The e-commerce payment platform Paytm will soon be opening the brick-and-mortar banking institution in India. The information has from our close sources who say that Paytm bank will be open as early as next year. The Indian e-commerce website was granted payment bank license by RBI only last year along with 10 other entities like Reliance Industries, Vodafone, Airtel and a few more.
As per the information we have received, a user who opens an account in the Paytm bank will have his/her account connected to the Paytm wallet. A customer can open an account with the initial deposit of Rs. 5,000. The most interesting and attractive information about the Paytm back is its interest rate, which is going to be 14.50% per annum. No other bank offers an interest rate of 14.50% or even close. Kotak Mahindra offers the maximum interest rate of 6% per annum. If the news turns out to be true, then the interest rate is going to be the USP of the Paytm bank, which we are expecting will attract maximum number of people.
Besides this, the bank will provide cashback of Rs. 60 cashback every month for 12 months, which means a customer will safe Rs. 720 by the end of the year. We are expecting the cashback of Rs. 720 to be credited in the user’s Paytm wallet.
The Noida-based company will be offering other benefits as well like insurance and systematic investment schemes in partnership with Reliance.
Back in June, Paytm CEO Vijay Shekhar Sharma stated that they are in the final process of completing the formalities and handing over the final applications to the RBI. He further said that the company is looking at network banking, but in a different way.
The idea seems to have delayed a bit but is steadily taking shape. If Paytm opens up a bank, it would become the first e-commerce company to start from a website and end up establishing a bank. We will bring you more information about Paytm bank and its future plans.
UPDATE: Paytm spokesperson has contacted us saying that there is no official confirmation on the same and we cannot verify anything at the moment.