Paytm offers a 6% interest rate on senior citizen fixed deposit accounts, without penalty for early withdrawal of FD amount. Furthermore, the interest rate on senior citizen fixed deposit accounts is higher than the interest rate on regular fixed deposit accounts. In addition, eligible users only need to follow one step to open a Paytm senior citizen fixed deposit account.
In this blog, we will explain the basics of fixed deposit and why it is better to open a senior citizen deposit account with Paytm Payments Bank than anything else.
What is a Senior Citizen Fixed Deposit Account?
Senior citizen fixed deposit accounts are also known as time deposits. This is a savings plan designed and offered by banks to people over the age of 60. Senior citizen fixed deposit accounts provide a number of benefits to eligible applicants.
- Senior citizen fixed deposit schemes offer higher interest rates than regular FD schemes
- It is a source of income for seniors in the post-retirement phase or after they finish their working life
- Senior citizens can also apply for a loan against their FD
What are the Benefits of a Paytm Payments Bank Senior Resident Fixed Deposit Account?
Paytm Payment Bank offers many benefits on senior citizen fixed deposit accounts which are listed below-
- Paytm Payments Bank offers senior citizen accounts with an FD interest rate of 6%, which is higher than regular fixed deposit accounts
- There is no penalty for withdrawing funds from deposits before the due date
- Paytm Payment Bank allows partial withdrawal of fixed deposits
- Fixed deposit account can be opened for only â 100
- Senior citizen fixed deposits with Paytm can be made and/or withdrawn at any time and from any location with one click
- Paytm Payment Bank allows you to make a senior citizen permanent deposit automatically when the amount in your savings account exceeds a certain limit
How to Open Senior Citizen Fixed Deposit with Paytm?
It only takes one step to create a senior citizen fixed deposit account with Paytm. The process to create a fixed deposit account is-
- Launch the Paytm mobile app
- Go to ‘Paytm Bank’ icon and select
- Next, enter the passcode
- Click ‘Create FD’ in the ‘Services’ section
- Enter the amount of money you want to deposit
- Click ‘Continue’ and you’re done!
What are the Documents required to Create a Fixed Deposit Account with Paytm?
Paytm Payments Bank does not require any documents to be submitted to open a fixed deposit account. Moreover, fully KYC Paytm users with an active Paytm Payment Bank savings account can open a fixed deposit account in just 1 simple and easy step.
What is the fixed deposit rate for senior citizens offered by Paytm?
Paytm Payments Bank, in collaboration with its banking partners, offers a 6% interest rate for senior citizen fixed deposit accounts.
Where can I make a senior citizen permanent deposit with Paytm?
Launch the Paytm app, navigate to ‘Paytm Bank’, and enter the passcode. On the next screen, click ‘Create FD’ in the “Services” section, enter the amount, then create it.
Who can open a Paytm senior resident fixed deposit account?
Paytm senior citizen fixed deposit scheme can be opened by any senior citizen who has a savings account at Paytm Payment Bank