Paytm Payments Bank launched, offers 4% interest rate on savings account
By Team Legistify / 2017-05-25

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Paytm Payments Bank Ltd on Tuesday rolled out its banking operations. With the launch of Paytm Payments Bank, there are now three payments bank in the country, including Airtel Payments Bank Ltd and India Post Payments Bank Ltd.

Payments bank is a differentiated bank which allows customers to open a savings account for a deposit amount of up to Rs1 lakh. As of now, Paytm Payments Bank is offering the service by invitation only.

Here is a look at the products and services all the payments banks offer and what you should know before you opt for it:

Interest rate

The newly launched Paytm Payments Bank is offering 4% interest rate on savings account. Its competitor Airtel Payments Bank is giving 7.25% interest on deposits in savings accounts, while India Post Payments Bank is providing 5.5% interest on deposits depending on the amount.

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