Paytm unveiled the Paytm Payments Bank on tuesday becoming the first bank to offer cashbacks on deposits.
Customers will also be offered zero charges on all online transactions and no minimum balance requirement.
Paytm Payments Bank accounts will initially be available on an invite only basis. In the first phase, paytm will roll out its beta banking app for its employees and associates. Paytm customers can request an invite by going to www.PaytmPaymentsBank.com or on the Paytm iOS app, said a release issued by Paytm.
Paytm Payments Bank will offer Rs. 250 cashback to customers depositing Rs. 25,000 to Payments Bank account.