In addition to this, the bank will also offer a cashback of Rs 250 to the customers depositing Rs 25,000 in the payments bank.
One97 Communications founder Vijay Shekhar Sharma and One97 have together already invested about Rs 220 crore in the payments bank.
With the launch, One97 Communications, the parent company of Paytm, will transfer its wallet business to Paytm Payments Bank.
The company had already informed its customers and provided them with an option to discontinue the services by sending a relevant communication to the company before the launch date.
As per the Reserve Bank of India’s guidelines, payments banks can accept Rs 1 lakh per account.
“The bank will also roll out its banking app in the beta phase, initially for its employees,” said Paytm.
Further, the payments bank will also offer RuPay debit cards to its consumers, which can be used for five free ATM cash withdrawals in non-metro cities per month after which they will be charged Rs 20 per withdrawal.
kind of banking model in the world. We are proud that our customer deposits will be safely invested in government bonds, and be used for nation building. None of our deposits will be converted into risky asset,” said Vijay Shekhar Sharma, founder of One97 Communications.