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Last week, Paytm unveiled the Paytm Payments Bank, becoming the first bank to offer cash-backs on deposits.
Customers will also be offered zero charges on all online transactions and no minimum balance requirement.
The Paytm Payments Bank plans to roll out 31 branches and 3,000 customer service points in the first year.
For savings accounts, it will offer an interest rate of 4 per cent per annum. It will also offer current accounts to the merchants registered with it.
Paytm Payments Bank accounts will initially be available on an invite only basis. In the first phase, the company plans to roll out its beta banking app for employees and associates.
Paytm customers can request an invite by going to www.PaytmPaymentsBank.com or on the Paytm iOS app.
Paytm Payments Bank will offer ₹250 cashback to customers depositing ₹25,000 in the account.
The current Paytm Wallet will move to the Paytm Payments Bank in the same capacity. Users will continue to be able to use their Paytm Wallet in the same manner as before, the company statement said.
Federal Bank launches platform Federal Bank, in association with Geojit, has launched a trading platform called “Selfie” for customers.
Designed and managed by Geojit, the trading platform will give its users control over their investments along with research inputs to make investment decisions.
The tablet edition of Selfie for Android and IOS users is available in app stores for download.
The features of the Selfie Trading Platform include a uniform experience across multiple platforms and devices and an advanced charting platform that enables users to trade directly from charts.
GST may increase MF expense ratio With 3 per cent increase in service tax likely after the implementation of Goods and Services Tax (GST), the expense ratio of mutual fund houses across the country could also go up by 3 per cent.
Expense ratio is the measure of the cost incurred by an asset management company to operate a mutual fund.
The GST will, however, benefit small MF distributors having an annual income of up to ₹20 lakh.
The government has exempted distributors earning up to ₹20 lakh from paying GST.
Currently, distributors earning up to ₹10 lakh as a commission are exempted from paying service tax.
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