The Paytm Debit Card functions just like a standard ATM card. Paytm Payments Bank is an application found on almost everyone’s smartphone these days. Online money transfer in India received a massive boost after the demonetization of ₹500 and ₹1,000 notes on November 9th.
Paytm gained a vast number of new customers following demonetization. With banks closed, people had few alternatives, and the government also emphasized online fund transfers. Let’s explore everything there is to know about the Paytm Debit Card.
What is the Paytm Debit Card?
We have already explained what Paytm Payments Bank is. In this section, you will learn how to apply online for a debit card linked to your Paytm Bank account.
In today’s world, time is the most valuable asset. Keeping this in mind, Paytm launched both virtual and physical debit cards alongside its banking services. Much like debit cards from other banks, the Paytm Payments Bank card offers similar functionality.
The Paytm Debit Card comes with numerous benefits. You can use it to withdraw cash from any ATM. If you lose the card, you can block it directly through the Paytm app; you can also change your PIN whenever necessary.
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If you have set a spending limit on your card but need to withdraw an amount exceeding that limit, the app makes it possible to do so. These are just a few of the benefits; there are many other features accessible via the Paytm app, all contributing to a superior user experience.
How do you apply for a Paytm Debit Card Offline?
Before applying for a Paytm Debit Card, you must open an account with Paytm Payments Bank. You can open this account yourself directly through the Paytm app. To do so, you will need to complete the Paytm KYC process, which can be done at a nearby authorized KYC outlet.
How to apply for a Paytm debit card online?
Follow the process outlined below to apply for a Paytm debit card:
- Open the Paytm app,
- Tap on the ‘Bank’ option located at the bottom right corner of the screen,
- Scroll down and select the ‘Digital Debit Card’ option,
- Now, select the ‘Request ATM Card’ option,
- Choose your delivery address and click on ‘Proceed to Pay’,
- Once the payment is successful, your order for the Paytm debit card will be complete.
- After completing these steps, your application for the debit card is submitted; now you simply need to wait. The debit card will be delivered to your home within 7 to 15 days.
How to withdraw cash using the Paytm debit card?
As previously mentioned, withdrawing cash with a Paytm debit card is very easy; if you have ever used a debit card before, you will face no issues with this one either.
The Paytm debit card functions just like any other standard debit card. Much like cards from other banks, you can use it at any ATM machine. Paytm allows you to make 3 free cash withdrawals per month from any ATM.
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Once the limit of 3 withdrawals is exhausted, you will be charged ₹20 per transaction. However, if you reside in a non-metro city, the limit is higher—allowing for 5 free withdrawals—after which a charge of ₹20 per transaction applies for the remainder of the month.
FAQs
What are the charges for the Paytm Visa debit card?
There are no charges for domestic transactions made at Paytm Payments Bank ATMs.
Is the Paytm debit card free?
Paytm does issue the debit card for free initially, but a fee of ₹250 is deducted later.
What are the pros and cons of the digital Paytm debit card?
The advantages and disadvantages of the debit card are the same as those for cards from any other bank. Just like any other card, the Paytm debit card comes with its own set of advantages and disadvantages. Online fund transfers via UPI, NEFT, and IMPS are now completely free.
Is the Paytm debit card international or domestic?
To make international payments with the Paytm debit card, you need to enable international transactions.
Which Paytm debit card is provided?
Paytm provides Visa and RuPay debit cards; these can be used worldwide, similar to Mastercard and Maestro cards.
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