On Tuesday, Paytm Payments Bank Ltd (PPBL) announced its partnership with Suryoday Small Finance Bank to facilitate fixed deposit (FD) services to its account holders.
The Indian payments bank has already been offering fixed deposits service in collaboration with IndusInd Bank with a minimum investment of Rs 100.
"With this new partnership, PPBL has become the first payments bank in the country to launch the multi-partner FD service where an account holder can select the partnered bank as per their preference," Paytm added.
"The customers can also compare various features such as minimum investment, interest rate, tenure, among other things before making a decision," it said.
The payments bank facilitates zero penalty charges for liquidation of the fixed deposit placed with either of the partnered banks. It has been witnessed that many account holders prefer 'Auto-Create Fixed Deposit' feature wherein a user can set the FD limit on their savings account.
The multi-partner FD feature is the latest feature offered by PPBL as it works on expanding its services. Earlier, it enabled banking services through Aadhaar authentication by integrating the Aadhaar enabled Payment System (AePS) and also launched the Direct Benefits Transfer (DBT) facility.