PayTM Payments Bank is now allowing customers to open Fixed Deposit accounts. One can open an FD account in Paytm Payments Bank with just Rs 100. Paytm Payments Bank is offering up to 5.5 percent interest on FDs.
Paytm Payments Bank Limited (PPBL) has joined hands with Indulsnd Bank, and will now allow customers to get an FD account starting with Rs. 100. Apart from this, PPBL will charge no penalty on customers who wish to break their FD mid-way. With the customer’s consent, Paytm Payments Bank will book the FD on the customer’s behalf, in partnership with IndusInd Bank Limited.
According to Paytm Bank’s website, as per 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 can’t exceed Rs 2,00,000.
Some special features of this new FD facility are:
1. The maturity of Paytm Payments Bank Fixed Deposit is 365 days.
2. The interest on maturity is 6 percent.
3. Facility of passbook is also available.
The amount in the FD can be redeemed at any time, without any charges. The amount redeemed will be credited into the customer’s account after TDS deduction. In case the FD is closed before it completes 7 days, no interest will be provided. The rates and tenure of the FD will be intimated by Paytm Payments Bank.