Paytm Payments Bank opens today, offers 4% interest rate

Rate much lower compared to Airtel's 7.25% and India Post's 5.5%

After a delay of nearly a year and with a new chief executive officer on board, Paytm’s payments bank saw the light of day on Monday. It is the third payments bank in the country, after Airtel and India Post. 

It is offering customers a 4 per cent annual interest rate as well as cash back on deposits. This is the lowest among the three payments banks: Airtel offers about 7.3 per cent interest and India Post about 5.5 per cent annually. 

“The first million customers to open accounts and have deposits of Rs 20,000 will get cash back of