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
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.