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All you need to know about Paytm Savings Account

You must have used Paytm to carry out small transactions, whether it is to transfer money to your friends or merchants. Paytm has come a long way from being just a wallet. You can now open a savings account through Paytm Payments Bank or invest in mutual funds through Paytm Money.

Savings Account is one of the basic and essential financial products. While you may have a regular savings account, second savings account especially a digital savings account will help you to park money for your other financial goals.

Paytm Savings Account can be used as a splurge savings account to park money for the small things that bring happiness. Click here to know more about splurge account.   

Self KYC of Paytm account is only valid for a year. Now, customers must complete KYC with Aadhaar at your nearest KYC point. Hence, before you open a savings account, make sure that you have completed the KYC process of your Paytm account.

You can complete the KYC process completely free. Customers need to provide their Aadhaar and PAN for the KYC verification.

Click here to check the nearest KYC centre near you.  Just put your PIN-code and you will receive the details of the Paytm KYC centres operating in the area. The address along with their contact number will be displayed.  

Follow these steps to open a Paytm Savings Account:

Step 1: Download the Paytm App. Open the app and tap on the bank icon present at the bottom right side.

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Step 2: Tap on the open Savings Account icon

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Step 3: Set up a password for your Paytm Bank Account. 

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Step 4: Add your nominee’s details.

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Your Paytm online savings account is now open.

Features of Paytm Savings Account

Interest:

Paytm Savings Account give a 4% interest rate per annum. The interest rate will inch lower to 3.5% effective from 9th Nov 2019. The interest earned is paid every month.  

The interest rate given is in lines with big PSU banks like SBI. As the interest rate is not attractive, the interest rate shouldn’t be the reason behind opening a savings account.

If you want a higher interest rate, check some other banks that give an attractive interest rate like Kotak Bank that gives up to 6% interest per annum.

Read: Top Banks that offer High Interest on Savings Accounts

Deposit:

Customers can deposit up to Rs. 1 lakh. Hence, if you are planning to park less than Rs. 1 lakh, then Paytm account can make it as savings account to park your excess funds.

Online Transactions:

You can easily carry out banking transaction on your phone. Paytm Savings Account comes with no charges for online transactions.

Safe Deposit:

The money deposited in the Paytm Savings is invested in government bonds. Government bonds are risk-free investments as it is issued by the government and there are no chances of default as it is backed by the government.

Rupay Debit Card

Customers get a free virtual RuPay debit card with the digital savings account and use it for carrying out transactions online. One can also opt for a physical debit card through the Paytm App.

Passbook

Tracking your expenses will help you to understand where your money is going. The passbook feature of Paytm Savings Account allows you to view your transactions and updated balance.

Platinum card like benefits

Platinum debit comes with many benefits such as discounts and cashback which are available while transacting across different merchants. You can get the same features on Paytm Debit card.

Insurance:

Many premium savings account offer complimentary savings account to its customers. Customers of Paytm Savings account also get free accident insurance of up to Rs. 2 lakhs.

Conclusion:

The features and benefits of Paytm Savings Account are not very different from any other savings account. If you don’t have any savings account, you can look at Paytm bank account. However, the limit of Rs. 1 lakh can act as an impediment.

If you want to take the full benefit of a savings account, you can easily open a Kotak 811 account, a zero balance account, complete the full KYC and experience new-age digital banking to its fullest. 

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