If you are a customer of Paytm Payments Bank Limited (PPBL), then you can get a fixed deposit (FD) account opened where you will be able to maximize your savings. This scheme has been launched by Paytm Payments Bank in partnership with the IndusInd Bank and the interest rate charged will be as per the rates decided by the latter. You will be able to find the details of your Paytm Payments Bank Fixed Deposit in your Paytm passbook.
You must note that as per the RBI guidelines, as a customer of PPBL, the balance in your account cannot be more than Rs.2 lakh. Hence, PPBL will open an FD account in your name in partnership with IndusInd Bank.
|Maturity period||356 days|
|Rate of interest on maturity||6%|
|Minimum deposit amount||Rs.100|
|Charges when redeemed before maturity||NA|
|Auto renewal||On maturity|
|Details of your FD||Displayed in your PPBL passbook|
Top Bank FD
The interest amount earned by you will be rounded off to the nearest integer and credited. For example, if the interest earned is from Rs.11.50 to Rs.12.49, then the bank will credit an amount of Rs.12 to your account.
No, you do not have to be a customer of IndusInd Bank to avail PPBL FD. You must hold a savings account with PPBL to avail their FD scheme.
Yes, PPBL FD is extremely safe and secure.
No, there are no penalties on premature withdrawal.
You can check the details of your Paytm FD scheme on the Paytm passbook.
You can close your FD account by opening the Paytm app and clicking on FD option to close your account.
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