Hi..
You may or may not have used Paytm as a wallet to make digital purchases but the fact that you will be soon using it as bank. Here is why?
Before few months Airtel started their bank... In the sense that their payment bank. You can create an account their. You may ask where are the branches located and your couldn't see any one of them.. yes my folks there are less chances. As it means that payment Banks are your airtel outlets. Not alone airtel users any one can create account in airtel payment bank account. There are some limitations, of course. We will discuss it later in this post. Keep reading.
Same thing here for Paytm too.. so needn't to explain whole lot of things. Just keep it simple. That's what I say.
You could create your bank account there.
You could not arise a quite common question. Airtel has their own outlets so they can make it as a bank. But what about Paytm?
Yes... Paytm is about to open certain locations apt for banking and may use some of the recharge shops as outlets.
Restriction of Payment bank
Payment Banks are not a usual bank or a formal bank that you visit for your banking needs.
They are totally different. There are some restrictions according to RBI.
You cannot transact or have more than 1 lakh in your account.
You will not get credit/debit card for your payment bank.
When you are in the need of money, or take your money you are supposed to visit the outlet at the apt time to make your transaction done.
So that's it about this post. Do comment your thoughts in the comments.. Follow my blog.. See u in my next post.
Bye for Now!💙
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