Paytm Payments Bank Interest Rates, Charges, Online Transfer Fee

By | February 8, 2018


Do you know how much interest rates PayTm payments bank offer? What are the net banking transfer charges if you want to transfer money to PayTm payments bank account to your bank account?

Do PayTm payments bank offer ATM card and what are the charges? In this article I will be answering such questions and mention all the charges applied on PayTm payments bank.

What is PayTm Payments Bank? – Interest Rates, Rules & Key Features

Paytm Payments Bank is one of the 4 Payments bank launched in India. The idea of payments bank compared to regular bank savings account is a huge hit due to many reason. In this article I will be sharing various charges related to Paytm payments bank that you should keep in your mind while transacting.

Just to remind you the key features of Paytm Payments Bank,

  • You will get a zero balance savings account with maximum 1 lakh deposit limit.
  • The paytm savings account interest rate is 4% per year, payable monthly.
  • You will also get a digital Rupay debit card and if you want you can apply for a ATM card as well.
  • Freely use the Paytm ATM cum debit card while paying online or offline and also get regular cashback offers for shopping at PayTm.

Let’s proceed further and explore the various charges you have to pay while handing a savings account with paytm payments bank. And try to find out the differences between interest rates of payments bank vs normal bank savings account.

ATM Transaction Charges for PayTm Payment Banks

For Metro Locations like Mumbai, New Delhi, Chennai, Kolkata, Bengaluru and Hyderabad, you will get a limit of 3 free transactions every month. After that you have to follow the below charges.

  • Cash withdrawal: Rs. 20/txn
  • Mini statement, Balance check, PIN change: Rs. 5/txn

In case of Non-metro Locations, other than the 6 cities mentioned above you will get first 5 free transaction every month. After that below charges will be applicable.

  • Cash withdrawal: Rs. 20/txn
  • Mini statement, Balance check, PIN change: Rs. 5/txn

All these rates includes the 18% GST rate.

PayTm Payments Bank Charges for Debit Card and Cheque Book

  • Digital RuPay Debit Card: Free
  • Issuance charge/ Annual subscription for physical RuPay Debit Card: Rs. 120 / Rs. 100 annually thereafter
  • Lost card replacement: Rs. 100 + delivery charges
  • Cheque book (10 leaves): Rs. 100 + delivery charges

PayTm Payments Bank Charges for Online funds transfer

It is good that there is no charges on money transfer from your bank account to Paytm Payment bank savings account. Here are the details of common types of transactions and their charges.

  • IMPS: Free unlimited
  • UPI: Free unlimited
  • NEFT: Free unlimited
  • To another Paytm Payments Bank account or Paytm wallet: Free unlimited

Paytm Wallet to Bank Transfer Charges

Whether you are a KYC customer or non-KYC customer, the withdrawal charges will be 3%. In case you are using Paytm account for your business, then the charges will be as per per terms with Business Partner. There will be no charges on Loading money into Paytm, Purchase at merchant site, Paytm to Paytm Wallet Transfer.

PayTm Payments Bank Charges of Statements and Certificates

Although it’s recommended to avail for e-statements to avoid charges and for less use of paper. But still if you need account statement copy or any certificate from Paytm Payments bank then you have to pay charges.

  • Online passbook: Free Online Passbook and Email Statements
  • Email statements: Free
  • Physical statements / certificates: Rs. 50 + delivery charges Free for Women, Senior Citizens and Armed Forces Personnel

Paytm Payments Bank Interest Rates Vs Airtel Payments Bank

Well, Airtel Payments bank offer the maximum interest rates of 7.25% p.a. on savings accounts deposits. Which is very much higher whatever is offering by PayTm payments bank.

Is it good to deposit money in Payments bank for more interest income?

One have to remember the purpose these kind of bank accounts are simply to make online payment easy. As there is a limit of Rs 1 lakh max, you can’t consider these products as investment options like other highest interest savings accounts.

But yes, you can keep up to Rs 1 lakh and use the money wherever possible and then earn better interest rates compared to a savings account. Make sure there are various other charges applicable which I have mentioned clearly in this article, which you should also compare with your savings account with any bank like SBI, ICICI Bank, HDFC Bank etc.

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