Paytm Payments bank has finally gone live in India making it the third payments bank in the country, after Airtel and India Post. The first physical branch of Paytm Payments Bank will go live in Noida today. Initially, the service will be available on an invite-only basis. In the first phase, Paytm Payments bank will roll out the beta version of the banking app for its employees and associates.
In order to get an invite you will have to log onto www.paytmpaymentsbank.com or request an invite via latest version of the Paytm app. The company is also setting up KYC centers across India to help customers get KYC done and make themselves eligible for a Payments Bank account. Paytm is offering a cashback of Rs. 250 after they deposit a total of Rs. 25,000 in their bank account. Paytm Payments bank will offer an annual interest of 4% for all savings accounts.
The bank plans to expand its physical presence to 31 branches and 3,000 customer service points in the first year. The company is targeting 500 million customers by 2020. Click here to know all about the Paytm Payments bank.