Update on Fixed deposit with Partner Bank
At Paytm Payments Bank Limited (PPBL), we strive to provide you with the best banking experience and services that meet your evolving needs and as part of our commitment to transparency and sustainable financial practices, we are writing to inform you about an upcoming change regarding Fixed deposits with partner bank
Currently PPBL offers customers to create fixed deposits manually , automatically by setting up account limits and through sweep out of excessive funds beyond regulatory limits at the end of the day, all with a partner bank at the prevailing rate of 7.50%* per annum for tenure of 365 days.
To improve upon the customer experience, we are now revising the minimum threshold for FD creation as below:
- Customer Induced Fixed Deposit creation (Minimum Booking amount) : ₹ 1000 /-
- Automatic Sweep Out Fixed Deposit (Minimum booking amount above threshold) : ₹ 1000 /-
- End of the day sweep out for Balances greater than regulatory limit : No Threshold
There is no change howsoever in the mode of creation, Interest pay out, TDS deduction or redemption of the funds available as fixed deposit. We understand that simplicity and speed are crucial for your daily payment and transaction needs, and our focus remains on delivering seamless, efficient, and cost-effective services to enhance your banking experience.
Thank you for your continued trust and understanding. We value your relationship with us and look forward to serving you with excellence. Should you have any questions or require further clarification, please do not hesitate to reach out to our customer support team.
* FD rates are subject to change, Click for more details: