What is Paytm Payments Bank??

After demonetization, Cashless E-wallet companies grew in India very rapidly. Paytm is among those wallets which are most popular in India.
Paytm will give an interest of 4% per annum on savings account deposit.The bank is targeting a customer base of 500 million customers by 2020. It will offer 5 Free ATM transactions (in non-metro cities) per month, after which they will be charged ₹20 per ATM Cash withdrawal.
The company said in a statement,“The first one million customers who will open Payments Bank account and reach a deposit ₹25,000 will get a cashback of ₹250 instantly,” adding that the account will have zero balance requirement and every online transaction will be free of charge.
Airtel Payments Bank, which started its operations in January this year, has announced introductory interest of 7.25% on savings account while India Post Payments Bank will be offering an interest rate of 4.5% on deposits up to ₹25,000; 5% on deposits of ₹25,000-₹50,000 and 5.5% on ₹50,000-₹1,00,000.
Paytm aims to open 31 branches and 3,000 customer service points in the first year. “The company is setting up KYC centers across India to complete KYC for customers and make them eligible for a payments bank account. This will be a mobile-first product with the first of its kind feature of cash back on deposits.”
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