PayTM Bank Information

PayTM Bank Information

What are the advantages of opening a Savings Account with Paytm Payments Bank?

Paytm will offer all the services which it does as a wallet, and additional features like:

  • No minimum balance requirement
  • All digital transactions will be free
  • 4% Interest per annum on the money deposited in the Savings Account
  • Up to 7.65% interest can be earned on using our Fixed Deposit facility
  • Free digital Debit Card on opening the Account
  • Physical Debit Card will be available on request

How can I open a Paytm Payments Bank Account?

To open your bank account, kindly follow these simple steps.

  • Launch your Paytm App
  • Click on the “Bank” icon on the bottom right of your screen
  • Set a passcode (if not setup already) and provide nominee details for your account.
  • In case you are a Non-KYC customer, you will be prompted to book a KYC appointment
  • You will be notified when your account is created

How do I check if my KYC has been done?

You can check whether your KYC has been done by following the steps below

  • Login to your Paytm App and open your profile section(Top right)
  • If your KYC has been done, you will see a blue tick-mark next to your name.

What are the benefits of completing KYC?

By becoming a full KYC verified customer, you can get rid of the ₹10,000 monthly limit. Additionally, you will get the following benefits:

  • The amount of money you can hold in your wallet gets upgraded from ₹10,000 to ₹1,00,000
  • No spending limit
  • You become eligible to open Paytm Payments Bank Account (provided PAN details are also provided)

What is the procedure to complete my KYC?

You can become a Paytm full KYC customer through either of the 2 routes given below

Home Visit – Here, a Paytm agent will visit your doorstep as per your convenience for verifying documents. Please follow below steps:

  • Click on KYC icon available on the blue strip of Paytm App. Alternatively you can click here http://m.p-y.tm/kyc
  • Enter Aadhaar Number and Name
  • Enter pin code and address, our agent will call you within 24-48 hours to fix appointment for getting KYC done within next 3-4 days as per your convenience
  • Once your documents will be verified by our agents, your KYC will be done and you will receive a SMS for this.

Visit a nearby KYC center – You need to visit a nearby KYC center with your Aadhaar for this. The list of nearby centers can be found here http://m.p-y.tm/nby.

What are the documents needed for completion of KYC?

Your KYC can be done via 2 routes:

Biometric – Aadhaar is mandatory for this process. You need to get your Aadhaar verified by a Paytm agent through Home visit channel or Nearby KYC center.

Non-biometric route – You can become a full KYC customer using any of these 5 documents: Aadhaar, Driving License, Passport, Voter ID, NREGA. It may take up to 2 working days to become full KYC customer through this route. PAN will be necessary if you opt for this route.

How do I close my Savings Account?

For closure of your account, you will need to raise a ticket with us from the ‘Contact us’ section of your Paytm App.

If you choose to close your Savings Account only, you will still be able to use your wallet as usual and enjoy services offered by Paytm.

Can I open more than one savings account?

No, only one Savings Account can be opened per user

Services, Fees & Charges

How much interest will I earn on my Savings Account?

Your deposit will earn interest of 4% p.a. on the daily balance of your Savings Account. Interest earned will be added to your Savings Account on the last day of every month.

What happens to my balances above ₹1 lakh?

As per the RBI guidelines, you can hold only a maximum of ₹1 lakh in your Paytm account at end of the day. This limit is imposed on the sum of your wallet and Savings Account balances.

Your balance amount exceeding ₹1 lakh is moved to a Fixed Deposit with our partner bank, IndusInd Bank, where you earn interest as per rates offered by them. You may redeem the amount in the Fixed Deposit at any time free of charge.

How do I request a chequebook?

Currently, we are not providing chequebook facility for the Savings Account.

How do I request a demand draft?

Currently, we are not providing demand draft facility for the Savings Account.

Personal Information

How do I add my PAN card to my account?

