Paytm Payments Bank Ltd IFSC and MICR Code:

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 Paytm Payments Bank IFSC Code

Paytm Payment Bank IFSC Code

Paytm Payments Bank IFSC Code is a 11-digit alphanumeric code that is mainly used for all types of online fund transfers. This feature is mainly used to send money to bank accounts through the digital payments bank account via a smartphone. The Paytm Payments Bank IFSC Code ‘PYTM0123456’ can also be used by a customer to add money from another bank account to the Paytm Payments Bank Savings account. Money transfers can be initiated through IMPS or NEFT. The first four characters ‘PYTM’ represents the name of the bank and the 5th number, which is ‘zero,’ is reserved for use in the future.

How to search for Paytm Payments Bank IFSC & MICR Code

Paytm Payments Bank IFSC Code can be found online or by contacting customer care. This information is available on a number of third party websites. Magnetic Ink Character Recognition Code is usually used by banks to clear cheques in a more organised and error-free manner. BankBazaar is one such website where IFSC and MICR codes of all banks can be found. This can be found on the IFSC main page.

Paytm Payments Bank

Paytm Payments Bank is a digital banking service app that comes with zero balance requirement, free online transactions and a digital debit card. The service can be used by downloading/upgrading to the latest version of the Paytm app. Initially, customers will have to request for an invite to open a bank account with this payments bank. Customers will be eligible to open a Savings Account or a Current Account with no service fee or account opening charges and earn interest on the same. The mobile wallet company received a nod from the Reserve Bank of India (RBI) to launch the payments bank service. The digital payments bank service is available on both Android and iOS platforms. It is very easy to set up an account and access all bank information, including bank statements, etc. The aim is to set up a new banking model and encourage financial inclusion.

How to Open an Account in Paytm Payments Bank

Opening a Paytm Payments Bank account and registering for the service is a simple and easy process that can be done in a couple of minutes. Customers will have to download or upgrade to the latest version of the Paytm app. Those who do not have one will have to download the app.

Step 1: Download the Paytm app or upgrade to the latest version on Android or iOS platform

Step 2: Launch the app, go to the ‘Profile’ section or ‘Passbook’ section and go to open bank account

Step 3: Choose an appropriate password and select a nominee

Step 4: Proceed to fill in nominee details

Step 5: Enter Aadhaar card and PAN card details. This will be followed by residential address verification

Step 6: Post the address verification process, a Paytm Payments Bank account will be activated

Benefits and Features of Paytm Payments Bank account

Zero balance account: Unlike other bank accounts, this payments bank app will allow customers to maintain a zero balance account. There is no minimum balance requirement in this type of bank account. However, the upper cap for the amount of money that can be held in the payments bank is Rs.1 lakh.

Attractive interest rate: Customers can also avail the benefit of earning interest on their Paytm Payments Bank account.

Complimentary Rupay debit card: All users will also be eligible to get a Rupay debit card that can be used to withdraw money at ATMs. The card will be issued without any processing charges.

No charges for NEFT, IMPS: One of the other benefits of this service is that there will be no transaction charges for online money transfers. The service is completely free for all customers.

Cheque book, online passbook: Apart from other offers and benefits, Paytm will also issue customers a cheque book. An online passbook facility will also be provided and along with this bank statements will be mailed to the customer for free.

Can pay utility bills: All utility bills, namely electricity or mobile recharges, can be paid through this app without any hassle.

How to Pay Merchants at Stores Using Scan Code

Step 1: Open the Paytm app

Step 2: Click on the Pay or Send option after which the camera will open for scanning

Step 3: Scan the merchant code, write a remark stating why you are sending money. This is optional

Step 4: Key in the amount that has to be paid and click ‘Pay’

Step 5: A confirmation SMS will be sent

How to Send Money Using Paytm Through Mobile Number

Step 1: Open the Paytm app

Step 2: Click on Pay or Send and choose the mobile number option

Step 3: Enter the mobile number of the payee/beneficiary. This can be done by tapping on the contacts

Step 4: Key in the amount of money to be sent and click ‘Send’

Step 5: A confirmation message will be sent to the payee

How to Make a Payment Using Paytm Payments Account

Funds can be transferred from Paytm Savings Bank account to other bank accounts. To do so, just go to the ‘Transfer Money’ option and follow instructions.

How to Add Money to My Paytm Wallet

Step 1: Open the Paytm app, click ‘add money’ and select ‘wallet’

Step 2: Key in the amount you want to add

Step 3: Go to ‘Saved Cards’ and choose the ‘Rupay Card’

Step 4: Key in CVV and click ‘Proceed to Pay’

How to Add/transfer Money to Paytm with UPI

Step 1: Open the Paytm app, click ‘add money’

Step 2: Key in the amount you want to add

Step 3: Go to ‘payment selection’ and select UPI

Step 4: Key in the VPA. Approve the collect request in your UPI app. Payment will be confirmed.

How to Send Money from Paytm Wallet to Bank Account

Step 1: Open the Paytm app

Step 2: Click on Pay or Send

Step 3: Choose the ‘Send to Bank’ account

Step 4: Enter beneficiary/payee details such as account number, IFSC code and enter the transaction amount and click ‘Send’

News About Paytm Payments Bank

  • Paytm Payments Bank Claims to Having Over 100 Million KYC-Registered Wallets

    Even though there have been indications in the digital payments industry of a sharp fall in mobile-wallet users given that customer authentication did not take off, Paytm Payments Bank has claimed that it has over 100 million e-verified accounts.

