Paytm Payments Bank Ltd (PPBL) on Friday announced the launch of ‘Cash at Home’ facility for senior and differently-abled citizens so that they do not need to step out during the COVID-19 pandemic. The new service will enable them to raise cash withdrawal requests on the bank’s app and the requested amount will be delivered at their home, PPBL said in a statement.
The process for availing of ‘Cash at Home’ facility follows simple steps. Any senior citizen who is holding a Savings Account with the Paytm Payments Bank can click on the tab in their Paytm app to enter the desired amount and submit their request. The bank executive will deliver the requested amount at their registered address within two days of raising the request, the statement added. The minimum amount that can be requested is Rs 1,000 and the maximum amount will be limited to Rs 5,000.
Satish Kumar Gupta, CEO and Managing Director, Paytm Payments Bank, said,
“Our latest ‘Cash at Home’ facility will be of immense help to those people who cannot visit an ATM or bank branch due to age, health, or any other issues.”
Recently, it has launched a Direct Benefits Transfer (DBT) facility where it enabled customers to receive the benefits of over 400 government subsidies directly into their PPBL Savings Account.
Last week, Paytm Payments Bank crossed Rs 600 crore in fixed deposit accounts held with its partner IndusInd Bank. The bank, which started with the aim of bringing the underserved masses into the fold of the formal banking system, offers its customers to opt for an FD account with its partner bank, allowing them to earn up to 7 percent p.a. interest. The customers can instantly redeem the partial/complete amount from their fixed deposit at any time free of charge.
PPBL claims that it has also played a leading role in spreading the reach of debit cards across the country. With over 57 million digital debit cards, the bank now has a debit cardholder in every district of India, and is said to be one of the largest RuPay card issuers in the country. It offers flexibility to its customers to choose from VISA, MasterCard, and RuPay debit cards.