Everything You Need to Know About Paytm Payments Bank

Paytm Payments Bank is a game-changer in the digital banking space. It offers a range of services that make managing your finances a breeze.

With Paytm Payments Bank, you can open a virtual bank account in a matter of minutes, eliminating the need for a physical bank visit. This is especially convenient for those who are not tech-savvy or live in areas with limited banking infrastructure.

The bank offers a range of features, including a debit card, UPI, and credit card services. These features allow users to make payments, transfer funds, and even borrow money at competitive interest rates.

Paytm Payments Bank also offers a range of savings accounts, including a zero-maintenance account that requires no minimum balance. This is a great option for those who want to save money without any hassle.

Paytm Payments Bank Limited was formally inaugurated on November 28, 2017.

The Reserve Bank of India had given the bank in-principle approval to set up a payments bank in 2015.

In 2020, the bank facilitated over 485 crore transactions worth ₹4.6 lakh crore.

The bank processed over 778 million UPI transactions amounting to ₹89,388 crore in June 2022.

It continues to be India’s biggest UPI beneficiary bank with over 1,370 million digital transactions in June 2022.

Paytm Payments Bank offers savings and current accounts with a debit card, facilitating fast and easy payments.

The bank has issued a significant number of debit cards, with seven million Visa debit cards issued through its platform in FY'21.

Bill payments, like electricity bills and OTT subscription fees, will continue to be debited from your Paytm Payments Bank Account until there's a balance left.

You can keep making bill payments without any issues as long as you have a balance in your account.

Mandates are in place to ensure continuous bill payments, so you don't have to worry about missing a payment.

The sweep-in facility is a useful feature for maintaining balance in other partner bank accounts through Paytm Payments Bank Account. This facility allows you to bring deposits back to your Paytm Payments Bank Account using sweep-in, even after the March 15, 2024, deadline.

There's a daily transaction limitation of Rs. 2 lakh per customer for Payment Bank accounts, so you can withdraw the amount after the sweep-in process.

You can use the sweep-in facility to maintain a balance in your Paytm Payments Bank Account, which can be beneficial for managing your finances.

This facility is available until the March 15, 2024, deadline, after which deposit and credit services will not be available for Paytm Payments Bank accounts.

You can use the sweep-in facility to bring deposits back to your Paytm Payments Bank Account, ensuring you have a balance to manage your finances.

The sweep-in facility is a convenient option for maintaining a balance in your Paytm Payments Bank Account, especially if you have other partner bank accounts linked to it.

There's a transaction limitation of Rs. 2 lakh per customer at the end of the day, so you can withdraw the amount after the sweep-in process.

You can use the sweep-in facility to bring deposits back to your Paytm Payments Bank Account, ensuring you have a balance to manage your finances.

This facility can be useful for maintaining a balance in your Paytm Payments Bank Account, which can be beneficial for managing your finances.

If you're expecting a refund or cashback, it's essential to know that it will be credited to your Paytm Payments Bank Account.

Refunds and cashbacks can be a lifesaver, especially when you're short on funds. However, there's a specific date to keep in mind: March 15, 2024. This is the cutoff date for when a refund or cashback will be credited to your account.

Transferring money from Paytm Payments Bank to other bank accounts is a straightforward process. You can transfer money from your Paytm Payments Bank account to other bank accounts using the Paytm app.

To initiate a transfer, open the Paytm app on your phone, log in with your phone number, and select the banking and payment option. Select "to bank account" and then choose your bank account to receive the funds.

The transaction limit for transferring money from Paytm Payments Bank to other bank accounts is not explicitly mentioned in the article, but it's worth noting that you can withdraw up to Rs. 2 lakh per day from your Paytm Payments Bank account.

You can also use the sweep-in facility to bring back deposits from other partner bank accounts to your Paytm Payments Bank account, even after the March 15, 2024, deadline.