You can add your PAN number to your account (if not done already) in four simple steps:

  • Go to Profile section of Paytm App
  • Select ‘Edit Profile’
  • Enter your PAN card number in the field ‘PAN Card’
  • Select ‘Done’ at the top of the screen.

Your PAN number is now saved with us.

How do I check my account details

To check your account details, follow these simple steps.

  • Launch your Paytm App
  • Click on the ‘Bank’ icon at the bottom right of your screen
  • You can see your account number and IFSC code under the Savings Account section.

How do I add a nominee?

In case you have not added a nominee during the account opening process, please follow the steps below:

  • Open the Paytm App and click on ‘Bank’ icon at the bottom right of your screen.
  • Click on “Account Nominee” Nominee under the “Bank Account Services” tab
  • Enter your 4-digit passcode
  • You can now fill in details of the nominee you wish to assign to your Savings Account.

Please note that you can have only one nominee for your account and the nominee has to be atleast 18 years of age

How do I check my nominee details

To check your nominee details, follow these simple steps.

  • Launch your Paytm App
  • Click on the ‘Bank’ icon at the bottom right of your screen
  • Click on ‘Account Nominee’ under the Bank Account Services section
  • Your nominee details will be visible now

I want to change my nominee

Currently, we do not allow change of nominee. However, we will provide this option soon.

Passcode

What is a passcode?

Paytm passcode is a 4-digit numeric code which acts as an additional security check to authorise access to your bank account details and transactions. This is to ensure a higher level of security for your bank account details and transaction history.

What is difference between my password and passcode?

Paytm password is a security check which allows you to login into your Paytm account and make online transactions. It is a combination of alpha-numeric and special characters.

Paytm passcode is a 4-digit numeric code which acts as an additional security check to authorise access to your bank account details or transactions. This is to ensure a higher level of security to your bank account details and transaction history.

I forgot my passcode. How do I reset it?

If you have forgotten your passcode, you can reset it by following the steps given below

  • Go to the profile tab located at the top right side on your Paytm App
  • Choose ‘Security settings’
  • Select the option ‘Change Passcode’
  • Select the option ‘Forgot passcode’
  • Enter your Paytm login password and click on ‘Submit’
  • Now enter your new 4-digit numeric passcode.

Your passcode has been successfully reset.

How do I change my passcode?

Your passcode can be changed by following the steps below

  • Go to the profile tab located at the top right side on your Paytm App
  • Choose ‘Security settings’
  • Select the option ‘Change passcode’
  • Enter your current passcode.
  • Now enter your new 4-digit numeric passcode.

Your passcode has been successfully reset.

Current Account

Current Account Issuance

What is Current Account?

As the name suggests, Current account is generally used to facilitate Current transactions for a firm and it is meant to make the day to day banking transactions easier to the current account holder. There will be no restriction on number of transactions during a year unlike in saving bank account. Generally, bank pays no interest on the balance held in the Current account.

How is Current Account different than Savings Account?

  • No limit on the number of transactions
  • Non interest bearing accounts
  • Suitable for businessess
  • No limit on number of Withdrawals
  • Overdraft facility

What are the features of Current Account?

  • Free money transfer to suppliers/vendors
  • Control your funds through Netbanking Panel
  • Low minimum requirements
  • Earn interest on your Current Account Balance
  • Customised Debit card convenience
  • Easy and wide acceptability
  • Free Cash deposits (proposed)

Who is eligible to open a Current Account?

  • Resident Individual
  • Hindu Undivided Family
  • Sole Proprietorship Firms
  • Partnership Firms
  • Limited Liability Partnership Firm
  • Private & Public Limited Companies

Can I withdraw cash from my Current Account?

Yes. With PPBL Current Account, you will be offered a customized debit card which is acceptable at all ATMs pan India.

Netbanking Panel (Login/Passcode/Access Related Issues)

What is Passcode?

Paytm passcode is a 4-digit numeric code which acts as an additional security check to authorise access to your bank account details and transactions. This is to ensure a higher level of security for your bank account details and transaction history.

