In the beginning, when Paytm launched its own bank, it was only available on an invitation basis to open a Paytm bank account. Anyone can request an invitation to log in for Paytm bank services just by logging in to their website or even through the Paytm app. All the flexibilities are given by Paytm to its users from the beginning always keep Paytm in buzz even after so many years.
Paytm & Its Features
From the time of its launch, Paytm has been the most used banking method, as it was the first bank to follow online banking methods. This is not it, Paytm payment bank is the all-new model and the only online banking method, where an account holder’s money is safe, and all the money deposits will be invested into government bonds.
To make Indians more eligible for online banking, Paytm settled many KYC centers throughout the country. In this context, Paytm was the first payment bank to initiate a better banking experience. The founder of Paytm confirmed that whosoever has a Paytm account for online banking, all the account holders will receive an interest rate of 4% annually on the money available in their account.
Paytm launched its personalized payment bank known as Paytm Payment Bank just after demonetization happened. The company made it super easy to use for all the people without having any minimum cash limit in the bank account and zero percent charges on online transactions
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Is Paytm Safe For Money Transactions?
In a word, YES! Paytm is completely safe for use because the bank policies won’t allow the bank to go beyond any public welfare securities delivered by the government and all the fixed deposits. Paytm is an Indian banking service provider platform.
The bank always ensures its customers that their money and accounts are completely safe from any sort of banking fraud, certain features are there to prove how safe it is to do banking with.
Fundamental features of the bank and its services are given below.
- Paytm indeed became the newest banking model among other banks and their services. As paytm became the most commonly used payment bank, it started accepting consumers’ deposits upto rs one lakh. Along with that, it provided them the facility of debit cards with online banking.
- To ensure customers’ monetary safety even more, Paytm has made one rule, users can continue using their paytm wallets and paytm payment bank. If in case they are not using their payment method in the past six months, they have to log in to their paytm account back again with its registered mobile number.
- Moreover, for further security reasons, the founder of paytm declared, for taking the services of paytm payment bank, one should have done the KYC of their account. Until and unless they will be eligible for all banking transactions through paytm payment bank.
- Despite the new model for the banking methods, paytm always tries to create new updates and make new changes that build the trust of their customers even more. Paytm has also introduced paytm UPI IDs of their customers for better cashless and safe transactions anytime and anywhere.
Conclusion
With all these best features of net banking, mobile banking, and most importantly, safe banking methods, Paytm is considered the safest payment bank. Without any hustle, you can easily log in to the account and deposit your money. Certainly, such qualities in a payment bank are rare to see. That is why Paytm is the most used payment app among the youth or even among the big business owners.
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