Business News
Paytm Payments Bank, IndusInd tie-up for FD facility
The facility creates a fixed deposit when the customer balance exceeds ₹1 lakh at the end of day.
Paytm Payments Bank on Saturday said it is partnering Induslnd Bank to introduce a facility to create a fixed deposit when the customer balance exceeds ₹1 lakh at the end of day.
Paytm Payments Bank customers can redeem their deposits instantly, anytime, without paying any pre-closure or miscellaneous charges and can earn up to 6.85% annual interest, the company said in a statement.
Additionally, if a customer becomes a senior citizen before the maturity period, the account will be auto renewed under the senior citizen scheme, thus earning higher interest, it added.
“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,” Paytm Payments Bank MD and CEO Renu Satti said.
