How To Open a Paytm Payment Bank Account [ in 2022 ]

How to open a Paytm bank account

Before discussing about Paytm Payment Bank, we will discuss about a bank account. If someone wants to open a bank account, a user firstly need to visit the bank where he/she wants to open the account. Applicant have to choose the type of account as there are many options: Savings account, Current Account, Fixed Deposit Account etc. After that user need to fill the account opening form and then the applicant has to submit some documents for kyc verification like Aadhar card or PAN Card. When all these things have done by the applicant then after some time Bank provides a banking kit which includes passbook, cheque book, some extra papers, ATM card etc. But in some banks, you need to apply for ATM card separately while in some banks it will be given to you within few days after opening of your new bank account.

This whole process is for opening bank account in other banks while in Paytm Payment Bank you don’t need to go anywhere. All things and formalities will be done at your door step. So in this Artical we will tell you how to open a Paytm Payment Bank account.

Paytm is a well known payment transfer platform where you can do a lot of online transaction things like Mobile recharge, Dth recharge, movie tickets, electric and water supply bills. Earlier, Paytm was just a mobile wallet but after time to time update it is updated with UPI and more services. Now you can also open a bank account on Paytm app without going anywhere in any bank.

Here in Paytm Payment Bank, you don’t need to fill lengthy forms and follow lengthy time taken process. All things can be done in just few steps. But for documentation a user should done kyc verification process. For kyc verification, you should have aadhar card and PAN Card and you can verify it by video call on the app.

So let’s start this artical and if you want to know about How to open Paytm Payment Bank, read this artical till end.

How To Open A Saving Paytm Payment Bank Account : Step-by-step Full Tutorial

1. Install App
Firstly, go to Google Play Store or App Store for installing Paytm App in your android device or apple device.
2. Sign Up
Now open the app and search for the option of Paytm bank. After searching it click on the option, then click on the ‘Open a Saving Account’. After tapping on it set your password and remember it because you need to enter it twice. Now click on Proceed
3. KYC Verification Process
For KYC Verification you have three options:

  1. By video call kyc verification
  2. By visiting any Paytm affiliated store with your documents for verification.
  3. And the last one by requesting a visit at your step in which a person from Paytm will come at your home for kyc verification.

So these are the steps that you have to follow for opening an online bank account Hope you understand all the things.

Advantages Of Opening Paytm Payment Bank Account [ in 2022 ]

There is a series of advantages of having this in your phone. Initially Paytm was giving a lot of cashback, rewards and discounts and now using or opening it’s saving account has also a lot of benefits and advantages. Some of them are as follows:

  • Best advantage is that all things are digital or online that means no paper work is needed for any process of opening it.
  • No use of paper is creating a safe environment or eco friendly environment.
  • All steps are really very easy and consumer friendly and it’s 24×7 costumer care services are really very good.
  • In other private banks, you need to have a minimum Balance of five thousand or ten thousand in your account but in Paytm Payment Bank there is no such rule.
  • All things are digital and online but still you can opt for a physical debit card and activate it using your app.
  • Like other banks, here in Paytm Payment Bank you can also apply for virtual debit card.
  • If we talk about interest rate for saving account, you will get 2.5% interest per annum.
  • Here all the transaction are free of cost that means you don’t need to pay for any charge.
  • There is also options for fixed deposit in it you can get 5.5% internet rate and if the account holder is senior citizen, account holder will get 6% of interest rate.
  • Cheque book facility is also available for account holders. They can apply for it from there app of Paytm.
  • Digital Passbook facility is also there from where we can get a full information of our all total transactions.


Maximum Time it will take to open an account

If you have all the required documents, it will take a few steps or clicks to open your account. Mainly time is needed for kyc verification.

Documents Required While Opening an Account


Identity proof:

For this document you can have anyone of the followings: Aadhar card, NREGA card, PAN Card, Voter ID card, Driving licence, any Photo I’d card issued by gov.

Address Proof:

for this you should have one of the following : electricity bill, water supply bill, gas line supply bill, passport, driving licence, aadhar card, Ration card, bank or passbook statement, Voter ID card.


After all, it is safe, quite easy and simple to use. Nowadays it is one of the widely accepted app on both online an offline shops. You can add money in your Wallet from your bank account and also you can send it back to the same bank whenever needed. It depends upon the time when you send money to bank, it charges from 0 to 5% of the transferred amount. For transferring heavy amounts it asks for OTP which means that you don’t need to worry about the security issues. There is also options of UPI for which you don’t need to do any kyc verification. Using UPI you can easily transfer any amount from one bank to another.

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