We are glad to announce that we have crossed Rs. 600 crore in fixed deposit accounts, which is held with our partner IndusInd Bank.
During this lockdown period where there is volatility in other asset classes, we have noticed a rise in the number of Paytm Payments Bank account holders, who are moving their savings into fixed deposits.
Fixed deposit is one of the simplest form of investment instrument. You can put a certain sum of money for a fixed rate of interest for stipulated period. It provides you assurance against drop in interest rates. It is totally risk free and inculcates savings habit.
You can start your Fixed Deposit with an amount as low as Rs.100, our FD allows you to earn 7% p.a. interest as of today, which is among the highest in the industry.
You can also choose to automatically move your funds to Fixed Deposit if the day end balance in your Savings Account exceeds your desired limit, simply by setting up the balance limit from the Bank section of your Paytm App.
Not just that you can instantly redeem the partial/complete amount anytime you want without paying any penalty charges.
We started with the aim of bringing the underserved masses into the digital banking fold and we are happy that we are able to lead the way with our various offerings.
After crossing Rs 1000 crores in savings accounts, this is another milestone achieved by us.