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