Why Paytm Payments Bank is the best bank for Saving Accounts

Paytm Payments Bank is a bank that offers competitive interest rates, great deals, and various benefits to its users when they open a savings account. While many banks today allow users to open a savings account easily, they still require a visit to the bank to submit documents and go through verification. Paytm Payments Bank, on the other hand, allows users to open a savings account completely online, without the need to visit a physical bank. In this article, we will explain why Paytm Payments Bank is the best choice for a savings account and how to open one.

Why Paytm Payments Bank is the Best Bank for Saving Accounts?

Paytm not only offers cashback, reward points, bonus points, and other benefits, but it also makes financial transactions simple and rewarding. A Paytm Payments Bank account is advantageous for the following reasons:

A physical debit card can be obtained by requesting one
The user must follow a few steps to open a Paytm Payments Bank savings account
No list of documents is required to open an account, but full KYC is required
There is no minimum balance requirement
The user has the option of using a digital or physical debit card
The account holder earns 2.5% interest on their balance per year
All transactions are done digitally and at no cost
The user can also open a fixed deposit with an interest rate of 6%, or 6.5% for seniors
Paytm provides a digital passbook that summarizes transaction history

Also Read: Traditional Bank Passbook vs Digital Bank passbook

Eligibility Criteria to Open Savings Account in Paytm Payment Bank

A savings bank account can be opened by any resident Indian, non-resident Indian (NRI), Hindu Undivided Family (HUF), or foreign national
HUFs must provide a declaration from the Karta
Minors and senior citizens can open a savings account with a guardian or proof of age, respectively
Individuals aged 18 or older can open a savings account, but firms, companies, trusts, associations, and other non-individual entities are not eligible
To open a savings account in India, you must provide Know Your Customer (KYC) documents including proof of identity and proof of address

Document Required to Open Saving Account

To open a Paytm Payments Bank savings account, you only need to provide your Aadhaar Card and PAN card for KYC verification. This is in contrast to other banks that may require a larger number of documents. Once your KYC verification is complete, you can set a passcode and begin using your Paytm Payments Bank savings account.

FAQs

Is it possible to open multiple Paytm Payments Bank savings accounts?

No, users cannot open more than one Paytm Payments Bank savings account because all information gathered from the user is linked and used to create a single account, making it impossible for a user to operate multiple accounts.

Is there a minimum balance required in my Paytm Payments Bank savings account?

Paytm Payments Bank offers a zero-balance account option, which means that users do not need to deposit a minimum amount of money to open an account. In contrast, other banks typically require a minimum deposit to open a savings account.

Can I withdraw cash from the Paytm Payments Bank savings account?

You can withdraw cash from your Paytm Payments Bank account using a Paytm ATM card or debit card at a Paytm ATM, or by transferring funds from your Paytm Payments Bank account to your linked bank account and withdrawing cash from an ATM.