As you may already know the concept of digitization happening in our society , PAYTM comes with a digital banking concept where your Bank is right in your mobile . So whats this concept is all about lets find out that in this review.
The traditional bank account process generally involves you to go the bank fill in those application form get your documents verified and after all this stuff you get your bank passbook , where as here you are just an app away from opening your bank account , just download the PAYTM app get your KYC verified and your good to go with the your account .
Your mobile number serves as your account number and you get a Zero balance bank account that earns you 4% interest as well as a virtual debit card free of charge , you can even request for a physical card by paying the prescibed annual fee.
Being a payments bank account your restricted to a max of 1 Lakh in your account but it serves the purpose for the younger lot of account holders, did found some glitches here and there but it just gets better with every update it rolls out.