Last Updated: January 23, 2023, 13:10 IST
Paytm, financial services and digital payments platform, is now providing users with an option to utilise the funds in their IndusInd Bank-affiliated fixed deposit accounts. This is done in cooperation with Paytm Payment Bank Ltd., whose customers can now use their fixed deposits at IndusInd Bank to send instant payments across various online platforms. Customers will be able to control their liquidity in real time with the help of innovation.
Additionally, users who have Paytm Payment Bank accounts can instantly transfer their IndusInd Bank FD funds into their Paytm Payment Bank accounts and use those funds to make purchases. The unique feature is that deposits will only be held for 356 days, so FD will mature in that time frame. However, Payments Bank has collaborated with IndusInd Bank for this purpose as it does not have direct approval to offer fixed deposit facilities to consumers.
With a minimal deposit of Rs 100 in Paytm Payments Bank, you can complete an FD. According to the information on the bank’s website, FDs are eligible for interest rates of up to 5.5%. The unique feature is that you won’t be penalised if you withdraw an FD from Paytm Payments Bank before it matures. A depositor will not receive interest if they break the agreement before the 7-day mark.
Paytm Payment Bank FD Rates-
7 to 44 days – 2.75 percent
45 to 59 days – 3.00 percent
60 to 89 days – 3.50 percent
90 to 119 days – 3.75 percent
120 to 139 days – 4.00 percent
140 to 209 days – 4.50 percent
210 to 268 Days – 5.00 percent
269 to 356 days – 5.50 percent
Customers of Paytm Payments Bank will not be charged any fee or penalties for the early closure of FDs formed in conjunction with IndusInd Bank. Paytm Payments Banks has 6.4 crore savings accounts as of the end of March this year.
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