Fixed Deposit with Paytm Payments Bank: Features, Benefits, and Procedure

Fixed Deposit with Paytm Payments Bank: Features, Benefits, and Procedure

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Features of Paytm Payments Bank

As mentioned above, Payments bank cannot deposit more than Rs 2,00,000 from one customer. If the balance exceeds the prescribed limit then the bank will book a fixed deposit on the customer’s behalf in partnership with IndusInd Bank Ltd.

Below are some features of the Paytm Payments Bank FD:

PRODUCT FIXED DEPOSIT
Maturity Period 356 days
Interest on Maturity 5.50%
Auto Renewal On Maturity
Redemption Instant
Charges when redeemed before maturity Zero charges (No penalty)
FD details Available in passbook

Further, With Paytm Payments Bank, FD customers can use ‘Auto-Create Fixed Deposit’. This function allows you to establish a minimum balance limit in your savings account and automatically create a fixed deposit when your savings account balance surpasses that level. This function sets a fixed deposit for you at a certain time each day.

Interest rates and Benefits of Paytm Payments Bank (PPB) FD

Interest rates and Benefits of Paytm Payments Bank (PPB) FD

Fixed deposits are the safest investment option when compared to other types of savings accounts. With Paytm Payments Bank, you can both saving accounts with an interest rate of FD. PPB FDs provide a guaranteed rate of interest. Even aftermarket swings, the interest paid on a fixed deposit account stays unchanged, and this is true for the whole term of the account. Customers can reinvest the amount of their matured FD for the duration of their choice, earning compound interest. Customers can ask banks to credit the cash or reinvest it for another pre-determined term when their fixed deposit account matures. Customers can pick the term of their fixed deposits from a variety of options offered by banks.

Interest Rate offered by the partner bank on the FD with the Paytm Payments Bank:

DURATION INTEREST RATE (P.A.)
7-44 Days 2.75%
45-59 Days 3.00%
60-89 Days 3.50%
90-119 Days 3.75%
120-139 Day 4.00%
140-209 Day 4.50%
210-268 Days 5.00%
269-356 Days 5.50%

How to Open The FD With Paytm Payments Bank?

How to Open The FD With Paytm Payments Bank?

Now, that you’re aware of all the features, interest rates, benefits of a Paytm Payments Bank FD, here’s how you can open your FD with following these simple 6 steps:

  1. Open the Paytm app on your phone.
  2. Select ‘Paytm Bank’ from the drop-down menu and click it.
  3. Enter you Paytm Bank passcode.
  4. Find ‘Create a New Fixed Deposit’ on the screen and click it.
  5. Fill in the amount you’d like to deposit.
  6. Select ‘Proceed’ from the drop-down menu.

Original news source Credit: www.goodreturns.in



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