Paytm starts payment banks, offers 4% interest: What is payments bank? What happens to Paytm e-wallet?
Your e-wallet is now your bank account. Leading digital wallet firm Paytm kick-started today the third payments bank of the nation after Airtel and Indian Post. Paytm is offering customers a 4 % interest rate, which is the lowest among the three. Airtel offers 7.3 per cent interest and India Post about 5.5 per cent annually. This means that Paytm users can now get almost every banking service that a conventional bank offers with their e-wallets. Many Paytm users, however, are not completely familiar with payment banks. The e-commerce site provides a detailed explainer on what Payment Banks mean and what Paytm users should do. What is a Payments Bank? Payments Bank is a new type of bank, licenced by the Reserve Bank of India. As a Payments Bank, Paytm can now accept customer deposits upto Rs. 1 lakh per customer in a wallet, savings or current account and offer other banking services like Debit Cards, Online Banking and Mobile Banking. How is a Payments Bank...