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Paytm Payments Bank users can now digitise all transactions, earn interest

Every Paytm customer who has completed the Paytm KYC process can now have a consumer beta of bank account

ANI  |  New Delhi 

Paytm hits record 5 mn transactions a day

payment platform Paytm's Payments account holders can now completely digitise their transactions, earn interest every month and get a free card.

Payments Banks are a set of differentiated banks introduced by the Reserve of (RBI) with the aim of extending deposit and payments services to millions of unbanked and under-banked Indians.

Opening a Payments account is easy and completely Every customer who has completed the KYC process can now have a consumer beta of the account. Having a Payments account comes with no account opening charges or minimum balance requirements.

Once the updated version of the app is downloaded using or Apple Store, users can tap on the 'Account' icon on the home-screen, read the terms and conditions to open a Payments account and click on 'Proceed'.

Once completed, users must enter and confirm their Passcode.

In case the account status still shows 'Pending', users can tap on the 'Profile' icon and go to 'Edit Profile'. Upon entering the PAN Card and Aadhaar Number details, the account will be live.

First Published: Tue, September 12 2017. 11:03 IST