Paytm Payments Bank: Here’s how it compares with Digibank, Airtel Payments Bank and India Post Payments Bank

Deepak, 27/09/2017

Nearly after a delay of one year Paytm has launched its payments bank service in India. Simply called Paytm Payments Bank, it offers a range of benefits to its customers. Paytm Payments Bank is the third payments bank service in India after India Post and Airtel Payments bank.

With the new banking system, the existing wallets will be transferred to Paytm Payments Bank, but the accounts will remain as two separate entities. To avail the benefits of payments bank, new and existing Paytm customers will have to get an e-KYC done with Aadhaar linking and biometrics authentication. Besides Airtel Payments Bank and India Post Payments Bank, Paytm will also be competing with Digibank by DBS, which offers similar services to its customers. Let’s take a look at everything you need to know about payments bank in India.

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Paytm Payments Bank: Here’s how it compares with Digibank, Airtel Payments Bank and India Post Payments Bank
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Being an initial rollout, Paytm Payments Bank account is offered on an invite-only basis. New and existing users can head over to paytm.com/bank to sign-up or sign-in with their existing account and request for an invite. Talking about features, Paytm Payments Bank does not have any minimum account balance maintenance restrictions. Which means, even if you don’t have any money in your account, Paytm will not charge you anything.

The maximum money that you can deposit in your Paytm Payments Bank account is capped at Rs 1,00,000. And Paytm will also pay you an interest of four percent on the money in your savings account. Unlike standard banks where you pay transaction charges for online funds transfer, Paytm won’t be charging you anything – be it IMPS, UPI or NEFT.

Paytm Payments Bank customers will also be getting a Rupay debit card for free and a cheque book. There are no initial charges, but from next year onwards, Paytm will charge Rs 100 + delivery charges for the debit card. Also, lost card replacement and additional cheque book will each be charged at Rs 100 + delivery charges

Now, talking about ATM transaction charges, first five transactions will be free in non-metro cities, after which cash with withdrawal will be charged at Rs 20 per transaction, whereas mini statement will be charged at Rs 5 per transaction. In the case of metro locations, first three cash withdrawals will be free, after which cash withdrawals and mini statements will be charged at Rs 20 and Rs 5 per transaction, respectively. Lastly, while email statements and online passbook will be offered for free, physical statements will be charged at Rs 50, along with additional delivery cost.

What’s more, you existing Paytm wallet features remain as is, meaning you can use it to make bill payments, mobile recharge, electricity bills and more
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Now, coming to Airtel Payments Bank, the features are more or less similar. There are no account opening charges, or minimum maintenance charges. The maximum amount of money that you can deposit in your Airtel Payments Bank is set at Rs 1,00,000. Now, unlike Paytm, Airtel won’t be offering any physical debit card to withdraw money from ATMs. Instead, you will have to depend on banking points for cash withdrawal. Also, cash withdrawal will attract 0.65 percent charges.

Taking about funds transfer charges, you won’t be charged anything for transferring money to other Airtel payments bank user. However, for transferring money from Airtel payments bank to any other bank (via internet banking, mobile app or USSD), will attract charges of 0.5 percent of the transferred amount, maximum of Rs 50.

And for all your online transactions, you do get a virtual debit card. What’s more, you also get a wallet app (Airtel Money), using which you can transfer money to your family and friends with ease. Talking about interest rates on deposit, Airtel Payments Bank will offer interest of 7.25 percent.
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Just like Airtel and Paytm Payments Bank, India Post also has its payments bank service. There are no restrictions for minimum account balance maintenance, whereas the maximum amount that you can deposit is Rs 1,00,000. Debit card will be offered for free, and annual maintenance charges from the second year will be Rs 100. India Post will also pay an interest of 5.5 percent annually, which is more than that of Paytm, but less compared to Airtel.

India Post also has ATMs across a number of post offices in India, and also partnered with Punjab National Bank to offer free cash withdrawals. In non-metro cities, customers get five free transactions per month, after Rs 8 per transaction will be charged, whereas for metro cities, first three transactions will be free of charge, whereas after that Rs 20 per transaction will be charged. Maximum withdrawal limit per transaction is Rs 10,000, whereas maximum daily withdrawal limit is set at Rs 25,000.

Users can also other bank accounts via NEFT, IMPS and AEPS (Aadhaar enabled payment system). While AEPS transfers will not incur any charges, IMPS will attract charges of Rs 5 per transaction, NEFT transfer for up to Rs 10,000 will be charged Rs 2.5 per transaction, whereas amount between Rs 10,000 and Rs 1,00,000 will be charged at Rs 5 per transaction.

What’s more, India Post Payments Bank will also offer doorstep banking services too, wherein you can make cash withdrawal and deposits without having to physically go to the post office. The maximum amount of money that you can deposit or withdraw is set at Rs 10,000 and charges per visit range between Rs 15 to Rs35.
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Digibank is a part of Development Bank of Singapore which offers e-wallet and DigiSavings account to give you paperless, signatureless and branchless banking experience. It’s not a payments bank like Airtel, India Post or Paytm payments bank, but offers more services and benefits.

To being with, you can open an e-wallet in just a couple of minutes. By offering details such as Aadhaar card and PAN card, following e-KYC, you also get a bank account with benefits as the usual saving account. There is no minimum deposit amount requirement, and you can even deposit up to Rs 1 crore of more. For balances up to Rs 1,00,000, Digibank offers interest rates of seven percent.

You also get a Visa debit card with PayWave chip for NFC-based tap-and-pay payments. There is no limit on the number of transactions, which means you can go to any ATM across India and withdraw money for free of charge. Being a Visa card, you also get to withdraw money abroad.

What’s more, the app also acts as a wallet, allowing you to make funds transfers, pay for services, scan Bharat QR code at merchant shop to make payments and more. And with Artificial Intelligence and machine learning, the app can track your expenses and let you segregate based on food, transport, shopping, cabs and more. The app is available on Android and iOS platforms.


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