In the last few years, there a new model of bank conceptualized in India by RBI. The new bank model is termed Payments Bank. They are designed to fulfill payments needs. As of now, India has 6 Payments Bank that are operating, however, initially, there were 8 payments banks, but two banks closed their operation. As these banks are new model, so, they with some restriction and works differ
In the last few years, there a new model of bank conceptualized in India by RBI. The new bank model is termed "Payments Bank". They are designed to fulfill payments needs. As of now, India has around 6 Payments Bank that are operating, however, initially, there were 8 payments banks, but two banks closed their operation. As these banks are new model, so, they with some restriction and works differently compared to commercial banks in India. These banks can take a restricted deposit, which is now capped at Rs. 200,000 per person. These banks are not allowed to offer loans or credit cards to their customers. But, they can provide online or mobile banking as well as ATM and debit cards.
Paytm Payment Bank is one of the 6 Payments Banks that are operational in India. Customers of Paytm Payments bank can enjoy the FD earning on their saving account without worrying about the maturity or pre-withdrawal conditions.
As mentioned above, Payments bank cannot deposit more than Rs 2,00,000 from one customer. If the balance exceeds the prescribed limit then the bank will book a fixed deposit on the customer's behalf in partnership with IndusInd Bank Ltd.
|Maturity Period||356 days|
|Interest on Maturity||5.50%|
|Auto Renewal||On Maturity|
|Charges when redeemed before maturity||Zero charges (No penalty)|
|FD details||Available in passbook|
Further, With Paytm Payments Bank, FD customers can use 'Auto-Create Fixed Deposit'. This function allows you to establish a minimum balance limit in your savings account and automatically create a fixed deposit when your savings account balance surpasses that level. This function sets a fixed deposit for you at a certain time each day.
Fixed deposits are the safest investment option when compared to other types of savings accounts. With Paytm Payments Bank, you can both saving accounts with an interest rate of FD. PPB FDs provide a guaranteed rate of interest. Even aftermarket swings, the interest paid on a fixed deposit account stays unchanged, and this is true for the whole term of the account. Customers can reinvest the amount of their matured FD for the duration of their choice, earning compound interest. Customers can ask banks to credit the cash or reinvest it for another pre-determined term when their fixed deposit account matures. Customers can pick the term of their fixed deposits from a variety of options offered by banks.
Interest Rate offered by the partner bank on the FD with the Paytm Payments Bank:
|DURATION||INTEREST RATE (P.A.)|
Now, that you're aware of all the features, interest rates, benefits of a Paytm Payments Bank FD, here's how you can open your FD with following these simple 6 steps: