A fixed deposit account allows you to save money for the future. Anyone with a bank account can open and earn interest on a fixed deposit account. Furthermore, it is entirely up to the user’s own desire to lock a certain amount in a fixed deposit account. However, if a user wants to withdraw a certain amount from a fixed deposit, he has to pay a penalty. The actual amount, on the other hand, can be redeemed only after the due date has passed.
While this is standard procedure for banks, Paytm Payments Bank offers something special to its active users. Users who have Paytm Payment Bank savings accounts can open fixed deposit accounts with competitive interest rates.
This blog explains why Paytm Payment Bank is the best bank to open a fixed deposit account and how it can be done in just one step.
Reasons for Opening Fixed Deposit with Paytm Payment Bank
Here are some reasons why Paytm Payment Bank is the best choice for opening fixed deposits online:
- Open a fixed deposit account with an attractive interest rate of 5.5%
- Senior citizens can open a fixed deposit account and earn 6% interest on the deposited amount
- There is no special lock-in period for creating fixed deposit accounts
- Users have the option to redeem the fixed deposit amount or destroy the fixed deposit whenever they want
- No penalty for early withdrawal from fixed deposit
- Paytm users can open a fixed deposit account with PPBL in just one step
- The Paytm passbook contains information on Âcreating and exchanging fixed deposits
How to Open Fixed Deposit with Paytm?
Paytm users should follow the below steps to create a fixed deposit account easily-
- Launch the Paytm app.
- Navigate to and click on ‘Paytm Bank’.
- Enter passcode here
- Click the ‘Create FD’ option
- Enter the desired amount
- Click ‘Continue’ to open a deposit account
Paytm Bank Payment Fixed Deposit Account- Points to Consider
Some important information about PPBL deposit accounts that users should know are as follows:
- Never give your Paytm Payment Bank passcode to anyone
- Keep Paytm Payment Bank passcode strong and unique
- Use your fingerprint to make the Paytm app and the data stored on it more secure
- Don’t share PPBL credentials with anyone
- Cross-check the value before proceeding with a fixed deposit account
- Use a stable internet connection when making fixed deposits with PPBL
- Check the terms and conditions regularly
Make fixed deposits with Paytm Payments Bank to enjoy the best interest on your savings. You can withdraw the fixed deposit amount at any time before maturity without paying a penalty. Install the Paytm App and open a Paytm Payment Bank savings account to use all the benefits of FD
How much does Paytm offer on senior citizen fixed deposit accounts?
Paytm offers 6% interest on senior citizen fixed deposit accounts.
What is the interest rate on PPBL senior citizen fixed deposit accounts?
PPBL senior citizen fixed deposit accounts pay an interest rate of 6%.
How to open FD with Paytm Payment Bank?
Before opening an FD, you must first open a Paytm Payment Bank savings account. After that, create a fixed deposit account in one step.
What is the interest rate on a Paytm fixed deposit account?
Paytm account holders receive a 5.5% interest rate on fixed deposits.