The country’s largest payments bank Paytm Payments Bank Limited (Paytm Payments Bank) allows customers to get fixed deposits done. You can get an FD in Paytm Payments Bank with an investment of as little as Rs 100. Paytm Payments Bank is offering up to 5.5 percent interest on FDs. Paytm has given this information by tweeting.
PPBL in association with IndusInd Bank is offering FD facility to customers with a minimum deposit of Rs.100. PPBL does not charge any penalty from the customers for premature break of FD.
Balance up to Rs 2 lakh
According to Paytm Bank website, in accordance with Reserve Bank of India (RBI) licensing and operating guidelines for Payments Bank, the total balance at the end of the day for a Paytm Payments Bank Limited (PPBL) customer does not exceed ₹ 2,00,000 Could be Based on your consent, Paytm Payments Bank will book the FD on your behalf in partnership with IndusInd Bank Limited.
Features of Fixed Deposit–
– Paytm Payments Bank Fixed Deposit has a maturity of 365 days.
– The interest on maturity is 6 percent.
– Facility of passbook is also available in this.
FD will be booked with maturity period offering higher rate of interest. You can redeem the FD at any time and after deducting TDS from the redeemed principal amount plus interest, the amount will be credited to your account within a few seconds.
If the FD is closed prematurely before the completion of the minimum period of 7 days, then no interest will be paid on the FD.
FD will get renewed automatically before maturity. The rates and tenure of the FD will be intimated by Paytm Payments Bank.