Paytm, India’s most popular digital wallet is all set to launch the Paytm Payment Bank. Its founder Vijay Sharma, a Noida-based entrepreneur who holds a majority stake of 51% in the company made this news public

The most amazing, interesting and attractive information about the Paytm Bank is its interest rate. It is going to be around 14.50% per annum. No other bank offers an interest rate of 14.50% or even near. Other banks offer the maximum interest rate of 6% per annum. If the news is true, then the interest rate is going to be the USP of the Paytm Bank. Expectedly, this will attract a maximum number of people.

Besides this, they will provide cashback of Rs. 60 every month for 12 months. This means a customer will save Rs. 720 by the end of the year. We are expecting the cashback of Rs. 720 to be credited in the user’s wallet.

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The Indian digital wallet major was granted payment bank license by RBI only last year along with 10 other entities like Reliance Industries, Vodafone, Airtel and a few more.

Sources said that a user who opens an account in the Paytm Bank would have his/her account connected to online Wallet. The Modus of Operandi is still to be worked out. But according to some unknown sources, the company is giving the outsourcing project to other companies to collect real data. Paytm is offering Rs. 20-50 wallet recharge every month to that user who is giving his data to their volunteer.

The companies which are getting this project are asking Rs. 5000 as security per 5 ids. In Rs. 5000 they will provide a Paytm t-shirt and cap only. The person who goes to collect data must have a tablet. On every single entry, he will get Rs. 7.