The bank offers zero fees on online transactions, no minimum balance and free virtual debit card.
Paytm Payments Bank has finally launched India. The bank offers zero fees on online transactions, no minimum balance and free virtual debit card. With this, India now has three payments banks including Airtel Payments Bank and India Post Payments Bank Ltd.
The newly launched bank is offering annual interest of 4 percent for all saving accounts. For your reference, Airtel is currently offering a 7.25 percent interest for saving accounts, while the India Post Payments Bank offers 4.5 to 5.5 percent interest on the same. The bank interest rate is in line with other commercial banks including HDFC, SBI, while Yes Bank and Kotak are offering 6 percent interest rate. The service will be available through invite-only basis, and one has to log onto Paytm Payments Bank website to request an invite.
Further, the payment bank will not charge on online transactions such as IMPS, NEFT and UPI. The brand is offering a free virtual Rupay debit card, however, if one requires a physical debit card then one has to pay Rs 100 plus delivery charges. Same is the case with lost card replacement and chequebook.
Coming to ATM transactions, the Paytm Payments Bank will charge a nominal withdrawal charge like any other bank does. For non-metro locations, one gets five free transactions every month and post that, one has to pay Rs 20 on every withdrawal. For metro areas, one will get three free transactions and after that one has to pay Rs 20 as well.
Furthermore, to check balance or mini statement one has to pay Rs 5. Paytm Payments Bank is offering free online passbook and email statements. However, one need to pay Rs 50 plus delivery charges for physical statements.
Airtel, on the other hand, has a lot to offer. To start with, your Airtel mobile number will be your bank account number, and one can easily transfer funds to any bank account in India for free. Every subscriber to a Saving Account with Airtel Payments Bank also gets a free personal accidental insurance of Rs 1 Lac. On top of this, one would also get free Talktime for the amount deposited in his or her Airtel's Bank account. In other words, every rupee you deposit into your Airtel Bank account will fetch you a rupee talk-time free.