If you want to open a bank account, you must select a particular bank and bank account type. Then, you have to fill up the account opening form. To complete KYC verification, you must submit some required documents and the required minimum amount for account functioning.

After completing documentation formalities, the bank provides you with a banking kit containing a passbook, debit card, chequebook, booklet, etc. Normally to open a bank account, one has to visit the bank submit all required documents to representatives of the bank.

Opening a bank account process is a bit lengthy and time-consuming. However, it is accessible in the case of a Paytm payment bank savings account. Paytm is a leading mobile payments app in India, and one can open Paytm payments bank savings account with a few steps.

The procedure of opening a savings account in Paytm is not lengthy. Also, you need not submit forms and documents. Your KYC should be completed; if not then you can do it with the Paytm payments bank video KYC process. Banking Gyan blog will show you the procedure, How to open Paytm payments bank saving accounts online with a few steps:

How To Open A Savings Account on Paytm Payment Bank

Paytm payments bank is not using old ways to open a savings account, and the user should only have KYC completed. Follow the below steps to open a savings account on Paytm payments bank online.

  1. Open Paytm App
  2. Find ‘Paytm Bank’ icon then Click on it
  3. Then Set a Passcode and re-enter Passcode for confirmation.
  4. Next, enter nominee details.
  5. Read terms & conditions and click to proceed.
  6. Now your Paytm payments bank savings account is ready to use
  7. If the User’s KYC is incomplete, they have to visit the nearest KYC center or do a video KYC process.
FAQ-Frequently-Asked-Questions

FAQ

1. What is the minimum balance required for a Paytm payments bank savings account?

Ans: No minimum balance required for Paytm savings account.

2. Is Paytm bank account free?

Ans: Yes, the Paytm bank account is free.

3. Does Paytm have an IFSC code?

Ans: Yes, IFSC code is PYTM0123456

4. Full form of Paytm

Ans: Full form of Paytm is pay through mobile

5. Who is the owner of Paytm?

Ans: Vijay Shekhar Sharma, Founder & CEO of Paytm.

6. Is Paytm RBI approved?

Ans: Yes, Paytm payments bank RBI approved to operate a scheduled bank.

7. Is Paytm savings account safe?

Ans: Yes, the Paytm savings account is safe.

8. Is Paytm bank a zero balance account?

Ans: Yes, there is no minimum balance required for Paytm payments bank savings account.

9. Can I transfer 50000 through Paytm?

Ans: Yes, users can transfer up to 5 Lakh rupees to beneficiaries through IMPS.

10. Does Paytm bank give debit cards?

Ans: Paytm bank, by default, gives the virtual debit card, and users also can order a physical debit card. Users can use a virtual debit card for online transactions and a physical debit for withdrawing money from any ATM.

11. Full form of UPI

Ans: Unified Payments Interface