Latest Paytm Savings Account Interest Rate – 2024

Specialising in offering convenient digital payment options and other financial services, Paytm is a multinational financial technology company based in Noida, India. Apart from offering mobile payment options, Paytm also allows its consumers to open up a savings account given their long-term financial goals. In this blog, we will discuss the Paytm savings account interest rate, ways to set up an account, the benefits that come with it, and other associated details.

Recent Paytm Savings Account Interest Rates 2024

By starting a savings account, you can have a secure option to park your hard-earned money with the additional benefit of an interest earned per annum. With Paytm, the interest amount is payable monthly on the customer’s savings account balance. It will be credited in the 1st week of each month. Effective from 1st August 2023, the applicable Paytm Bank savings account interest rate is fixed at 2% for all customers. 

Paytm Savings Account Minimum Balance Required

If you are worried about maintaining a minimum balance every month, choose Paytm to start a savings account. It offers a zero balance account option to its customers so they do not have to worry about paying a penalty fee for non-maintenance of MAB.

Paytm Savings Account Charges  

If you are ready to start your savings account with Paytm, go through this list of charges applicable:

Why Choose a Paytm Savings Account?

With a competitive Paytm Savings Account interest rate on the line alongside other attractive deals and benefits, Paytm remains the ideal choice for customers when it comes to opening a savings account. 

Let us list down a few other advantages you will get access to by opening a savings account with Paytm. 

• Customers can request a physical debit card and be granted the same in no time.
• The savings account opening process consists only of a few, hassle-free simple steps.
• No elaborate list of documents required to start your Paytm savings account (However, full KYC is a necessity)
• No minimum balance to be maintained to enjoy the Paytm savings account interest rate
• Customers are free to use a digital or physical debit card.
• Transactions can be completed digitally, at no extra cost.
• A digital passbook is offered by Paytm Payments Bank which summarises the transaction history upon opening a savings account. 

Key Benefits of Paytm Savings Account

Here are some of the key benefits of opting for a Paytm Payments Bank Savings Account:

• Comes with flexible liquidity terms so you can withdraw funds at any time through an ATM or debit card
• With Paytm internet banking, customers can access financial services online, including sending/receiving money on the go, making investments, etc
• 24/7 NEFT service is available
• No daily transaction fee is charged
• Automatic debit facility for utility bill payments

Additional Benefits Associated with Paytm Savings Account

Find a list of additional benefits of opening up your savings account with Paytm today, besides the high Paytm Payment Bank saving account interest rate: 

• If you have a joint savings account with multiple account holders, Paytm allows all to manage 1 bank account and even sign cheques together.
• There are several types of savings account options, to suit differing financial goals/plans.
• No fixed tenure within which the savings account should be operated.

How To Open an Online Paytm Savings Account?

If you are now ready to open your savings account with Paytm and benefit from the attractive Paytm Payments Bank savings account interest rate, here is a step-by-step guide on how you can do so:

• Step 1: Go to Playstore/App Store.
• Step 2: Download the latest version of the Paytm app and open it.
• Step 3: Click on the ‘Savings Bank Account’ icon.
• Step 4: Go through the terms and conditions and click on ‘Proceed’.
• Step 5: Enter a strong password and retype it in to confirm.
• Step 6: Add a nominee of your choice and provide any other necessary details to complete the process.

For KYC customers, the account-opening process will be completed in a matter of a few minutes. However, for first-time customers, you must soon complete the verification process to start your Paytm Savings Account. The customer may opt for video KYC verification, or completion of KYC through scheduling a home visit by an official or by visiting the nearest KYC centre.

Eligibility Criteria to Open a Paytm Savings Account 

Read ahead and make sure that you meet the basic eligibility criteria required to open your savings account with Paytm Payments Bank:

• You must be a resident of India.
• You must be above the age of 18 to go through the Video KYC process.
• Customers must possess the required documents, such as a photo ID, proof of address, etc. 
• You must complete the KYC process.

If you meet the eligibility criteria, be sure to have the following documents ready to be presented when asked for a smooth account-opening process.

Documents Required to Open a Paytm Savings Account 

Paytm will ask for the following documents at the time of opening a savings account. 

