The Paytm Payments Bank has revealed some good news for its customers, especially saving bank account holders. The bank has now further consolidated its position as a market leader by launching its own mobile banking app that will offer users quick and effortless financial transactions. A Paytm Payments Bank customer can now check balance, raise request for physical debit card, access digital card among other services now. Not only this, customers will also be able to receive 24×7 help and support through this mobile banking app.
Satish Kumar Gupta, MD & CEO Paytm Payments Bank said, “The new app has been introduced exclusively for its bank’s customers to provide wide range of banking services in a phased manner. The purpose of new app is to segregate its operations from the existing app which caters to customers of several group entities. However, PPB customers will continue to serve its customers on its older app should its customers desire so. Both apps will co-exist”
Currently, the new app will be available for download on Google Play store and shall shortly be available on the Apple app store as well.
This new mobile banking app is the latest edition of the bank. From this app, over 43 million saving bank customers will benefit. The bank has already issued over 2 Million physical debit cards.
In addition, virtual debit card has been given to all 43 million saving bank customers.
Furthermore, customers enjoy free banking services and earn an annual interest of 4% on their savings. PPB has a highly secure infrastructure and allows its customers to deposit up to Rs 1 lakh in their savings account and/or wallet.
Any amount exceeding the limit of Rs 1 lakh is automatically converted into a Fixed Deposit via auto sweep with PPB’s partner bank, allowing customers to earn up to 8% p.a. interest on their Fixed Deposit amount. Also, a customer can instantly redeem the desired amount in their Fixed Deposit at any time free of charge.
Apart from this, PPBL debit card has inbuilt security feature of enabling /disabling it just by single click in the app to secure against misuse of debit card by any miscreant. It is pertinent to note that nos. of digital transactions through PPBL debit cards are twice than that of cash transactions.