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Paytm Payments Bank launched: Offers 4% interest, cashbacks on deposits
Paytm Payments Bank Ltd on Tuesday rolled out its banking operations. With the launch of Paytm Payments Bank, there are now three payments bank in the country, including Airtel Payments Bank Ltd and India Post Payments Bank Ltd.
Payments bank is a differentiated bank which allows customers to open a savings account for a deposit amount of up to Rs1 lakh. As of now, Paytm Payments Bank is offering the service by invitation only.
Here is a look at the products and services all the payments banks offer and what you should know before you opt for it:
Interest rate
The newly launched Paytm Payments Bank is offering 4% interest rate on savings account. Its competitor Airtel Payments Bank is giving 7.25% interest on deposits in savings accounts, while India Post Payments Bank is providing 4.5-5.5% interest on deposits depending on the amount.
Paytm Payments Bank's interest rate is in line with all the large commercial banks, including State Bank of India, Bank of Baroda and ICICI Bank Ltd, which continue to offer 4% interest rate on savings account deposits. Some of the smaller banks, including Yes Bank Ltd and RBL Bank Ltd, offer 5.5-7.1% interest rate on savings accounts, depending on the deposit amount.
India Post Payments Bank is offering three kinds of accounts: one regular and two basic savings bank deposit accounts.
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