• Paytm Payments Bank Fixed Deposit

    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.

    Details of Paytm Payments Bank Fixed Deposit

    Maturity period 356 days
    Rate of interest on maturity 6%
    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 rate of interest earned will be computed as per the interest rate table of the IndusInd Bank. You can visit the IndusInd Bank’s official website to view the interest rate offered on their FD schemes.
    • FDs will be booked for the maturity period which offers the highest interest rates.
    • You have the option to redeem your FD anytime where the principal amount and the interest earned will be credited instantly.
    • 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.

    Interest Amount Credited based on the Amount Earned

    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.

    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.
    • During the renewal process, if you have become a senior citizen, then the FD scheme will be renewed under the senior citizen scheme. You will be eligible to receive an additional interest rate of 0.50% on your deposit amount.

    How to open Paytm Payments Bank FD

    • Open the Paytm app on your smartphone.
    • Click on ‘All Services’.
    • Click on ‘Paytm Bank’.
    • You must note that you will be required to open a savings account with Paytm.
    • Next, click on ‘Open Fixed Deposit Account’.
    • You will be asked for a 4-digit passcode to be entered.
    • Follow the instructions to activate your Paytm Payments Bank FD scheme.
    • You will receive a confirmation once the FD account is active.

    FAQs on Paytm Fixed Deposit

    1. Do I need to be a customer of IndusInd Bank in order 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.

    2. Is Paytm FD safe?

      Yes, PPBL FD is extremely safe and secure.

    3. Are there any penalty charges on premature withdrawal?

      No, there are no penalties on premature withdrawal.

    4. 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.

    5. 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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