Aryu Bank About :
Aryu Payments Bank comes to you from an institution that has served the country’s banking needs for over a decade. We truly value your hard work and understand how important it is to you and your family. It is therefore, our continuous endeavour to provide you with an unmatched banking experience, through our simple products & services that can easily be accessed anytime, anywhere, and in your neighbourhood too.
We are the first payments bank to go live with 450 branches and more than 25,000 banking points on day one. The bank was incorporated on 10th April, 2017 with the name Aryu Payments Bank Limited.
What is a Payments Bank?
Payments Bank is a new model of banks visualised by the Reserve Bank of India. As a Payments Bank, Paytm can now offer banking services like Debit Cards, Online Banking, Mobile Banking, and also accept deposits of upto Rs. 1 lakh per customer in a Savings Account.
How is a Payments Bank different than other Banks?
> Payments Bank cannot lend money to their customers
> Payments Bank cannot open Fixed deposits or recurring deposits
> Payments Bank cannot allow a balance of more than Rs.1 lakh in any account, overnight
What are the services offered by Aryu Payments Bank?
Aryu Payments Bank will soon be offering services like savings and current account with a debit card which will help you make easy and faster payments.It will also give you to access to a wide range of financial services such as Insurance, Loans and Mutual Funds offered by our partner banks with the seamless Aryu experience.
What happens to my balances above Rs 1 lakh?
As per the RBI guidelines, you can hold only a maximum of Rs. 1 lac in your Aryu account at the end of the day. This limit is imposed on the sum of your wallet and savings account balances. Balance amount in excess of Rs. 1 lac is moved to a Fixed Deposit with our partner bank.
What will happen when I move to Aryu payments bank?
Your Wallet currently resides with Aryu Payments Bank as mandated by RBI for all Aryupay Wallet customers. aryupay will offer all the services which it did as a wallet, and additional features like:
It will also enable you to access a range of financial services such as Insurance, Loans and Mutual Funds offered by our partners. If you decide to open an account with us, you can still continue to enjoy all the benefits of the wallet.
Our Philosphy :
To catalyze nation building by making every citizen financially secure.
To become the preferred bank for our customers by providing the simplest and most accessible financial services to grow their wealth.
Group Companies :
