Payments Banks are the new concept introduced by the Reserve Bank of India. The main objective of payment banks in India is to promote deposit and payments services to millions of unbanked and underbanked Indians.
Mobile wallet Paytm launched Paytm Payments Bank which offers services like savings and current account with a debit card. The users of wallet can transfer their account to a bank account.
Know the charges in Paytm Payment Bank:
You can open zero balance account with Paytm payments bank where no minimum balance needs to be maintained and without any charge.
Payments banks charges differently for cash withdrawals. Paytm payments bank follows the standard RBI rules of cash withdrawal charges similar to all other commercial banks in India.
Banks charge a certain amount of fees for conducting online transactions. Paytm payments bank is not charging anything for fund transfers. All fund transfer services like IMPS, NEFT and UPI online transactions are free of cost. India Post Payments Bank: What Are The Charges, Interest Rates And Features?
Compared to other banks payment banks are also offering debit and credit cards. Paytm payments bank is offering digital debit card for free and an annual subscription charge of Rs.100 for the physical card. It is also providing its customers with the checkbook for Rs 100. Airtel Payments Bank: All You Need To Know