Paytm set to open its Bank next year

Sourabhs20

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The e-commerce payment platform Paytm will
soon be opening the brick-and-motor banking
institution in India. The information has from
our close sources who says that Paytm bank will
be open as early as next year. The Indian e-
commerce website was granted payment bank
license by RBI only last year along with 10 other
entities like Reliance Industries, Vodafone,
Airtel and a few more.
As per the information we have received, a user
who opens an account in the Paytm bank will
have his/her account connected to the Paytm
wallet. A customer can open an account with the
initial deposit of Rs. 5,000. The most interesting
and attractive information about the Paytm
back is its interest rate, which is going to be
14.50% per annum . No other bank offers an
interest rate of 14.50% or even close. Kotak
Mahindra offers the maximum interest rate of
6% per annum. If the news turns out to be
true, then the interest rate is going to be the
USP of the Paytm bank, which we are expecting
will attract a maximum number of people.

Besides this, the bank will provide cashback of
Rs. 60 cashback every month for 12 months,
which means a customer will safe Rs. 720 by the
end of the year. We are expecting the cashback
of Rs. 720 to be credited in the user’s Paytm
wallet.
The Noida-based company will be offering other
benefits as well like insurance and systematic
investment schemes in partnership with Reliance.
Back in year in June, Paytm CEO Vijay Shekhar
Sharma stated that they are the final process
of completing the formalities and handing over
the final applications to the RBI. He further
said that the company is looking at network
banking, but in a different way.
The idea seems to have delayed a bit but is
steadily taking shape. If Paytm opens up a bank,
it would become the first e-commerce company
to start from a website and end up establishing
a bank. We will bring you more information about
Paytm bank and its future plans.

BREAKING: Paytm set to open its Bank next year, to offer 14.50% interest rate on Savings Account
 
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