How do I set my password?

Your netbanking panel password is the same as the paytm account password. If you aren’t regsitered with paytm yet, create a paytm account with your registered netbanking mobile number to start using your netbanking panel.

How do I set my passcode?

When you login first time on panel , you will be prompted to set your 4 digit passcode.

What is the difference between passcode and password?

Paytm password is a security check which allows you to login into your Paytm account and make online transactions. It is a combination of alpha-numeric and special characters.

Paytm passcode is a 4-digit numeric code which acts as an additional security check to authorise access to your bank account details or transactions. This is to ensure a higher level of security to your bank account details and transaction history.

I forgot my passcode. How do I reset it?

Incase you have forgotten your passcode, you can visit the Manage profile section of your netbanking panel to reset it- You will be asked for your basic aadhar details to the reset the same.

How do I change my passcode?

You can always reset your passcode by visiting the Mange profile section of the netbanking Panel – You simply need to enter your current passcode to generate a new one.

Fixed Deposits

What happens to my balance above 1 lakh?

As per the RBI guidelines, you can hold only a maximum of ₹1 lakh in your Paytm current account at end of the day. This limit is imposed on the sum of your wallet balance, savings account balance and current account balance.

Your balance amount exceeding ₹1 lakh is moved to a Fixed Deposit with our partner bank, IndusInd Bank, where you earn interest as per rates offered by them. You may redeem the amount in the Fixed Deposit at any time free of charge.

I am getting Insufficient balance error when I initiate a transaction although I have sufficient balance in my Current Account?

Total balance in your Current Account is the sum of Current Account balance and FD invested.

To process the transaction, first you have to redeem the FD and initiate the transaction again.

I do not want to move my money to Fixed Deposit. How can I do that?

As per RBI guidelines, Paytm bank is not allowed to retain funds exceeding 1 lakh in your Current Account.

Your balance amount exceeding ₹1 lakh is moved to a Fixed Deposit with our partner bank, IndusInd Bank, where you earn interest as per rates offered by them. You may redeem the amount in the Fixed Deposit at any time free of charge.

How do I get my money back from Fixed Deposits?

Any user with the role “Create_only” can request the FD redemption process.

Upon proper authorization, the selected FDs will be redeem and FD sum will be added to your balance instantaneously.

Can I use the money in my Fixed Deposits?

Yes, the money in your Fixed Deposit can be used once you redeem the amount and it is transferred to your Savings Account.

What are the interest rates on the Fixed Deposits?

Today’s FD creation rate table can be found here – http://www.indusind.com/footer/rates.html.

The interest earned is calculated according to the interest table of the IndusInd bank as applicable on the date of creation of FD.

Why have I not received back my money though my balance is now less than 1 lac?

We currently do not have an automatic sweep in facility for the fixed deposit. Creator can raise the redemption request and upon proper approval, FD will be redeemed instantaneously.

Passbook

Savings Account Balance

Where can I see my Savings Account passbook?

Please follow the given steps to view your Savings Account passbook

  • Open the Paytm App and click on the ‘Bank’ section at the bottom right of your screen
  • Click on the balance under the ‘Savings Account’ section
  • You will now be able to view your Savings Account passbook

How do I get bank account statement on email?

We send your monthly statement on your registered mail ID at the end of each month. We will providing you the facility of statement on demand soon

Why do I get an insufficient balance error when I pay through Debit Card even though my total balance is sufficient?

Total balance is your balance across wallets and Savings Account. Debit Card can be used only on money kept in Savings Account.

Fixed Deposit

Why did my money move to Fixed Deposit?

As per the RBI guidelines, you can hold only a maximum of ₹1 lakh in your Paytm account at end of the day. This limit is imposed on the sum of your wallet and Savings Account balances.

Your balance amount exceeding ₹1 lakh is moved to a Fixed Deposit with our partner bank, IndusInd Bank, where you earn interest as per rates offered by them. You may redeem the amount in the Fixed Deposit at any time free of charge.

