings Account, you will be able to add the nominee using ‘Add a nominee’ under the ‘Nominee details’ section.

Passbook

      • Where can I see my bank passbook?

        Your bank transaction details will be available under the ‘Passbook’ section of your Paytm app. 
        Under this section, you can view the transactions made from your wallet, Savings Account etc. seperately. To check your overall balance, simply click on the ‘summary’ section.
      • How do I get bank account statement on email?

        Currently, we support only wallet statement on email and will provide the bank statement on email soon.
      • How do I request certified printed copy of bank statement?

        You need to visit our branch for certified statement request.
      • Is there any charge on printing of statement in the branch?

        There are no charges for request of printed statements at branch.
      • What is Fixed Deposit?

        As per the RBI guidelines, you can hold only a maximum of Rs. 1 lac in your Paytm account at end of the day. This limit is imposed on the sum of your wallet and savings account balances.
        Your balance amount exceeding Rs. 1 lac is moved to a Fixed Deposit, where you earn an interest at a rate of 7.15% for which the maturity period is 13 months. You may redeem the amount in the Fixed Deposit at any time.
      • Why did my money move to Fixed Deposit?

        As per the RBI guidelines, you can hold only a maximum of Rs. 1 lac in your Paytm account at the end of the day. This limit is imposed on the sum of your wallet and savings account balances. Balance amount in excess of Rs. 1 lac is moved to a Fixed Deposit.
      • Is there any alternative to prevent my money going to Fixed Deposit?

        Your money will not be moved to Fixed Deposit if your total balance is below Rs. 1 lac. You will need to maintain a balance below Rs. 1 lac if you do not want your money to be moved to Fixed Deposit. We will also provide other facilities in the future.
      • Can I use the money in my Fixed Deposit?

        Yes, the money in your Fixed Deposit can be used for any transactions once you redeem the amount and it is transferred to your savings account.
      • Do I get interest on money kept in Fixed Deposit?

        Yes, your money in the Fixed Deposit earns an interest at a rate of 7.15% on 13 months maturity. If you choose to redeem this amount before maturity, the interest earned is calculated according to the interest table of IndusInd bank as applicable on the date of creation of FD. Today’s FD creation rate table can be found here – http://www.indusind.com/footer/rates.html
      • How do I get my money back from Fixed Deposit?

        To redeem your Fixed Deposit amount, simply go to the ‘Fixed Deposit’ tab under the ‘Passbook’ section of your app, and choose the amount you want to redeem. The amount you choose to redeem will be credited to your savings account within a few minutes.
      • Why is the interest not credited even after redeeming my Fixed Deposit?

        The amount you redeem from your Fixed Deposit will be transferred to your savings account within a few minutes, however, the interest accrued on the amount redeemed will be credited to your account separately within 48 hours.
      • Is there any penalty if my money lies in Fixed Deposit?

        There is no penalty. In fact, the amount lying in your Fixed Deposit earns an interest. You can also choose to redeem the amount lying in your Fixed Deposit.
      • My account balance is greater than 1 lakh but it is not moved to Fixed Deposit. Why?

        You can hold any amount of money in your savings account during the day, but as per RBI guidelines for Payments Bank, an amount of more than Rs. 1 lac (including wallet and savings account) will be transferred to a Fixed Deposit at the end of the day.
      • I have total balance Rs x but it shows insufficient balance error when I pay through debit card

        Total balance is your balance across wallet and Savings Account. Debit card can be used only on money kept in Savings Account.

Debit Card

      • What is a Rupay & Rupay card?

        RuPay is an Indian domestic card scheme conceived and launched by the National Payments Corporation of India (NPCI).
        Your Paytm Payment Savings Account comes with a Digital Rupay card that you can use to make payments on all online platforms where debit cards are accepted. We will soon launch physical debit card which can be used at ATMs & stores.
      • Where and how do I use Rupay card?

        Paytm digital Rupay card can be used at all the major online merchants which accept Rupay cards. At the time of any online transaction, you can choose to pay through debit card. You will need to enter card details, which you can view on your app by going to Profile, tap ‘View/manage Card’, ‘Enter Paytm passcode’. Once the details are entered, you will receive a One-Time-Password(OTP) on your registered mobile number. Please input it to confirm your identity for the purchase.
      • Can I use Rupay card on my wallet balance?

        The Rupay card can be used only to spend money available in the Savings Account.
      • Can I use my Paytm rupay card to make international payments?

        The Rupay card is accepted only on merchants in India.
      • Do I get charged if I pay through my Rupay card?

        There are no charges levied by Paytm Payments Bank on the payments made through your Rupay card. However as per Government’s directions, surcharge may be levied on railway ticket bookings and payments at petrol pump. The surcharge will be as per the rates prevailing at the time of transaction.
      • What is the maximum amount I can pay using my rupay card?

        The per transaction limit on your card is set at 5 lacs. Total daily transaction limit on the card is also 5 lacs.
      • How do I see my card details

        Please follow the given steps to view your Rupay card details

        • Open the Paytm app and go to the ‘Passbook’ section
        • If you are not already logged into your Paytm account, the app prompts you to login / sign up. Else skip to step 3 directly.
        • Choose the option view/manage card’
        • Now select the option ‘Enter Paytm passcode’
        • Enter your 4-digit passcode
        • You can now view your Rupay card which displays your Rupay card number, expiry date details and CVV number.
      • How do I withdraw money from my account using Rupay Card?

