As per the RBI's licensing and operative guidelines for Payments Bank, aggregate customer balance limit for PPBL customer at the end of the day cannot exceed INR 100,000. In this scenario, basis your consent Paytm Payments Bank will book a fixed deposit on your behalf in partnership with IndusInd Bank Ltd.
Features of the Fixed Deposit:
|Interest on Maturity
|Charges when redeemed before maturity
||Zero charges (No penalty)
||Available in passbook
* subject to change, please refer the following points.
- The interest earned is calculated according to the interest table of the IndusInd bank as applicable on the date of creation of FD. Today's FD creation rate table can be found here.
- FDs will be booked with the Maturity Period that provides highest interest rate.
- You can redeem FD anytime and the principal amount redeemed plus interest less Tax Deduction at Source(TDS), if any, would be credited within few seconds.
- In case your FD is closed prematurely, before completion of the minimum period of 7 days, no interest shall be paid for the said FD.
- The Fixed Deposit will be automatically renewed on maturity. The rates and term of Fixed Deposit will be communicated by Paytm Payments Bank
- All communication regarding the fixed deposit will be sent to you by Paytm Payments Bank.
Interest amount credited based on the Interest amount earned:
Interest amount earned will be rounded off to the nearest Integer and that would be credited.
- If the Interest earned is from ₹ 11.50 to ₹ 12.49, then ₹ 12.00 would be credited, and
- If the Interest earned is from ₹ 12.50 to ₹ 13.49, then ₹ 13.00 would be credited.
- TDS, if any, will be deducted on interest accruals as per applicable Income Tax rules.
- Under section 26AA of the Income Tax Act. 1961 w.e.f. 1st April, 2010, non-furnishing of PAN to deductor (i.e. to the Bank) would result in deduction of TDS at a higher rate.
- In case of renewed deposits, the new deposit amount consists of the original deposit amount plus the interest less Tax Deducted at Source (TDS), if any.
- On renewal day if the customer has become a senior citizen or will become a senior citizen, we will auto renew the FD (Principal + Interest) under the senior citizen scheme and not under the scheme it was previously booked in.