Can I use the money in my Fixed Deposit?

Yes, the money in your Fixed Deposit can be used once you redeem the amount and it is transferred to your Savings Account.

How do I get my money back from Fixed Deposit?

Please follow the given steps to close your Fixed deposit

  • Launch your Paytm App
  • Tap on the ‘Bank’ icon at the bottom right corner of your screen
  • Scroll down and click on the ‘Fixed Deposits’ section
  • Select the Fixed deposits you want to break and click on Redeem.
  • On successful redemption, the redemption amount plus Interest minus TDS(Tax deduction at source) if any, will be credited to your Savings Account.

What are the interest rates on the Fixed Deposit?

Today’s FD creation rate table can be found here – http://www.indusind.com/footer/rates.html.

The interest earned is calculated according to the interest table of the IndusInd bank as applicable on the date of creation of FD.

How do I get the Interest certificate for my FD?

Currently, we do not provide an interest certificate. We will provide you with this feature shortly.

Is there any way to avoid deduction of TDS on my FD?

Banks are required to deduct tax at source (TDS) on deposits if the total interest earned on all the fixed deposits/recurring deposits in a bank(at all branches of the bank) is more than 10K in a financial year.

If the total income for a customer(in a Financial Year) is below the taxation limits, the customer can submit Form-15G/15H requesting the bank not to deduct any TDS on the interest earned.

Why have I not received back my money though my balance is now less than 1 lac?

We currently do not have an automatic sweep in facility for the fixed deposit. Please redeem the FD using the steps given below

  • Launch your Paytm App
  • Tap on the ‘Bank’ icon at the bottom right corner of your screen
  • Scroll down and click on the ‘Fixed Deposits’ section
  • Select the Fixed deposits you want to break and click on Redeem.
  • On successful redemption, the redemption amount plus Interest minus TDS(Tax deduction at source) if any, will be credited to your Savings Account.

Debit Card

Activating/Blocking/PIN Reset

How can I activate my Debit & ATM Card?

Once your Card has been delivered to you, it can be activated by scanning the QR code on the back of your card from your Paytm App. We have listed the steps below.

  • Launch your Paytm App
  • Tap on the ‘Bank’ icon at the bottom right corner of your screen
  • Scroll down and click on the image of the Debit Card
  • Choose the option ‘Activate ATM Card’ (In case your card is already activated, you will not see this option)
  • Using your phone, scan the QR code at the back of your Debit & ATM Card. You may also choose the ‘Scan’ option directly from your App home screen and scan the QR code on the back of your card
  • You will be prompted to enter your passcode
  • On entering your passcode, you will be asked to verify your Debit card details.
  • Upon confirmation, you will be prompted to set your ATM PIN
  • Enter the same PIN again to confirm

Your Debit & ATM Card will be activated

I have forgotten my PIN. How do I reset it?

Your ATM PIN will be available to you only in case you have ordered a physical card. In case you would like to reset your PIN, please follow the steps below

  • Launch your Paytm App
  • Tap on the ‘Bank’ icon at the bottom right corner of your screen
  • Scroll down and choose the option ‘Digital Debit Card’
  • Choose the option ‘Forgot ATM Card PIN’
  • Enter your 4 digit passcode
  • Enter the new 4 digit ATM Card PIN you want to set
  • Re-enter the new 4 digit ATM Card PIN you want to set

Your ATM Card PIN will be changed successfully

How can I reset my Debit & ATM Card PIN?

Your ATM PIN will be available to you only in case you have ordered a physical card. In case you would like to reset your PIN, please follow the steps below

  • Launch your Paytm App
  • Tap on the ‘Bank’ icon at the bottom right corner of your screen
  • Scroll down and choose the option ‘Digital Debit Card’
  • Choose the option ‘Change ATM Card PIN’
  • Enter your existing 4 digit ATM Card PIN
  • Enter the new 4 digit ATM Card PIN you want to set
  • Re-enter the new 4 digit ATM Card PIN you want to set

Your ATM Card PIN will be changed successfully

How do I block my card?

