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Paytm Payments Bank
paytmbank.comSummary
Paytm Payments Bank provides digital savings accounts, virtual and physical debit cards, and a widely used mobile wallet for cashless payments. They focus on secure transactions and offer ATM access for cash withdrawals.
Feature Matches3/12
See all3/12
Must Have
1 of 5
Prepaid Debit Card (Cash App Card)
Instant P2P Transfers
Early Direct Deposit
Commission-Free Stock Trading
Bitcoin Trading
Other
2 of 7
Fraud Monitoring & Security
ATM Access & Fee Reimbursement
High-Yield Savings
Round-Up Savings
Pay Over Time (Afterpay)
Instant Discounts & Offers
Customizable Card Designs
PricingFree
See allFree
Savings Account
OTHER 0.00 one time
- No account fees and charges
- No charges for online transactions
- Risk-free deposits (invested only in government bonds)
- Free virtual VISA Debit Card
- Earn interest of 2% per annum (payable monthly effective Aug 1, 2023)
- Real time updated Passbook
- Highly Secure account with a special Passcode
- Contactless transactions with Debit Card
- Cashback and offers with Debit Card
- Wide acceptance (VISA network)
- Withdraw cash from any ATM (India & Abroad)
- Real Time Transaction History
- Manage Free Virtual Debit Card
- View card Offers and Benefits
- Keep upto Rs. 2 lac of deposits
- RBI directive restricts new deposits or credit transactions after March 15, 2024.
- Cannot deposit or add money to account after March 15, 2024.
- Cannot receive salary, subsidy, or direct benefit transfers after March 15, 2024.
- Cannot receive refunds after March 15, 2024.
- Cannot transfer money into account through UPI/IMPS after March 15, 2024.
Wallet
OTHER 0.00 one time
- Make Cashless Payments at the Touch of a Finger
- Making A Mobile Payment Done Within Seconds
- Incredible cashbacks every month
- Wallet Spends Are Updated In Real-Time
- Automatic Add Money (optional)
- Detailed spend analysis
- RBI directive restricts new deposits or credit transactions after March 15, 2024.
- Cannot top-up or transfer money into wallet after March 15, 2024.
- Cannot receive money from any other person into this wallet after March 15, 2024.
- Cannot receive cashback due in wallet after March 15, 2024.
Business Account
Custom
- Zero balance current account for all your payment needs
Salary Account
Custom
- Account that works as hard as you
Rationale
Paytm Payments Bank offers a savings account with a virtual and physical VISA debit card, which aligns with the 'Prepaid Debit Card' feature. They also emphasize 'Safety & Security' and 'Trust and Security' which covers 'Fraud Monitoring & Security'. The website explicitly mentions 'Withdraw cash from any ATM' which matches 'ATM Access & Fee Reimbursement'. However, the core 'Instant P2P Transfers' is not explicitly detailed as a direct bank feature, but rather through their 'Wallet' which is a separate product. There is no mention of stock or bitcoin trading, or early direct deposit. The recent RBI directive also indicates limitations on new deposits and credit transactions, which impacts the core functionality of a mobile-first financial services platform.
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I've been using Alternative A for 6 months now and it's been fantastic. The pricing is much better and the features are actually more robust than what [Product] offers.
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After struggling with [Product]'s limitations, we decided to build our own solution.
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The breaking point was when they changed their API without notice. We lost 3 days of productivity. Solution C has been rock solid for us since we switched.