The Paytm Payments bank finally opened its operations to everyone, after its initial launch in May. Initially, the feature was launched in Beta only and was available via an invite-only system. With the new update (6.0.0) available on both Android and iOS, the banking service is only available through the app. As of now, it cannot be accessed through the browser, nor are there any physical branches of the bank. The bank account has no minimum balance requirements, though the maximum amount has been capped at ₹1 lakh, as per RBI guidelines. Paytm claims that they are the first bank to not charge any additional amount for online transactions, along with a free and virtual RuPay debit card. Other electronic transactions, such as for UPI, will not be charged either. Other services, such as physical cards, checkbooks, and passbooks, will be charged at industry rates, as per their website. On savings accounts, the PayTM offers a 4% interest rate. If someone needs to transfer money from their Paytm wallet to the account, a nominal fee of 3% will be charged. ATM transactions will be free up to the 5 transactions, after which ₹20 will be charged for each transaction, which is a standard practice for other banks. Paytm Payments bank received its license from the RBI in January earlier this year. Vijay Sharma, the CEO of PayTM, is the licensee for the bank itself. He owns 51% in the company, while the rest is owned by One97 Communications. Paytm looking to for partners…
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