Please follow the given steps to block your card

  • Open the Paytm App and click on the ‘Bank’ icon at the bottom right of your screen
  • Enter the ‘Digital Debit Card’ section
  • Click on ‘Block Card’
  • You will be prompted to enter your 4 digit Passcode
  • On entering your passcode, your card will be blocked

You can unblock it any time using the ‘Unblock Card’ option

How do I unblock my card?

Your card can be unblocked only if you have blocked it previously. Please follow the given steps to block your card

  • Open the Paytm App and click on the ‘Bank’ icon at the bottom right of your screen
  • Enter the ‘Digital Debit Card’ section
  • Your Digital Debit Card should show the option ‘Unblock Card’
  • On clicking it, you will be prompted to enter your 4 digit Passcode

Your card will be unblocked on entering the passcode

Ordering Debit/ATM Card

How can I apply for a Debit & ATM Card?

On opening Savings Account, you will get a Digital Debit Card. To apply for a physical Card, kindly follow the steps below

  • Launch your Paytm App
  • Tap on the ‘Bank’ icon at the bottom right corner of your screen
  • Scroll down and choose the option ‘Digital Debit Card’
  • Choose the option ‘Request ATM Card’
  • Select your delivery address and click on ‘Proceed to Pay’
  • Your order will be placed once the payment is successful.

You will be able to track the delivery status of your card through your App

What are the charges for ordering a Debit & ATM Card?

Please refer our rates and charges: http://www.paytmbank.com/ratesCharges.html

How can I track the delivery status of my Debit & ATM Card?

In case you have placed an order for a Debit & ATM Card, kindly follow the steps below to track the delivery status

  • Launch your Paytm App
  • Tap on the ‘Bank’ icon at the bottom right corner of your screen
  • Scroll down and choose the option ‘Digital Debit Card’
  • Choose the option ‘ATM Card Order Status’
  • The entire delivery status of your card consisting of the date and status (order placed, packed, dispatched, delivery) will be displayed

About your Debit Card

What is a Paytm Payments Bank Debit & ATM Card?

Your Paytm Payments Bank Savings Account comes with a digital Debit Card that you can use to make payments on all online platforms where Debit Cards are accepted. You have the option to order the physical card which can be used to withdraw cash from ATMs and to shop at most stores across India. This card is currently issued in partnership with RuPay.

What is the difference between a Debit & ATM Card and a Digital Debit Card?

Digital Debit Card is issued to you upon opening of Savings Account. Digital Debit Card can be used across all online platforms for transactions. On request, you can also get Debit & ATM Card with the same number as digital card. This card can be used for withdrawing cash from ATMs and also to shop at most stores across India.

How do i view my card details?

Please follow the steps below to view your card details

  • Open the Paytm App and click on the ‘Bank’ icon
  • Scroll down and click on the ‘Digital Debit Card’ section
  • Click on ‘View CVV/Expiry Date’
  • You will be prompted to enter your 4 digit passcode

On entering your passcode, you can view your card number, expiry date and CVV number.

Can I use Debit & ATM card on my wallet balance?

The Debit & ATM card can be used only to spend money available in the Savings Account.

Can I use my Debit & ATM card to make international payments?

The Debit & ATM card is accepted only on merchants in India.

What is the maximum amount I can withdraw from my Debit & ATM Card?

The withdrawal limits at ATM are ₹50,000 per transaction and per day, subject to limits set by other banks.

The withdrawal limits at POS are ₹2,00,000 per transaction and per day.

What are the charges levied on my Debit & ATM Card for transactions at ATM?

Please refer our rates and charges: http://www.paytmbank.com/ratesCharges.html

I have misplaced my card, what should I do?

In case you have lost your Debit & ATM Card, you should block your card using your App. The steps are given below.

