Generally, banks allow you to open fixed deposit accounts with them that range from 7 days to 10 years. The entire amount can be withdrawn upon maturity; however, if the amount is withdrawn before maturity, the user must pay a penalty to compensate for early access to the interest and principal amount.
While this is a standard procedure followed by banks and financial institutions for early withdrawal of fixed deposit amounts, Paytm Payments Bank goes above and beyond.
- Paytm users can make fixed deposits just by following one simple step
- Paytm Payment Bank does not charge a penalty for violating the FD or withdrawing the fixed deposit amount prematurely
- Fixed deposit can be opened for just Rs 100
- Paytm Payments Bank fixed deposit accounts offer the best and most competitive interest rates
In this blog, we will discuss how Paytm is unique when it comes to providing the best fixed deposit benefits.
Fixed Deposit with Paytm
Paytm is one of the leading brands that has changed people’s spending and saving habits. Paytm not only allows you to make transactions anytime and from any location, but also allows you to save smartly. Paytm full KYC users can create fixed deposit accounts and earn competitive interest on loan principal and more by opening a savings account at Paytm Payment Bank. Following are some of the advantages of opening a fixed deposit account with Paytm Payments Bank:
- Get 5.5% interest on regular fixed deposit accounts and 6% interest on senior citizen fixed deposit accounts
- There is no penalty for withdrawing funds from a deposit account before the due date
- Get the flexibility to withdraw a certain amount of money from a fixed deposit account partially or completely
- A minimum deposit of Rs 100 is required to open an FD account
- With the introduction of the all-new automatic fixed deposit feature, the amount in the Paytm savings account will be deducted automatically after a certain limit is set to make a fixed deposit
- Fixed deposits with Paytm can be made and/or withdrawn at any time and from any location with one click
- Unlike banks and other financial institutions that require a long process, opening a fixed deposit account with Paytm only requires one step.
What is Paytm Payment Bank Fixed Deposit Premature Withdrawal Policy?
Paytm does not charge any penalty for early withdrawal of fixed deposit. At any time, the entire amount in the fixed deposit account can be redeemed.
Users can close their FD accounts by following the steps outlined below:
- Login to Paytm app
- Enter your ‘passcode’ after clicking ‘Paytm Bank’
- Then, select ‘Fixed Deposit Balance’
- On the following screen, select ‘break your FD’
- Enter the amount and press the ‘continue’ button
How much interest does Paytm offer on senior citizen fixed deposit accounts?
Paytm offers 6% interest on senior citizen fixed deposit accounts.
How long does it take to set up a fixed deposit on Paytm?
Creating a fixed deposit account with Paytm Payments Bank takes less than a minute.
Where can I download the Paytm app from?
Download the Paytm app from the Google Play Store or Apple App Store.
Is there a penalty for breaking FD with Paytm?
Paytm does not charge a penalty for early withdrawal from fixed deposit accounts.