PayTM payment bank is also called “Payment Bank”. It’s because they don’t have benefits like other HDFC, ICICI etc. The biggest feature of PayTM bank is, it’s fully paperless bank. PayTM bank is first app only bank. They doesn’t have any physical bank too. User can’t access its web version like another banks.
PayTM Benefits than other banks
- PayTM does not have minimum balance amount restriction to operate account.
- Since it has limitation of 1 Lakh they automatically convert access money to fixed account where you can earn up to 7.5% interest.
Restriction PayTM payment bank has
- PayTM bank can’t give any loan to their small lender.
- They can’t offer credit card to their bank account.
Features same as other banks
- User can transfer money from payment bank to other bank using IMPS and NEFT transfer.
- ATM and Debit card will be same and work on all ATM machine installed by any private or public sector banks.
- User will earn 4% interest on their saving.
IFSC and Bank details of PayTM bank account
Details should use for bank transfer
Account No: 91<customer Mobile No>
IFSC Code: PYTM0123456
Difference between banks and payment bank?
| Payment Banks | Banks | |
| Issue Debit/ATM/Internet Banking/ Mobile Banking | Yes | Yes |
| Issue Loan | No | Yes |
| Deposit Limit | 1 Lakh/Customer
(Can increase | No Limit |
| Open Current/Saving A/C | Yes | Yes |
| Open NRI Account | No | Yes |