Paytm has launched its new feature of creating a Bank Account. You can easily open the Paytm bank account by following this step by step. guide. The paytm payments bank offer a 4% interest on your money kept in the savings account of the paytm bank. For having a paytm account you should be a verified user of paytm application and have an active paytm account. Follow the steps given below.
Steps to open Paytm bank account:
1. Launch your Paytm application: First of all, on your android device, you will see a white logo with paytm written on it. It's the official logo for the paytm application. Just tap on it to open up your paytm application.
2. Tap on Bank: After opening the paytm application, On the main of paytm you will see a Bank option at the bottom right. Just tap on to open the bank features of the paytm application.
3. Tap on Open your Savings Account: Now if you have not registered yourself for the savings account then you will see an "Open your Savings Account" option. It's a Zero balance account i.e you don't have to keep any balance in your account. Tap on the option to open your account.
4. Set the passcode for the payments bank: Now you will need to add a paytm passcode which you will enter every time while accessing paytm payments bank. Enter a four-digit pin.
5. Tap on the Tick mark: After you have entered the four-digit pin just tap on the tick mark logo at the bottom right corner of the page. It will save the four-digit pin you entered.
6. Re-enter your Passcode: To confirm the passcode you will need to re-enter the paytm passcode. Therefore, re-enter your four-digit passcode in the space given.
7. Tap on the Tick: After you have ensured that the password you entered matches and is correct you can now tap on the tick mark to continue with the paytm passcode.
8. Choose your Nominee: You will also need to choose the nominee. If you want to choose the nominee you can tap on the I want to add a nominee now option. For now, we will tap on the I will do it later option.
9. Tap on the Terms and Conditions Checkbox: Now there will be some terms and Conditions. You will need to check the I consent... Checkbox. (As Shown In the Figure below).
10. Check the Share KYC checkbox: Scroll down and you will find one more checkbox about KYC details consent. Just check this check box.
11. Tap on Proceed: After you have checked all the checkboxes you can tap on the proceed option at the bottom of the page. Just make sure you have checked all the checkboxes before tapping on the Proceed option.
12. Choose your KYC document: To open a bank account you will need to submit one of the documents listed - Passport, Voter ID, DL, and others. For now, we will choose Passport.
13. Enter your Passport Number: In the box given for the Passport Number enter your passport number. Make sure you enter the number correctly as it will be used to complete your KYC.
14. Enter your Name: Now enter your Full Name and make sure you enter the name spelling as it is written in the passport. Enter your name in the space given.
15. Enter the Expiry Date: Now you will need to enter the Expiry date of your passport. For that just tap on the Expiry date box.
16. Choose the Date: A calendar will pop up and you can choose your expiry date from the calendar. Just tap on the date you wish to enter.
17. Tap on Ok: After you have chosen the expiry date you can tap on the Ok option on the calendar. The ok option will be present at the bottom of the calendar.
18. Check the I agree to Checkbox: After you have entered each and every detail and making sure that the detail entered matches the passport and is correctly entered. You can check the I agree to terms & Conditions Checkbox. (As shown in the figure).
19. Tap on Submit: You can now tap on the Submit option present at the bottom of the page. Just make sure you have checked the I agree to checkbox.
20. Request Submitted: Now after everything you entered is correct and matches to the field entered you will get a Request Submitted status. You can now tap on Done option.
You can transfer money from paytm bank to any other bank and also request money. Also, you can apply for the paytm debit card. The paytm bank account is like any other bank account you can swipe your card anywhere and shop with it. You also no need to keep any minimum amount in your paytm savings account you can keep the balance zero.