Paytm Likely to open Paytm Bank with 14.50% interest rate for deposit accounts

Paytm Likely to open Paytm Bank with 14.50% interest rate for deposit accounts

Paytm is one of the most popular payment gateway service providers in the country that lets users make various payments like mobile bills, online shopping, easy recharge and much more. Now, this company is looking to open a banking institution in the country.

According to the latest news from the sources, the Paytm will soon launch Paytm bank in the next year as early as possible. The Reserve Bank of India has given permission and a license to set up a bank to the e­commerce web portal to launch a Payment bank in the country.

Paytm Bank

Getting into the details about the bank, the individual who opens a new account in the Paytm bank can get an account which is associated with Paytm wallet. Initially, the customer needs to open an account in the bank by making an initial deposit of Rs. 5,000. One of the interesting details about this Paytm bank is that it offers a 14.50% interest per year. There is no other bank in the country offering 14.50% per annum or even closer to it.

Source:LOOP21