1. Proof of Identity: 

• PAN card
• Aadhaar card
• Driving licence
• Passport
• NREGA card
• Employee’s ID
• Voter ID card
• Government-issued Photo ID card 

2. Address Proof

• Utility bills (Telephone Bill, Electricity Bill, Gas/Water Bill)
• Aadhaar card
• Passport
• Bank statement or bank passbook
• Driving licence
• Ration card
• Voter ID card
• Signed/stamped or recognized letter from a public authority/gazetted officer for the verification of the applicant’s details

3. Other Documents Required for a Minor’s Savings Account

• Minor’s proof of birth date
• Aadhaar card of the minor
• KYC documents of the parent or guardian 
• Signature of parent or guardian 

If you have the necessary documents in hand, the account-opening process will be much simpler and smoother. 

Steps to Open Paytm Video KYC Savings Account 

To complete the video KYC verification process and get access to that attractive Paytm Savings Account interest rate, here are a few simple steps you must go through:

• Step 1: Open the Paytm mobile app.
• Step 2: Put in your Aadhaar Card details to start with the Video KYC. You will receive an OTP on your linked phone number for confirmation.
• Step 3: After the Aadhaar card is verified, you will be required to provide more details like names of parents, profession, permanent/correspondence addresses etc.
• Step 4: Wait for the video verification to begin shortly. A Paytm executive will ask for additional details about you like your birth date, current residence details, and so on.
• Step 5: Be ready with your PAN card for a video verification session where you will be required to face the camera holding up your PAN card (the front of the PAN card must be faced towards the camera). 

With that, the video verification process will be complete as Paytm will be able to confirm your identity. Paytm will then update your account status and make your profile KYC-verified.

Alternatively, you can visit the nearest KYC Centre to complete the process. Find a list of the nearest KYC centres based on your location under the ‘Visit a Nearby KYC Store’ section on your Paytm mobile app. 

Finally, you can choose to schedule a home visit by an official who can conduct the KYC verification process. However, this service is available only in selective cities and also comes with a charge of ₹150. To opt for this service, go to ‘KYC at Doorstep’. 

Paytm Savings Account Transaction Limit

With Debit and ATM Cards, a high daily online transaction limit of ₹2,00,000 allows Paytm users to spend rather freely. Additionally, there is a high in-person (POS) daily transaction limit of ₹2,00,000 as well. Other than that, there is a daily transaction limit on Tap-and-Pay at ₹10,000. Lastly, an ATM daily cash withdrawal limit is set at ₹25,000.

How to Close a Paytm Savings Account?

After that, you can follow these steps to close your account permanently:

• Step 1: Log into your Paytm account with your old phone number.  
• Step 2: Click on the icon with three horizontal lines on the top left corner of the homepage.
• Step 3: Go to the section that says 24×7 Help.
• Step 4: Select ‘Profile Settings’.
• Step 5: Click on ‘I Need to Close/Delete my Account’. 
• Step 6: Proceed to click on ‘I Do Not Use this Paytm Account’.
• Step 7: Click on ‘Message Us’ and raise your account closure request. 

Final Word

Paytm provides convenient and innovative banking solutions, including its savings accounts. Opening a Paytm savings account could be a convenient option for managing your finances and accessing the various benefits it offers. However, before availing the Paytm savings account interest rate, review all terms and conditions carefully.  

FAQs

1. What happens if my balance exceeds ₹2 lakhs in my Paytm Savings Account?  

As per guidelines set by the RBI, a maximum of ₹2 lakhs can be held in your Paytm Payments Bank savings account by the end of the day. However, if your balance amount exceeds ₹2 lakhs, it is moved to an FD with a partner bank, through which the customer can earn interest as per rates offered.

2. Can I request a demand draft at Paytm Payments Bank? 

No, a demand draft facility is not available in regards to a Paytm Savings Account. 

3. How to download the digital copy of a cancelled cheque for my Paytm Savings Account?

First, go to the Paytm Payments Bank section in your Paytm app and enter the passcode to log in. Under the ‘Services’ section, click on the ‘All Services’ option. Scroll and select ‘Cancelled Cheque’, under the ‘Download’ section. Proceed to click on ‘Download Now’ or ‘Get PDF” to successfully download the digitally cancelled cheque for your Paytm Savings Account.

Disclaimer

This article is solely for educational purposes. Stable Money doesn't take any responsibility for the information or claims made in the blog.