Paytm Payments Bank: All You Need to Know

Image credit: www.paytm.com/bank

Paytm Payments Bank

Popular digital payment player Paytm has launched the Paytm Payments Bank on 23 May 2017. Paytm Payments Bank is India's first bank with zero charges on online transactions, no minimum balance requirement and free virtual debit card. Initially, offering accounts on an invite-only basis to mostly its customers. The bank's first physical branch is in Noida.
Payments Bank is a new type of bank, licenced by Reserve Bank of India. As a payments Bank, Paytm can now accept customer deposits upto Rs. 1 lakh per customer in a wallet, saving or current account and offer other banking services like Debit Cards, Online Banking and Mobile Banking. Payments banks are not allowed to lend to customer. However, they can partner with other financial institutions/banks to offer financial products like loans, insurance, mutual funds, pension funds etc.

Services offered by Paytm Paymenst Bank

Paytm Payments Bank is offering savings and current accounts with a debit card and the ability to make fast and easy payments. It will soon enable you to access a range of financial services such as Insurance, Loans, Mutual Funds offered by our partner banks with the seamless Paytm experience.

Image credit: paytm.com/bank

How to open Paytm Payments Bank account?

Currently Paytm Payments bank is inviting limited users to open an account. You can request for an invite using paytmpaymentsbank.com or the latest Paytm app. You will need to submit e-KYC (Know your customer) documents.

Image credit: paytm.com/bank

Paytm Payments Bank account features

1. Paytm Payment Bank offers cash back on deposits. If you deposit more than Rs. 25,000 into your Paytm Payments Bank account, you will get cash back of Rs. 250.

2. You will earn an interest of 4% per annum.

3. There is no requirement for minimum balance for bank account.

4. There is no charge for online transactions (such as IMPS, NEFT, RTGS).

5. Paytm Payment Bank offers debit cards but no credit cards.

6.  ATM withdrawals on Paytm Payment Bank debit.

What happens to the existing Wallet?

Your current Paytm Wallet will now move to the Paytm Payments Bank Limited in the same capacity i.e. KYC wallet as KYC wallet and minimum KYC wallet as minimum KYC wallet. You continue to use the Paytm Wallet as before without any changes.

However, if you have not used your wallet in the last 6 months and you have zero balance, you will be required to login to your wallet again to move to the Paytm Payments Bank.

Will the existing wallet get converted into a bank account?

No, your wallet will simply operate under the Paytm Payments Bank and continue to exist and function in the same manner as earlier. In addition to a wallet, you will now be able to open a savings or current account with Paytm Payment Bank and access a wide range of financial services.

Will the existing wallet balance now earn interest?

To earn interest, you will need to open a Paytm Payments Bank savings account.

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Will the old login details work?

Yes, your Paytm login details continue to remain the same.

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SBI Mingle App, How to use SBI Mingle App

Image tweeted by @TheOfficialSBI

SBI Mingle App

SBI Mingle is an application launched by State Bank of India in July 2016 in order to allow its customers to access various banking services via social media platforms i.e. Facebook and Twitter. Using SBI Mingle App, the bank's customers can access a hot of banking services at their convenience on their social media sites i.e. Facebook and Twitter. For availing this service, the customers have to register through a simple one time process using either their account number or their ATM/Debit Card details. The SBI Mingle App is available on Google Play store for Android mobile users. 

Facebook

Users need to access SBI Mingle from the Official SBI Facebook Page. Once the access to the page is established, users need to register and then sign in, in that order. User will need to
enter password every time to access the application as per SBI website.

A user can perform the following transactions on Facebook:

1. View Account balance
2.Ganerate Mini Statement
3. Transfer money from SBI account to another SBI account
4. Transfer money from SBI account to any other non-SBI account
5. Manage Beneficiary
6. Request for Cheque Book
7. Stop Cheque Request
8. Block ATM/Debit Card

Image credit : www.sbi.co.in

Twitter

SBI Mingle hash-tag banking is also available on Twitter which enables you to perform banking activities through SBI's official Twitter handle using direct messages as per SBI website. To get started, you need to follow @TheOfficialSBI on Twitter and perform a one time registration process. 

A registered user can use the following available facilities on Twitter:

#Help
To get instructions for registration process

#SBIBal < Account No >
will give you the available balance for the account

#SBITxn < Account >
Will give you the last five transactions for the account

#SBITrf < Debit Account No > < Transfer Amount > < Beneficiary Account No >

Will intiate a money transfer request. In case of new beneficiary it needs to be added previously through your SBI Mingle on Facebook.

#SBINearestATM / #SBINearestBranch

Will give a referecne to SBI official site.

#SBIStopChq < Account No > < Cheque No >

Will stop your cheque payment request.

#SBICHQBook < Account No >

Will issue a chequebook of 25 leaves to your registered home address or home branch.

#SBIBlockCard < Account No > #BlkCrd < Last 4 digit of card number >

Will block the ATM Debit Card.

#SBISMSAlert < Account No >

Will register SMS Alert service.

#SetCrThold < Account No > < Threshold Amount >

Will set Credit Threshold.

#SetDrThold < Account No > < Threshold Amount >

Will set debit Threshold.

#SetTholdBal < Account No > < Threshold bal Amount >

Will set Threshold balance.

Image credit: www.sbi.co.in

IMPORTANT : State Bank of India never asks to reveal your OTP/user id/password/Password no etc through phone calls/SMSes/e-mails. Please do not respond to any such phone call/SMSes/e-mails. Any such calls/SMSes/e-mails asking you to reveal your login credentials or One time Password (OTP) could be an attempt to with draw money from your account. NEVER NEVER share these details to anyone. (as mentioned on SBI website)

You may also like to read: 7 Financial decisions you need to make before you turn 30
You may also like to read: SBI Recurring Deposit Account (RD Account)

You may also like to read: Pay your bills using SBI e-PAY service
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