Paytm Savings Account or Paytm Payments Savings Bank Account is a hassle-free option of putting your idle money in a safe deposit without locking the cash flow. That said, there are no Paytm Savings account charges for opening the account. Also, there is no minimum balance requirement set by Paytm.
Paytm Savings Account Interest Rate, 2023
A Paytm Payments Bank savings account offers interest @ 2.5% per annum on the total balance in the account. If you choose to open a fixed account as well, you’ll get up to 6.00% interest on the same.
Disclaimer: The above-mentioned interest rate for the Paytm Payments savings account is subject to changes. For the most recent data, refer the Paytm Payments Bank official website.
How to Open a Paytm Payments Bank Savings Account Online?
The following are the simple step-by-step guide that you need to follow in order to open a Paytm savings account online:
Step 1: Open Paytm mobile app.
Step 2: Find and click on ‘Paytm Bank’ option.
Step 3: Select the option of ‘Open a Savings Account’.
Step 4: Create a strong password for this account and confirm the same.
Step 5: If KYC documentation is complete, your account will be opened instantly. Otherwise, you’ll be prompted to choose from video KYC, home visit or visiting a nearby KYC centre to complete the documentation.
Once the account is processed, you can raise a request for Paytm debit card as well.
Who can open a Paytm Savings Account?
The eligibility criteria for opening a Paytm Payments Bank savings account is not as specific as other commercial banks in India because Paytm is not a full-fledged commercial bank. It’s as the name suggests, a simple Payments Bank and thus the eligibility lies in one’s current status of having a Paytm account. Another thing required to open a Paytm savings account is to have complete KYC documentation, without which the account opening process won’t be processed.
Documents Required to Open a Paytm Savings Account
- To open a savings account in the Paytm Payments Bank, it is required of you to have your KYC documentation completed which will require the following documents:
- PAN Card (which will serve as your ID proof)
- Address Proof (Aadhaar Card, utility bills, Voter’s ID card, etc.)
- If video KYC, no photograph will be required as the same will be clicked in real time
- Signature on a white paper with date and self-attestation written (for video KYC)
Features of a Paytm Payments Bank Savings Account
The following are the prime features and benefits of a Paytm Savings Account:
- Can be opened online in minutes with video KYC
- No minimum balance required
- Can be opened with zero balance
- Any Paytm user can open it
- Virtual debit card issued
- Physical RuPay Paytm debit card can be requested
- Comes with no transaction or opening charges
- Funds can be transferred digitaly, freely and unlimitedly
- Real time passbook accessible all times on Paytm mobile app
- Comes with Paytm passcode which further adds to the security
Paytm Savings Account: FAQs
There is no such limitation on maintaining a minimum balance in one’s Paytm Payments Bank savings account.
You can call on the Paytm Payments Bank customer support at 0120-4456456.
Paytm savings account can be opened with zero balance.
Any Paytm user, i.e. anyone with a working Paytm account and complete KYC documentation can open a Paytm savings account.
No, as per the Paytm Payments Bank, you can only open one Paytm savings account.
There are no charges for making transactions from your Paytm savings account.
Yes. You can raise a request to get a Paytm debit card with your savings account, using which cash withdrawals are possible.
Yes. You can open your Paytm savings account online followed by certain KYC verification.