What is an Paytm IFSC Code?
Each IFSC code’s 11-digit representation of the bank and the branch is unique. The bank’s name is represented by the first four alphabetic digits of the Paytm IFSC Code, while the branch is represented by the final six digits.
Every bank’s IFSC code’s fifth digit is 0 (zero). To better understand the statement, let’s look at an example. The Paytm Payments Bank is represented by the first four alphabetic digits in the Paytm IFSC code PYTM0123456, and the Paytm Payments Bank’s Noida branch is represented by the final six digits.
As you can see, the IFSC code’s fifth digit is zero. The IFSC code for an SBI branch account will similarly look like SBIN0 followed by the branch’s six-digit code.
The IFSC code of every other bank follows a similar format: four initial digits to represent the bank, followed by zero and a six-digit branch code.
How is money transferred using the IFSC Code?
Money can be received from one bank account and transferred to another using the IFSC code. The only method of money transfer that needs an IFSC code is UPI.
The bank account number, IFSC code, account holder’s name, etc. must be provided to transfer money from any other mode. The receiver’s bank and branch are identified by the IFSC code, which is required for these transactions to be completed.
| Paytm Payments Bank Ltd | |
| Paytm Payments Bank Ltd (PYTM0000001) | |
| IFSC Code | PYTM0000001 |
| MICR Code | MICR not provided |
| Bank | PAYTM PAYMENTS BANK LTD |
| Address | PAYTM PAYMENTS BANK LTD,RTGS HO,NOIDA,201301 |
| District – | GAUTAM BUDDH NAGAR |
| State | UTTAR PRADESH |
| Branch | HO |
| Branch Code 000001 | |
| Timings Monday to Friday: 10 AM to 4 PM | |
| Saturday: 10 AM to 4 PM (Except 2nd and 4th Saturday) | |
| Paytm Payments Bank Ltd (PYTM0123456) | |
| IFSC Code – PYTM0123456 | |
| MICR Code | MICR not provided |
| Bank | PAYTM PAYMENTS BANK LTD |
| Address | B 121 SECTOR,5NOIDA,NOIDA,201301 |
| District | GAUTAM BUDDH NAGAR |
| State | UTTAR PRADESH |
| Branch | NOIDA BRANCH |
| Branch Code | 123456 |
| Saturday: 10 AM to 4 PM (Except 2nd and 4th Saturday) | |
Paytm Payments Bank IFSC Code
An 11-digit alphanumeric code called the Paytm Payments Bank IFSC Code is used for online money transfers.
The first four characters are the bank’s name, and the fifth is a reserved number that is used to send money to bank accounts via IMPS or NEFT. NEFT or IMPS can be used to start a money transfer.
Also Read: What Are Mutual Funds? – Everything You know about it
How to find Paytm Payments Bank IFSC Code
The Paytm Payments Bank IFSC Code found online or customer service. Banks typically use Magnetic Ink Character Recognition Code to process checks in a more systematic and error-free way.
BankBazaar is a website that lists the IFSC and MICR codes for all banks, accessible from the IFSC home page.
Paytm Payments Bank
The digital banking app Paytm Payments Bank provides free online transactions, no minimum balance requirement, and a digital debit card.
Customers can open a current or savings account with no service fees or account opening costs, and both accounts will pay interest. The Reserve Bank of India (RBI) gave the mobile wallet company the go-ahead to introduce the payments bank service.
It is simple to set up an account and access all bank information, and it is available on both the Android and iOS platforms. A new banking model is to be established, and financial inclusion is to be promoted.
How to Open an Account in Paytm Payments Bank
The process of opening a Paytm Payments Bank account and signing up for the service is quick and easy, and it only takes a few minutes.
The most recent version of the Paytm app must be downloaded or upgraded by users. Anyone without one will need to download the app..
1: On the Android or iOS platform, download the Paytm app or update to the most recent version.
2: Open the app, navigate to the “Profile” or “Passbook” section, and select “Open Bank Account.”
3: Choose an best password and select a nominee
4: proceed to enter the nominee’s information
5: Enter your Aadhaar card and PAN card information. After Residential address verification will come.
6: The activation of a Paytm Payments Bank account follows the address verification procedure.
Benefits of a Paytm bank account
Zero balance account: Customers using this payments bank app will be able to keep their account balance at zero, unlike with other bank accounts.
This kind of bank account has no minimum balance requirement. The maximum amount that may be kept in the payments bank is Rs. 1 lakh, though.
A attractive interest rate: The benefit of earning interest on their Paytm Payments Bank account is also available to customers.
Debit card for RuPay : all users will be qualified to receive a Rupay debit card that can be used to make ATM withdrawals. There won’t be any processing fees associated with issuing the card.
No charges for NEFT, IMPS: There will be no transaction fees for online money transfers, which is another advantage of this service. All users of the service are completely free.
Cheque book, online passbook: In addition to other promotions and advantages, Paytm will also give customers a chequebook. Along with this, the customer will receive free mail delivery of their bank statements and access to an online passbook facility.
Can pay utility bills: This app makes it simple to pay any utility bill, such as an electric bill or a mobile recharge.
