Paytm Payments Bank Fixed Deposit
Customers of Paytm Payments Bank Limited (PPBL) have the option to open a fixed deposit (FD) account that allows them to optimise their savings.
IndusInd Bank and Paytm Payments Bank collaborated to develop this initiative, and the interest rate charged will be determined 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.
Details of Paytm Payments Bank Fixed Deposit
Maturity period | 365 days |
Rate of interest on maturity | 7.50% |
Minimum deposit amount | Rs.100 |
Charges when redeemed before maturity | NA |
Redemption | Instant |
Auto renewal | On maturity |
Details of your FD | Displayed in your PPBL passbook |
Things to know about Paytm Payments Bank Fixed Deposit
- The interest rate will be calculated using the IndusInd Bank's interest rate table. To examine the interest rate offered on their FD programs, you can visit the official website of IndusInd Bank. interest rate offered on their FD schemes.
- FDs will be booked for the maturity period which offers the highest interest rates.
- You can choose to redeem your FD at any time, in which case the principal and accrued interest will be credited right away.
- No interest shall be paid in case you close your FD account prematurely before the minimum completion of 7 days.
- Once your account is matured, it will be auto renewed..
- Paytm Payments Bank will send all the information related to your FD whenever applicable.
Paytm Fixed Deposit Interest Rates
Duration | Interest Rates (p.a.) |
365 Days | 7.50% |
270-364 Days | 6.35% |
211-269 Days | 6.10% |
181-210 Days | 5.85% |
121-180 Days | 5.00% |
91-120 Days | 4.75% |
61-90 Days | 4.60% |
46-60 Days | 4.25% |
31-45 Days | 3.75% |
15-30 Days | 3.50% |
7-14 Days | 3.50% |
Interest Rates are effective from October 2023.
Interest Amount Credited based on the Amount Earned
Your interest will be credited after being rounded to the closest integer. For instance, the bank will credit your account with Rs. 12 if the interest generated is between Rs. 11.50 and Rs. 12.49.
Taxation
- Tax Deducted at Source (TDS) if applicable will be deducted on the interest accrued as per the rules set by the Income Tax.
- As per Section 26AA of the Income Tax Act, 1961, if you fail to furnish your PAN Card to the lender, then TDS at a higher rate will be deducted.
Renewal of Paytm Fixed Deposit
- In case of the renewal of your FD account, the new deposit amount will be the original deposit amount and TDS without interest.
- If you become a senior citizen during the renewal procedure, your FD plan will be renewed under the senior citizen plan. You are going to be qualified for a 0.50 percent extra interest rate on your initial deposit.
How to open Paytm Payments Bank FD
Follow the steps mentioned below to open Paytm payments bank FD
Step 1: Open the Paytm app on your smartphone.
Step 2: Click on 'All Services'.
Step 3: Click on 'Paytm Bank'.
Step 4: You must note that you will be required to open a savings account with Paytm.
Step 5: Next, click on 'Open Fixed Deposit Account'.
Step 6: You will be asked for a 4-digit passcode to be entered.
Step 7: Follow the instructions to activate your Paytm Payments Bank FD scheme.
Step 8: You will receive confirmation once the FD account is active.
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FAQs on Paytm Fixed Deposit
- What is the quickest way to check your FD scheme details?
You can check the details of your Paytm FD scheme on the Paytm passbook.
- Do I need to be a customer of IndusInd Bank to avail PPBL FD?
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.
- Is Paytm FD safe?
Yes, PPBL FD is extremely safe and secure.
- Are there any penalty charges on premature withdrawal?
No, there are no penalties on premature withdrawal.
- How to close my Paytm FD?
You can close your FD account by opening the Paytm app and clicking on FD option to close your account.
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