Paytm payment bank to deliver cash at home to support senior citizens in Delhi NCR
New Delhi: Paytm Payments Bank Limited (PPB) has said that it will distribute cash at home to support senior citizens in Delhi NCR.
Cash withdrawal requests can be raised through the bank’s app. Senior citizens can request for minimum Rs 1000 and maximum Rs 5000 cash through this facility
Paytm founder Vijay Shekhar Sharma holds a 51 percent stake in Paytm Payments Bank, while the rest owns One97 Communications.
Paytm Payments Bank claims to have already crossed Rs 1,000 crore in savings accounts.
Payments Bank had earlier said that it has crossed Rs 600 crore in fixed deposit accounts as its growth was seen during the lockdown period due to volatility in other assets.
PPBL gives its customers the option of choosing a fixed deposit account with their partner bank, Paytm payment bank which gives them an interest of up to 7 percent per annum, the highest in the industry.
In April, a survey was conducted by consultancy firm Local Circles, which showed that nationwide lockdown has benefited digital payment platforms as 42 percent of Indians have increased use of digital means for payment since the lockdown was announced.
Required payments and purchasing mobile recharge are the top use cases for digital payments, the survey found.