The process to open a Paytm Payments Bank savings account differs from the standard process to open a bank account. The process does not include a list of documents to submit or an account opening form to fill out; however, the KYC process must be completed. If the user’s KYC is incomplete, he or she can have it completed by using the Paytm Payments Bank video KYC process.
This blog describes how to open a Paytm Payments Bank savings account online in a few simple steps-
How to Open a Savings Account on Paytm Payments Bank?
Paytm Payments Bank does not require one to follow the old-age pattern to open a savings account. The user is only required to get his/her KYC completed. Below are the steps to follow to open a Paytm Payments Bank savings account effortlessly, digitally and online!
- Launch the Paytm app
- Locate and select ‘Paytm Bank’
- Select ‘Open a Savings Account’
- Set a strong passcode and enter it again for confirmation
- Fill in the nominee’s information next
- Click ‘Proceed’ to open a Paytm Payments Bank savings account
In the event of an incomplete KYC, the user will be prompted to complete the KYC process by either opting for Paytm video KYC, scheduling a home visit, or visiting the nearest KYC centre.
Why Should You Open a Paytm Payments Bank Savings Account?
Paytm, in addition to providing cashback, reward points, bonus points, and other benefits, also simplifies the process of making financial transactions simple and rewarding. It is beneficial to have a Paytm Payments Bank account for the following reasons:
- The user can obtain a physical debit card by submitting a request
- The user must perform a few easy simple steps to open a Paytm Payments Bank savings account
- There is no need to submit a list of documents to open a savings account; however, a complete KYC is required
- There is no minimum balance requirement that needs to be met
- In addition to a physical debit card, the user is given the option of a digital debit card
- The account holder receives 2.5 % interest per year on the balance maintained in the savings account
- All transactions are digital and free of charge
- The user can also open a fixed deposit with a 5.5 % interest rate, and senior citizens can get a 6 % interest rate
- Paytm’s digital passbook summarises transaction history. The user can order a cheque book through the Paytm app