Paytm Payments Bank has launched a separate mobile application for its mobile banking services. Through the app, the bank will provide seamless and secure access to its customers to all basic banking services.
In a note, Paytm Payments Bank said that the app will enable customers to check balance, request for debit cards, access their digital debit cards and get 24/7 support from the bank.
Launched in May 2017, the bank said that it has currently enrolled over 43 million saving bank customers and has already issued over 2 million physical debit cards. In addition, virtual debit card has been given to all 43 million saving bank customers.
PPBL debit card has inbuilt security feature of enabling or disabling it just by a single click in the app to secure against misuse of a debit card by any miscreant.
“The purpose of a new app is to segregate its operations from the existing app which caters to customers of several group entities. However, PPBL will continue to serve its customers on its older app should they desire so. Both apps will co-exist,” said Satish Kumar Gupta, chief executive officer, PPBL.
While the bank offers a 4% interest rate on savings deposits till Rs 1 lakh which is permitted by the Reserve Bank, on exceeding the limit the excess gets transferred automatically into a fixed deposit with a partner bank where a customer can earn up to 8%.