Paytm Payments Bank Partners with Induslnd Bank To Introduce Fixed Deposits

Paytm Payments Bank, the digital bank providing zero balance accounts with zero charges on digital transaction, has partnered with Induslnd Bank to introduce first-of-its kind facility to create a Fixed Deposit when the customer balance exceeds INR 1 lakh at the end of day.

Paytm Payments Bank customers can redeem their deposits instantly, anytime without paying any pre-closure or miscellaneous charges and can earn up to 6.85% annual interest. Additionally, if a customer becomes a senior citizen before the maturity period, it will be auto renewed under the senior citizen scheme, thus earning higher interest. This new offering – which provides hassle-free and paperless experience for Paytm Payments Bank customers, will help boost their savings and earnings potential.

Renu Satti, MD & CEO – Paytm Payments Bank said, “Majority of Indians prefer safer investment options that offers them higher earning potential. Our offering will add the much-needed convenience of zero paperwork, instant redemption and no charges to one of India’s most preferred investment methods. We are confident our customers would appreciate our efforts to simplify investments while providing assured returns.”

The bank recently unveiled ‘Paytm Ka ATM’ outlets that allows customers to open Saving Accounts and deposit/withdraw money. These specially branded outlets will play a key role in bringing banking access to smaller cities and towns by ensuring customers find it easy to locate an access point near them.

Paytm Payments Bank offers these benefits to customers:

-       No minimum balance requirement

-       No charges on digital transactions

-       Free digital Debit Card

-       4% interest on savings accounts

-       Upto 6.85% annual interest on Fixed Deposits