Paytm Payments Bank has partnered Induslnd Bank to introduce a facility to create a fixed deposit when the customer balance exceeds Rs 1 lakh at the end of day.
Paytm Payments Bank customers can redeem their deposits instantly, anytime without paying any pre-closure or miscellaneous charges and can earn up to 6.85 per cent annual interest, the company said in a statement.
Additionally, if a customer becomes a senior citizen before the maturity period, the account will be auto renewed under the senior citizen scheme, thus earning higher interest, it added.
“Majority of Indians prefer safer investment options that offer them higher earning potential. Our offering will add the much-needed convenience of zero paperwork, instant redemption and no charges to one of India’s most preferred investment methods,” Paytm Payments Bank MD and CEO Renu Satti said.