More than 95 per cent Indian households prefer to park their money in bank deposits. Its the investment of choice for one and all. However, a majority of our fellow countrymen do not have access to simple high-return liked Fixed Deposits.
Paytm has partnered with Induslnd Bank to introduce a first-of-its kind facility to create a linked Fixed Deposit. Just like any other product from paytm, their Fixed Deposit offering will prioritize convenience and flexibility. If the balance exceeds Rs 1 lakh by the end of day, Paytm will automatically sweep it out and start a Fixed Deposit. This will offer users a hassle-free and paperless saving experience while boosting your savings and earnings potential.
You can also redeem your deposit instantly, anytime without paying any pre-closure or miscellaneous charges and can earn up to 6.85% annual interest.
Renu Satti, MD & CEO — Paytm Payments Bank said, “Majority of Indians prefer safer investment options that offers 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. We are confident our customers would appreciate our efforts to simplify investments while providing assured returns.”
Additionally, if you become a senior citizen before the maturity period, it will be auto-renewed under the senior citizen scheme, thus earning higher interest.