Paytm offers huge incentives

Delhi, MAY 24: Another payments bank has been added to the existing. Paytm on Tuesday launched payments bank.

The bank will be offering 4 % interest rate and cash back on deposits made by the customers. The company said that we will double our customer base to 50 crores by 2020. The bank will be Funded by Alibaba and SoftBank Corp of Japan.

Indias largest digital payments startup said that customers need not have minimum balance requirements and all online transactions done by the users will be free. The bank said that it will offer current account facility to merchants.

The company CEO said that we will invest Rs 400 crore to build its banking network over next two years. He also said that we will open 31 branches initially and 3,000 customer points in the first year.

Currently, Bharti Airtel and India Posts are offering payment bank services. The company has said that all people who have wallet account will be migrated to the bank and they need to comply with KYC norms as per RBI guidelines.

Customers can open an account through the Paytm Payments Bank website or the Paytm application on Apples iOS platform. Customers to get RS 250 cashback upon depositing RS 25000 in the account.

Finally, the company said we will offer virtual Rupay debit cards to customers immediately and physical card on request so that they can withdraw cash from any ATM in the country.