For the first time in India — Use your Fixed Deposit for making Payments

For the first time in India — Use your Fixed Deposit for making Payments

Ever heard your father or grandfather advising, ‘Beta! Invest in FD.’ Since ages, FD has been a very trustable friend to our forefathers when it comes to saving for the rainy days. And, even today, it is a popular option among millennials. All the banks offer FD with different interest rates that can be broken at the time of an emergency. Whereas, FD at Paytm Payments Bank (PPBL) (offered by its partner Bank) is a lot more than an investment option.

Fixed Deposit as a Liquid Instrument

We offer a very unique proposition when it comes to helping customers create FD with a partner bank. Apart from offering an interest rate of up to 5.5%, FD is also an on-the-go payment instrument for all the PPBL account holders. The account holders can instantly break FD to purchase something or to make a payment on the Paytm App if they don’t have sufficient balance in their account.  Currently, the feature is live for payments made through Paytm Payment Gateway.

Unlike other banks, FD on the Paytm App can be broken for free, in a few seconds. For example, if you are purchasing Gold on Paytm App worth Rs. 50,000, and the balance in your savings account is Rs. 35,000, it’s clear you are falling short of Rs. 15,000. To beat this shortage, you can redeem your FD with one additional click and can complete your purchase immediately!

Easy Checkout Page

The process is simple and can be easily understood with the help of the image above showcasing the ‘Checkout’ page.

  • Let’s say, you are purchasing Flight tickets and are on the payment page
  • As shown in the picture above the balance in your bank account is not sufficient
  • Below your available balance, you have an option to redeem your FD, just click on the check box 
  • You can pay the remaining amount with the help of FD balance without any charge
  • Only the required balance will be deducted from your FD, without completely breaking the FD. Thus, you will keep getting interest on the remaining amount.

Why Should You Consider Fixed Deposit as a Payment Option?

  • Save and earn: You can earn money while you are saving it for your future goals. Usually, other banks offer an interest rate of up to 4% on an FD, but at PPBL, it goes up to 5.5% (for senior citizen up to 6%)
  • Break it for Free: Most of the banks usually charge you between 0.5% and 1% to break FD. But with us, you can break it instantly for free irrespective of the account balance and tenure
  • Multiple uses: You can break your FD to make multiple payments/purchases on Paytm App including – Recharge/ Bill Payments, Buy gold, shopping, travel tickets, mutual funds investment, etc.

         Fun Fact: This feature of redeeming FD is also available on 3rd party merchant checkout pages like Zomato            and Swiggy.

  • Save Smart to Break Smart:  We value your money more than you do. Therefore, when you opt to break FD, we follow the mechanism of ‘Last In, First Out’. That’s why, we break the latest FD for you as you are already earning more interest on the older ones. Imagine, you started an FD with us in August 2020 and one more FD in January 2021. In this case, we will break the latter one first as you would have earned less interest on this as compared to the one you started in August, 2020. This way, you get to keep the maximum returns while breaking an FD to make a payment.

We are offering such unique features as we strive for user centric banking and wish to benefit our customers by maximizing their return. If you have not opened FD (offered by our partner IndusInd Bank) on Paytm Payment Bank’s platform yet, you start small with Rs. 100 to make it big with your savings. Follow this very simple path below to open Fixed Deposit with our partner IndusInd Bank:

Paytm App>Paytm Bank>Open Fixed Deposit

And, if you have already opened FD via Bank section on the Paytm App, don’t hesitate to open multiple Fixed Deposit Accounts. T&C apply.

Have a financially sound life with our new age features! 

Disclaimer: Fixed Deposit at Paytm Payments Bank platform on Paytm App is offered in collaboration with partner Bank

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