Queries about Fixed Deposits
What happens to my Fixed Deposit after 15th Mar, 2024?
As per RBI directive, you will not be able to create/book any new Deposits after March 15, 2024. However, your existing Fixed Deposit will continue to be operational & safe. It can be brought back (sweep-in) / redeemed to the Paytm Payments Bank Account even after Mar 15, 2024, subject to the ceiling on balance prescribed for a Payments Bank (i.e. ₹2 lakh per individual customer at the end of day).
How will I be able to operate my Savings or Current account with Paytm Payments Bank? Can I break/redeem Fixed Deposit & will money get credited to this account after March 15, 2024?
As per RBI directive, please note that you will not be able to deposit or add money to your Paytm Payments Bank Account after Mar 15, 2024. However, there is no restriction on withdrawal of money from your existing balance even after Mar 15, 2024. Your money is safe with the Bank.
Your existing Fixed Deposit can be brought back (sweep-in) / redeemed to the Paytm Payments Bank Account even after Mar 15, 2024, subject to the ceiling on balance prescribed for a Payments Bank (i.e. ₹2 lakh per individual customer at the end of day).
Should I break the Fixed Deposit I currently hold & transfer all funds to a different bank?
Your existing Fixed Deposit will continue to be operational and safe even after Mar 15, 2024. It can be brought back (sweep-in) / redeemed to the Paytm Payments Bank Account even after Mar 15, 2024, subject to the ceiling on balance prescribed for a Payments Bank (i.e. ₹2 lakh per individual customer at the end of day).