Paytm Payment Bank
Fixed Deposit in PayTM Bank - If your PayTM balance exceeds Rs 1,00,000 at the end of day FD will be created for you for the exceeded amount.
Features of PayTM Fixed Deposit - Maturity period will be 13 months, Interest will be compounded quarterly at the rate of 7.00%. On maturity FD will be auto renewed. Even if FD is redeemed before maturity there will be no charges.
Points to be noted before making FD with PayTM -
- FDs will be booked with the maturity period that provide higher interest rate.
- You can redeem Fd anytime and principal would be credited in few months
- If you redeem FD within 7 days no interest will be paid.
- Interest will be earned according to the interest rate provided by Indusind Bank. Check the table here
Salient features of Paytm Payments Bank:
- Interest Rate of 4% on savings account.
- Paytm Payments bank claims to be the first bank to offer free online transactions such as IMPS/NEFT/UPI. Also it is not stipulating any minimum balance requirement for savings bank account. Plus it is also offering virtual debit card.
- Physical services like cheque book, demand draft and debit card will be available at a nominal fee, which is not yet disclosed.