Fixed Deposit is a traditional mode of investment in the country. In this, you get the amount back with interest at a given time. Investment in FD is generally safe. Expanding on banking services, Paytm Payments Bank is also offering 6% interest annually on FDs. The specialty in this is that your deposit will remain for one year only. That is, your FD will mature in a year. It is to be noted here that Payments Bank is not directly approved to offer the facility of Fixed Deposit to the customers. Therefore Paytm Payments Bank has partnered with IndusInd Bank for this.
FD will be for 365 days only
According to the information available on the website of Paytm Payments Bank, the maturity period of FD in Paytm Payments Bank is 356 days and it is getting 6 percent interest. There is a special thing in this that if you withdraw the FD before the maturity period, then no penalty will have to be paid. However, there is a condition that if you break before 7 days, you do not get any interest. Apart from this, you will also get the facility of passbook on FD.
5% interest on 1 year FD in SBI
Talking about one-year FD rates in public sector banks, SBI’s interest rate is 5 percent. For senior citizens it is 5.50 percent. At the same time, Union Bank is offering 5.25 percent interest on 1-year FD and 5.75 percent interest to senior citizens. At the same time, the interest rate on one year FD in Punjab National Bank is 5.10 percent. Senior citizens will get 5.60 percent interest. It should be noted here that this rate is applicable on deposits of less than 2 crores in public sector banks.