Top Payments Banks that Offer Fixed Deposit
The Indian Bank System has witnessed the growth of a new bank system, the payments bank, in recent years. Payments banks are a new bank model developed by the Reserve Bank of India (RBI).
These banks are not like regular Indian banks. Compared to the traditional banks functioning in India under the administration of the RBI, these banks are subject to restrictions and must adhere to a different set of rules.
A fixed deposit (FD) is a financial instrument offered by banks, non-banking financial institutions, and payments banks to help you grow your earnings. Read on to know about the top payments banks that offer fixed deposits.
Paytm Payments Bank Fixed Deposit
If you are a Paytm Payments Bank Limited (PPBL) customer, you can open a fixed deposit account and maximise your earnings. Paytm Payments Bank, in collaboration with IndusInd Bank, has introduced this Paytm FD scheme.
Key Highlights of Paytm Payments Bank Fixed Deposit
Tenure | 356 days |
Auto-renewal | On maturity |
Interest rate | Up to 7.75% p.a. |
Redemption | Instant |
Charges for redeeming before maturity | Nil |
Fixed deposit details | Mentioned in PPBL passbook |
Interest Rates on Paytm Payments Bank Fixed Deposit
Tenure | Interest Rates (p.a.) |
365 Days | 7.75% |
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 | 4.50% |
31-45 Days | 4.00% |
15-30 Days | 3.50% |
7-14 Days | 3.50% |
Airtel Payments Bank Fixed Deposit
Airtel Payments Bank, in collaboration with IndusInd Bank, has introduced a fixed deposit facility. You can open fixed deposits ranging from Rs.500 to Rs.1.9 lakh through the Airtel Thanks app.
Key Highlights of Airtel Payments Bank Fixed Deposit:
Tenure | 1 year to 3 years |
Deposit amount | Rs.500 to Rs.1.9 lakh |
Interest rate | Up to 6.50% p.a. for the general publicUp to 7.00% p.a. for senior citizens |
Penalty for closing FD before maturity | Nil |
Fino Payments Bank Fixed Deposit
Fino Payments Bank has partnered with Suryoday Small Finance Bank to introduce a ‘Sweep Account’ facility. With this facility, customers will be able to deposit, withdraw, and receive more than Rs.2 lakh in their accounts.
Key Highlights of Fino Payments Bank Sweep Account Facility:
Application mode | Online and offline |
Interest rate | Up to 6.25% p.a. |
Charges for availing Sweep Account facility | Nil |
Google Pay Fixed Deposit: Features and Rates
Google has collaborated with Equitas Small Finance Bank to enable customers to open fixed deposits using the Google Pay app. Users will be able to book an FD with just a few simple clicks through this partnership. To open a fixed deposit with Equitas Small Finance Bank, simply open the Google Pay app on your mobile phone and navigate to the 'Businesses and bills' option.
You must choose an amount and a term for the fixed deposit. You can use your UPI-connected bank account to send the funds. The bank provides a fixed interest rate of 3.50% p.a. for 14 days and 6.35% p.a. for a year to 18 months.
FAQs on Payments Bank Fixed Deposits
- What is the interest rate offered on Paytm Payments Bank fixed deposit?
Paytm Payments Bank offers interest rates ranging from 2.75% p.a. to 5.50% p.a. on fixed deposits.
- What is the tenure offered on Paytm Payments Bank fixed deposit?
The tenures offered on Paytm Payments Bank fixed deposit range from 7 days to 356 days.
- What is the interest rate offered on Airtel payments bank fixed deposit?
Airtel Payments Bank offers an interest rate of up to 6.50% p.a. to the general public. Senior citizens are offered an additional interest rate of 0.50% p.a.
- Is there any penalty for withdrawing a fixed deposit before maturity?
No, Paytm Payments Bank does not levy any penalty for withdrawing a fixed deposit before maturity.
- Can I avail the ‘Sweep Account’ facility with Fino Payments Bank online?
Yes, you can avail the ‘Sweep Account’ facility with Fino Payments Bank online.
- Does Fino Payments Bank charge any fee on the ‘Sweep Account’ facility?
No, the ‘Sweep Account’ facility can be availed for free.
- Where will my Google Pay fixed deposit amount get deposited after maturity?
Google Pay fixed deposit funds will be sent immediately to your Google Pay linked bank account.
- Can I open a Google Pay fixed deposit with my iPhone?
No, at present, Google Pay fixed deposit is only available for Android users.
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