    Of all the registered wallets, some have complete ‘Know Your Customer’ (KYC) while some fulfil the minimum criteria that is required. It needs to be mentioned that of over 100 million KYC completed accounts, 76 million had been done through biometrics

    The country’s central bank namely Reserve Bank of India had in 2017 asked mobile wallet companies to collect full authentication documents from its customers and verify them before continuing to operate such accounts.

    It is noteworthy that as per the data available on the UIDAI website, e-KYC transactions carried out through Paytm Payments bank stands at 7.8 million for the current month.

    24 April 2018

  • Paytm Payments Bank Targets 500 Million Bank Accounts By 2020

    Paytm Payments Bank is targeting 500 million bank accounts by 2020. The payments bank is aiming to set up more than 100k banking outlets by the end of 2018. Additionally, to reach a larger audience on both retail and corporate, it’s in the process of including a wide range of financial products. The payments bank is looking to bring digital and financial inclusion by improving access to banking services in rural and semi-urban areas across the country. The company has invested $500 million in KYC (Know Your Customer) operations to reach the target of 500 million bank accounts by 2020.

    23 April 2018

  • Paytm to Put in Rs.500 Crore for Digital Payments Training

    Paytm is likely to invest Rs.500 crore towards creating training and awareness sessions on digital payments across India.

    These sessions will be held to educate small time business owners and merchants. The mobile digital payment app has already made tie-ups with as many as 60 lakh merchants. This aims to increase the number of digital payment transactions.

    All merchants will be able to accept payments through UPI without any additional costs.

    31 January 2018

  • Paytm Wants to Collaborate with Other Entities, Corporates

    In an effort to increase its customer base, Paytm Payments Bank wants to join hands with various corporates and provide incentives to these firms to collaborate with them.

    .

    The digital payments company wants companies to move their employees salary accounts to Paytm and also offer other benefits like food and gift vouchers through Paytm.

    Paytm has introduced a number of banking outlets in rural areas and customers can use these centres for a wide range of services like fund transfer through UPI, NEFT and IMPS.

    At present, Paytm has a customer base of 170 million.

    30 January 2018

  • Paytm for Business Launched for Merchants

    Popular digital payment app Paytm has now introduced a ‘Paytm for Business’ app to help merchants accept and process digital payments in a hassle-free manner.

    Some of the features provided include the option to track payments, check out the history of payments and settlements. Paytm QR codes can also be generated. There will be no charges for this service and unlimited number of payments can be made as of now.

    The app is also available for use in as many as 10 regional languages.

    29 January 2018

  • Now, Paytm Introduces its Own Debit Card Range

    Paytm recently launched physical debit cards that can be used by account holders to perform all the functions of a debit card such as cash withdrawal, offline payments, for making payments at point-of-sale terminals, etc.

    Until recently, the digital payment app was only issuing virtual debit cards. To apply for a new debit card, customers have to order from the Paytm app. The fee for the card will be Rs.120.

    Paytm is a UPI-enabled app, which allows customers to send and receive money without a bank account number, IFSC code or other details. All you need is a Virtual Payment Address (VPA).

    29 January 2018

  • Now, Transfer Funds for Free using Paytm

    All Paytm customers will have the privilege of opening zero balance accounts from now. Apart from this, there will be no charges for all online transactions using this app.

    The main objective behind this move is to encourage more cashless transactions in the country. From henceforth, there will be no minimum balance requirement and all customers can maintain a zero-balance and a zero-fee Paytm account.

    All fund transfers can be initiated using Paytm through UPI, NEFT, IMPS and RTGS without any charges. There is no need to provide IFSC code or bank account number to transfer funds through UPI.

    12 January 2018

  • Paytm to Promote E-payment via ‘12/12 Festival’ in Offline Retail

    On December 12, Paytm will conduct the second edition of its ’12/12 Festival’ in an effort to promote digital payments across its five million offline merchant partners. This offline shopping bonanza is intended at driving greater sales for vendor partners accepting Paytm as means of payment.

    To attract customers, a variety of deals and cashback offers have been put forth by the company, the most notable of which is a cashback of up to 50 percent on payments made with Paytm. These deals can be availed across a wide spectrum of offline merchants such as organised stores, restaurants, milk booths, petrol pumps and others.

    14 December 2017

  • Paytm Likely to be World’s Largest Digital Bank

    Paytm Payments Bank founder has said that the company is planning to target 500 million accounts and provide a number of new services.

    The new features that are likely to be included will be money market investments, debit cards, etc. Apart from this, the other services that may be offered include insurance and share market services. The main objective behind this move is to create a vertically integrated financial company. On the hand, one of the things that Paytm cannot do is to give out loans to customers.

    6 December 2017

  • No Transaction Fee on NEFT, IMPS, RTGS on Paytm

    All Paytm Payments Bank customers will be able to initiate online payments with no processing or transaction charges. Paytm payments Bank provides a number of benefits including fast and paperless transactions, savings account with interest facility, RuPAy debit card and free online transactions.

    Apart from Paytm, India Post Payments bank also provides a complimentary debit card with no annual fee for the first year and Rs.100 from the following year.

    6 December 2017


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