Paytm Payments Bank || Rates And Charges (2024)

FAQs

What is the interest rate of Paytm Payments Bank? ›

All digital transactions are free. 2% interest per annum payable monthly on money deposited in the Savings Account. Up to 7.50% per annum interest can be earned on using our Fixed Deposit facility. Free Virtual Debit Card on opening the Account.

All transactions of loading money into wallet via Credit Card will be charged up to 2.5% (exc. of GST). Also, all transactions of loading money into wallet using American Express, Corporate Card or Prepaid Card, will be charged up to 3% (exc.

There is no charge applicable for transferring funds to your bank account. You can transfer up to a maximum of Rs. 25,000 per transaction and Rs. 1,00,000 per day.

The RBI's action, issued last week, prohibits Paytm Payments Bank from accepting further deposits, conducting credit transactions, or allowing top-ups on customer accounts, prepaid instruments, and cards for toll payments after February 29.

However, there is no restriction on withdrawal of money from your existing balance even after March 15, 2024. The directive does not impact your existing balances in Account or Wallet and your money is safe with your Bank.

You use maximum to describe an amount which is the largest that is possible, allowed, or required.

What is the UPI transaction limit through Paytm per day? Paytm UPI allows you to transfer the maximum amount of Rs 1 lakh in a day. A person can make Paytm transactions of up to Rs 20,000 per hour through UPI. There is a limit of a maximum five transactions an hour and maximum 20 transactions a day via Paytm UPI.

Paytm is a widely used digital wallet and e-commerce platform in India, offering services like mobile recharges, bill payments and online shopping. On the other hand, Paytm Payments Bank is a separate entity that functions as a bank, providing savings accounts, debit cards, and other banking services.

Any financial entity always plans to retain money with them and discourages money transfer outside of their environment. PayTM is no exception here as they want the customer to utilize entire money with in their system and hence charges 3.5% of the transfer value as fees.

Can I use Paytm without a bank account? ›

Can Paytm be used without adding a bank account? Yes, you can use your Paytm account without linking it with your bank account. You can use your credit cards, debit cards, or NetBanking facility to add money to your Paytm wallet and complete your transactions.

The final approval for international payments is provided by Paytm's banking partner. The product will be enabled on your checkout flow and Paytm Dashboard post approval. Note: Certain lines of business such as but not limited to gambling, dating, alcohol etc can not be enabled for international payments acceptance.

Investors who exclusively use the bank for stock trading have been provided guidelines by the Bombay Stock Exchange. The closure of Paytm Payments Bank stems from directives issued by the RBI, citing "non-compliance issues and concerns" within the institution.

On January 31 2024, the Reserve Bank of India (RBI) barred Paytm Payments Bank Limited (PPBL) from accepting deposits or top-ups in any customer account, prepaid instruments, wallets, FASTags and NCMC card after February 29, 2024, due to ongoing non-compliance and material supervisory concerns.

Paytm founder Vijay Shekhar Sharma owns 51 per cent of Paytm Payments Bank, while the remaining 49 per cent is owned by One97 Communications Ltd (OCL).

Your money is safe with the Bank. Your existing Fixed Deposit can be brought back (sweep-in) / redeemed to the Paytm Payments Bank Account even after Mar 15, 2024, subject to the ceiling on balance prescribed for a Payments Bank (i.e. ₹2 lakh per individual customer at the end of day).

PROS: Your entire Banking system is available at your 1 finger touch. 0 aka zero minimum balance is not an issue meaning the paytm payments bank won't fine you for 0 balance in your account. Zero Transaction Charges for mobile banking, net banking (neft/imps..) be it from paytm to paytm or from paytm to other banks.

Financials. Paytm Payments Bank reported a ₹19 crore profit for the financial year 2018-2019, making it the first payments bank in India to become profitable. The company registered a profit of ₹29.8 crore for the financial year 2020.