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Paytm payments bank launched, to offer zero-balance accounts

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CIOL Writers
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Paytm Payments Bank appoints Niin Chauhan as the new CISO

Paytm Payments Bank is now Live aiming to acquire 500 million customers in the next three years. The first physical branch of Paytm Payments Bank in Noida is part of the select first-phase roll out, offering accounts on an invite-only basis to consumers in Delhi-NCR region.

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The company said it will offer an interest rate of 4 percent per annum on deposits and aims to open 31 branches and 3,000 customer service points in its first year of operations. Paytm's interest rate is the lowest among the three payments banks: Airtel offers about 7.3 percent interest and India Post about 5.5 percent annually.

CIOL Paytm payments bank launched,to offer zero-balance accounts

“The first million customers to open accounts and have deposits of Rs 20,000 will get cash back of Rs 250 instantly. Accounts can be opened with a zero balance. All online transactions will be free of charge,” the company said.

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Paytm customers can request an invitation by going to www.paytmpaymentsbank.com or the Paytm iOS application. The company is also setting up Know Your Customer centers across the country. The bank will offer current accounts to its six million online and offline merchants as well.
The digital payments company last week named Renu Satti as its new CEO, following the exit of Shinjini Kumar. Satti had joined Paytm in 2006 as manager human resources and over the years, has been involved with various departments at the company. Most recently, she was heading the movie ticketing business as vice president.
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The company plans to open 500 million accounts by 2020. “Leveraging the power of technology, we aim to become the preferred bank for 500 million by 2020,” said Renu Satti, chief executive officer, Paytm Payments Bank.
Paytm would also offer RuPay cards to customers. “We will offer five free ATM transactions (in non-metro cities) per month. After that, customers will pay Rs 20 per ATM withdrawal,” the company said.
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