  • Open the Paytm App and click on the ‘Bank’ icon at the bottom right of your screen
  • Enter the ‘Digital Debit Card’ section
  • Click on ‘Block Card’
  • You will be prompted to enter your 4 digit Passcode
  • On entering your passcode, your card will be blocked

Following this, kindly raise a request with us to have your card blocked permanently. Your card will be blocked and a new Digital Debit Card will be issued to your account. Once that is issued, you can apply for a new Debit & ATM Card.

You can get in touch with us through your Paytm App or call 011 33996699.

How can I receive money using my Debit & ATM Card?

You can receive money using your Debit & ATM Card by allowing the payer to scan the QR code on the back of your Debit & ATM Card. Once the QR code is scanned and money is sent, you will receive the amount in your bank account or wallet instantly.

Add Money

How do I add money to my Savings Account?

You can add money to your Paytm Payments Bank Savings Account by using “Add Money” option on the bank homepage. You can add money from:

  • Your UPI Linked Bank Accounts
  • Saved Debit Cards
  • Your Account With Another Bank

You can also deposit cash into your account at any of our Banking outlets.

Is there any limit to the amount of money I can add to my Savings Account?

There is no limit on the amount of money you can add to your Savings Account. Balance amount at the end of the day in excess of ₹1 lakh is moved to a Fixed Deposit with our partner Bank, IndusInd Bank. This will be visible in your Passbook. This amount can be redeemed at any time without any charge

Can I add money to my Savings Account from my wallet?

Yes, you can send money to your Savings Account from your wallet at 3% transfer fee.

  • Launch your Paytm App
  • On the home screen, click on Passbook.
  • Click on Paytm wallet
  • Tap on ‘Send Money to Bank’
  • Enter your Paytm Payments Bank account details and the amount you want to transfer and click on ‘Proceed’
  • Please note that the amount has to be between ₹100 and ₹25000.
  • On clicking Confirm your transfer will be successful. Changes in Add Money section

Are there any charges for adding money to Savings Account?

No, there are no charges for adding money to your Savings Account.

Can I add money to my Savings Account from my wallet?

Yes you can send money to your Savings Account from your wallet.

  • Launch your Paytm App
  • On the home screen, click on Passbook.
  • Click on Prepaid wallet
  • Select ‘Send Money to Bank’
  • Click on ‘Transfer’
  • Enter your Paytm Payments Bank account details and the amount you want to transfer and click on ‘Proceed’
  • Please note that the amount has to be between ₹50 and ₹5000.
  • On clicking Confirm your transfer will be successful.

Can I deposit a cheque from other banks to my account?

No, currently we are not providing the facility of accepting a cheque. However, our team is working on it to introduce new features and facilities for our customers. We will keep you updated.

Can I deposit a demand draft to my account?

No, currently we are not providing the facility of accepting a Demand Draft. However, our team is working on it to introduce new features and facilities for our customers. We will keep you updated.

Bank Transfer

How do I send money from my Savings Account to other accounts?

You can transfer money to other accounts from your Savings Account by clicking on the Bank Transfer icon on the Paytm or Bank Homepage.

The steps for transferring money to other accounts are given below

  • Launch your Paytm App
  • Tap on the ‘Bank Transfer’ icon in the blue strip at the top on Paytm or Bank homepage
  • Enter the account details, IFSC or UPI address and amount to be transferred and click on Proceed.
  • On clicking Confirm and entering Passcode/ UPI PIN your transfer will be successful.

How do I send money from my Savings Account to my Wallet

You can use ‘Add Money’ option on our App and web to add the money in your wallet. Please follow the steps below

  • Launch your Paytm App.
  • Click on ‘Add Money’ option and select ‘Wallet’
  • Enter the amount you want to add
  • Select the option ‘Use Paytm Payments Bank Account’. This option will only be available if the balance in your Savings Account is greater than the amount you need to add
  • Enter your 4 digit passcode and select ‘Pay Now’

You will get a confirmation for the funds added to your wallet.

Article Source – PayTM Bank

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