Paytm Payments Bank has partnered with National Payments Corporation of India (NPCI) to announce RuPay-powered digital debit card.
Through the new debit card, customers will be now able to transact at all merchants who accept payments via debit and credit cards. Users who have opened their account with the payment bank will be issued the digital debit card. Further, the card comes with a free insurance cover up to Rs 2 lakh in the case of death or permanent total disability.
“Our customers will now be able to pay across all online platforms with our digital debit card and experience the same convenience that they have been accustomed to across the Paytm ecosystem,” PPB MD and CEO Renu Satti told PTI. The brand is looking to partner with other full-service banks to offer different services like term deposits, retail and SME loans.
To recall, the Paytm Payments Bank was launched in May this year and it offers annual interest of 4 percent for all saving accounts. The service is available through invite-only basis, and one has to log onto Paytm Payments Bank website to request an invite.
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Further, the payment bank will not charge on online transactions such as IMPS, NEFT and UPI. The brand is offering a free virtual Rupay debit card, however, if one requires a physical debit card then one has to pay Rs 100 plus delivery charges. Same is the case with lost card replacement and chequebook.
Coming to ATM transactions, the Paytm Payments Bank will charge a nominal withdrawal charge like any other bank does. For non-metro locations, one gets five free transactions every month and post that, one has to pay Rs 20 on every withdrawal. For metro areas, one will get three free transactions and after that one has to pay Rs 20 as well.
Furthermore, to check balance or mini statement one has to pay Rs 5. Paytm Payments Bank is offering free online passbook and email statements. However, one need to pay Rs 50 plus delivery charges for physical statements.