Paytm Payments Bank, IndusInd Bank Partner To Offer FD Facility

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The mobile wallet company that later ventured into the payments banking space now in partnership with IndusInd Bank is extending fixed deposit facility.

Paytm Payments Bank, IndusInd Bank Partner To Offer FD Facility

The bank that allows customers to keep a deposit of Rs. 1 lakh at any given point in time, shall now in association with IndusInd Bank extend fixed deposit facility for any balance over and above the limit of Rs. 1 lakh at the end of day.

The interest rate on such FDs will be 6.85% per annum. The main advantage of this FD by Paytm payments bank is that the FD amount can be redeemed without incurring any pre-closure or other charges on an instantaneous basis.

In case the FD deposit holder turns a senior citizen during the term of the deposit, the scheme is upgraded on an automatic basis to provide a higher return.

Paytm Payments Bank MD and CEO Renu Satti said, "Majority of Indians prefer safer investment options that offer 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".

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