        You will require a physical debit card for withdrawing funds using Rupay Card. We currently do no provide Physical debit cards, but we will be introducing this soon.
        Till then you can go to our branch and ask for cash withdrawal from your account.
      • How do I block my Paytm Rupay card?

        You can block your Rupay card in four simple steps:

        • Open the Paytm app and go to the ‘Passbook & Balances’ tab
        • If you are not already logged into your Paytm account, the app prompts you to login / sign up. Else skip to step 3 directly.
        • Choose the option ‘View/Manage Card’
        • Now select the option ‘Block card’ under the tab Manage card
        • The app will ask you to input your 4-digit passcode.

        You card is now blocked until you unblock it yourself from the app as per your convenience. You can unblock it anytime by opening your passbook and choosing the option ‘Unblock Card’. 
        Also, kindly note that if your transactions are getting declined due to entering incorrect OTP more than 3 times, you will need to wait for 30 mins before you can initiate transactions again.

      • How do I unblock my Rupay card?

        You can unblock your Rupay card in four simple steps:

        • Open the Paytm app and go to the ‘Passbook & Balances’ tab
        • If you are not already logged into your Paytm account, the app prompts you to login / sign up. Else skip to step 3 directly.
        • Your Rupay card will be shown with the option ‘Unblock card’
        • The app will ask you to input your 4-digit passcode.

        You card is now unblocked.

      • When do I get cashback?

        Cashback will be credited to your Savings Account within first 10 working days of each month for the transactions done in the previous month.
        For more details, please visit:http://npci.org.in/Rupay-platinum-debit-card.aspx

Paytm Branch

    • Where are Paytm Payments Bank’s branches?

      Paytm Payments Bank presently has a flagship branch with the following address. 

      Paytm Payments Bank, 
      Ground Floor, B-121, 
      Sector 5, Noida. 
      Pin Code – 201301 
      Uttar Pradesh 
      The branch operates from 10 AM to 5 PM.

    • What facilities are there in the branch?

      You can avail the following facilities at our branch: 1. Get your KYC done 2. Open Savings Account (if you have not opened already) 3. Deposit money in your account 4. Withdraw money from your account 5. Request for hardcopy of your Savings Account statement 6. Insurance Claim 7. Close account request 9. Block your account/card
    • What are the branch timings?

      The branch is open from 10 AM to 5 PM
    • Do you offer a locker facility?

      No, we currently do not offer a locker facility
    • How do I request for a printed statement at branch?

      You can visit our Paytm Payments Bank branch to get a printed statement of your Savings Account. Below are the steps:

      • Visit our branch and send an SMS to <9215192151> containing from your registered mobile number.
      • For verification purpose, kindly share the Ref. ID (Received via. SMS) and Proof of Identity (Aadhaar card/Driving License/Passport/Ration card) with the counter representative. Please note that no one else can receive the statement on your behalf.
      • Post verification, hardcopy of your Savings Account statement for last 3 months will be provided to you.
    • Are there any charges for requesting printed statement?

      There are no charges for requesting printed statement at branch.
    • How do I withdraw cash from my Savings Account?

      You can visit our Paytm Payments Bank branch to withdraw cash from your Savings Account. Below are the steps:

      • Walk-in our branch to the teller counter and request to withdraw money.
      • Send an SMS to 9215192151 containing.
      • Share the Ref. ID (Received via. SMS) and Proof of Identity (Aadhaar card/Driving License/Passport/Ration card/PAN card) with the counter representative. Please note that no one else can withdraw money on your behalf from your Paytm Payments Bank account.
      • On verfication of your identity, counter representative will handover the cash to you.
      • Please ensure that you have received the requested amount before leaving the counter.

      You will also receive a notification of confirming for cash withdrawal.

    • Is there any limit on the amount of cash I can withdraw in the account?

      There is no limit in cash withdrawal at branch if the user had shared his/her PAN card during account creation. However, there is an INR 50,000 withdrawal limit incase the same has not been done but the customer has shared/submitted form 60.
    • Can someone else withdraw cash on my behalf?

      No, only the account holder can withdraw cash in their bank account by carrying a proof of identity while doing so.
    • What are the charges for withdrawing cash?

      There are no additional charges for withdrawing money from your Paytm account.
    • How do I deposit cash in my account?

      You can visit our Paytm Payments Bank branch to deposit the cash in your Savings Account. Below are the steps:

      • Visit our branch and send an SMS to <9215192151> containing from your registered mobile number.
      • For verification purpose, kindly share the Ref. ID (Received via. SMS) and Proof of Identity (Aadhaar card/Driving License/Passport/Ration card/PAN card) with the counter representative. Please note that no one else can deposit money on your behalf in your Savings Account.
      • Post verfication, handover the money to the counter representative that you want to deposit
      • Once the amout is deposited in your account, you will receive an notification of sucessful deposit.
      • Check your account balance under the ‘Passbook’ option in your Paytm mobile app.

      Please ensure that you carry your PAN card with you to deposit the money in your Savings Account.

    • Is there any limit on the amount of cash I can deposit in the account?

      You can keep a maximum of Rs 1 lac in your account (cumulative of Savings and Wallet balance). You cannot add money to your account if the amount exceeds the account limit of Rs. 1 lac.
      Please ensure that you carry your PAN card with you to deposit the money in your Savings Account.
    • Can someone else deposit cash on my behalf?

      No, only the account holder can deposit cash in their bank account by carrying a proof of identity while doing so.
    • What are the charges for depositing cash?

      There are no charges for adding money to your Paytm account.

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