When Paytm first opened its own bank, it was only possible to open a Paytm bank account on the basis of an invitation. By logging into their website or using the Paytm app, anyone can request an invitation to log in for Paytm bank services. All of the flexibility that Paytm has provided to its users since the beginning has kept Paytm in the news for many years.
Paytm & Its Features
Paytm has been the most popular banking method since its inception, as it was the first bank to adopt online banking methods. This isn’t it; Paytm Payment Bank is a brand-new model and the only online banking option that keeps account holders’ money safe by investing all deposits in government bonds.
Paytm established multiple KYC facilities across India to make Indians more eligible for internet banking. Paytm was the first payment bank to deliver a better banking experience in this setting. Paytm’s founder announced that everybody who has a Paytm account for online banking will receive a 4% yearly interest rate on the money in their account.
Just after demonetization, Paytm established its personalized payment bank, Paytm Payment Bank. The company made it extremely simple to use for everyone, with no minimum cash limit in the bank account and no fees on online transactions.
Also Read: How to Modify Your Paytm Number?
Is Paytm Safe For Money Transactions?
In a nutshell, yeah! Paytm is totally secure to use because bank policies prohibit it from going beyond any government-issued public benefit securities and all fixed deposits. Paytm is a platform that provides banking services in India.
The bank always assures its customers that their money and accounts are safe from any type of financial fraud, and specific elements are included to demonstrate how safe it is to conduct business with them.
The bank’s basic characteristics and services are listed below.
- Paytm indeed became the newest banking model among other banks and their services. As paytm became the most commonly used payment bank, it started accepting consumers’ deposits upto rs one lakh. Along with that, it provided them the facility of debit cards with online banking.
- Paytm has introduced one regulation to guarantee customers’ financial safety even more: users can continue to utilize their paytm wallets and paytm payment bank. If they have not used their payment method in the previous six months, they must re-register their paytm account with their registered cellphone number.
- Moreover, for further security reasons, the founder of paytm declared, for taking the services of paytm payment bank, one should have done the KYC of their account. Until and unless they will be eligible for all banking transactions through paytm payment bank.
- Regardless of the new banking paradigm, paytm is continually striving to offer new upgrades and modifications that will increase their consumers’ trust. Paytm has also introduced client UPI IDs for better cashless and secure transactions at any time and location.
Paytm is called the safest payment bank because of its greatest features of net banking, mobile banking, and, most significantly, safe banking ways. You may effortlessly log in to your account and deposit your funds without any hassle. Those attributes in a payment bank are certainly uncommon. As a result, Paytm is the most popular payment app among young people and even company owners.