Paytm is one of the most popular payment gateway service providers in the country that lets users make various payments like mobile bills, online shopping, easy recharge and much more. Now, this company is looking to open a banking institution in the country. According to the latest news from the sources, the Paytm will soon launch Paytm bank in the next year as early as possible. The Reserve Bank of India has given permission and a license to set up a bank to the e-commerce web portal to launch a Payment bank in the country.
Getting into the details about the bank, the individual who opens a new account in the Paytm bank can get an account which is associated with Paytm wallet. Initially, the customer needs to open an account in the bank by making an initial deposit of Rs. 5000. One of the interesting details about this Paytm bank is that it offers a 14.50% interest per year. There is no other bank in the country offering 14.50% per annum or even closer to it.
The Indian e-commerce portal is likely to open a bank in partnership with various mobile entities such as Reliance Industries, Vodafone, Airtel and much more. Kotak Mahindra Bank provides a maximum interest rate of 6 percent on a yearly basis. The new interest scheme offered by Paytm will definitely allure all the people.
On the other hand, the Paytm bank also offers a cashback of Rs. 60 on a monthly basis for a total of 12 months or 1 year for the customer. It means that a customer can get a total of Rs. 720 from the bank at the end of the year. Every year, the wallet of the user credits with Rs. 720 cashback. Besides this, the company offers much more benefits to all the users that include insurance and other investment schemes.