To open a bank account, a user is required to choose the preferred bank and the type of bank account.
After selecting the bank and the bank account type, the user then needs to fill the bank account opening form, submit a few supporting documents for KYC verification along with an amount for account functioning.
Once the verification and other required formalities are completed, the bank provides a welcome banking kit to the user that contains a chequebook, passbook, debit card, booklet and other required banking credentials.
The regular process to open a bank account is to first visit the bank, submit the account opening form, and the supporting documents to the banking officials. The overall process to open a bank account is a little lengthy and time taking. However, this is not the case with the Paytm Payments Bank savings account.
Paytm is one of the leading platforms that allows its users to open a Paytm Payments Bank savings account in a few easy steps. The process to open an account does not involve a list of documents or an account opening form to submit; however, a user must complete the KYC process. In case of incomplete KYC, the user can get it completed by opting for the Paytm Payments Bank video KYC process.
This blog explains the process to open a savings account online in a few easy steps-
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How to Open a Savings Account on Paytm Payments Bank?
Paytm Payments Bank does not require one to follow the old-age pattern to open a savings account. The user is only required to get his/her KYC completed. Below are the steps to follow to open a Paytm Payments Bank savings account effortlessly, digitally and online!
- Open the Paytm application
- Locate ‘Paytm Bank’ and click on it
- Tap on ‘Open a Savings Account’
- Set a strong passcode and re-enter it for confirmation
- Next, fill in the nominee details
- Enter on ‘Proceed’ to open a Paytm Payments Bank savings account
In case of incomplete KYC, the user will be asked to complete the KYC process either by opting for Paytm video KYC, by booking a home visit or by visiting the nearest KYC centre.
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Is it Good to Choose a Paytm Payments Bank Savings Account?
Paytm apart from offering cashback, reward points, bonus points, etc. also ease the process to make financial activities easy and rewarding. It is good to have an account with Paytm Payments Bank because of the following reasons-
- The account opening process to open a savings account with Paytm Payments bank is digital
- The user must perform a few easy simple steps to open a Paytm Payments Bank savings account
- There is no need to submit a list of documents to open a savings account; however, a complete KYC is required
- Paytm Payments Bank gives users the liberty to maintain minimum balance requirements accordingly
- The user can obtain a physical debit card by raising a request for it
- Apart from a physical debit card, the user is also offered a digital debit card
- 2.5% interest per annum is given to the account holder
- All the transactions made are digital and free of cost
- The user can also open a fixed deposit against a 5.5% interest rate and a 6% interest rate is offered to senior citizens
- Paytm’s digital passbook provides a summarized transaction history
- The user can order a cheque book through the Paytm application
- Paytm offers the trust and reliability of over 65 million savings account users
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Zero Balance Savings Account
Zero balance savings accounts are the type of accounts in which the account holder is not required to maintain a minimum balance. These types of accounts offer the users the flexibility to withdraw money anytime whilst leaving the account empty.
Features of Zero Balance Savings Account
- Zero balance accounts offer facilities like- net banking, cheque book/passbook, Debit card and more
- Zero balance account holder is not charged for ATM/debit card transactions
- These are the types of accounts that are suitable for people who earn only enough to meet their requirements
- This type of account encourages saving habits
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FAQs
What is the minimum balance requirement to be maintained for a Paytm Payments Bank savings account?
There isn’t any strict rule to maintain a minimum balance for a Paytm Payments Bank savings account.
How long does it take to open a Paytm Payments Bank savings account?
It takes a few minutes and a few taps to open a Paytm Payments Bank savings account.
Who can open a Paytm Payments Bank savings account?
Visit the official website of UIDAI to locate the nearest Aadhaar enrolment centre online.
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