Paytm Payments Bank today said it has partnered Induslnd Bank to introduce a facility to create a fixed deposit when the customer balance exceeds Rs 1 lakh at the end of day.
Paytm Payments Bank today said it has partnered Induslnd Bank to introduce a facility to create a fixed deposit when the customer balance exceeds Rs 1 lakh at the end of day.
Paytm Payments Bank customers can redeem their deposits instantly, anytime without paying any pre-closure or miscellaneous charges and can earn up to 6.85 per cent annual interest, the company said in a statement.
Additionally, if a customer becomes a senior citizen before the maturity period, the account will be auto renewed under the senior citizen scheme, thus earning higher interest, it added.
"Majority of Indians prefer safer investment options that offer 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," Paytm Payments Bank MD and CEO Renu Satti said.
Last year in December, Finance Minister Arun Jaitley launched Paytm Payments Bank and said digital transaction is fast taking the place of cash being a predominant instrument for transactions with a series of government initiatives to formalise the economy.
"We had almost reconciled to the fact that the economy would be substantially informal. It's only on its own strength that it will take decades or maybe, centuries to formalise itself and that no shake-up from the system was required."And that on its own pace would have taken an indefinite long time and we would have all waited till the cows came home for the economy to really formalise by itself. But then several policy initiatives that the government took one after the other have set off a chain reaction and that chain reaction is visible in various ways," he said at the time of the launch.
The finance minister, after launching the Paytm Payments Bank, also observed that technology has changed the entire dynamics the way the banking is done in the country. "Earlier, we perceived banks to be brick and mortar branches. In fact, my fraternity in politics is still reasonably behind times. I still get representations during Parliament session from my colleagues who only insist on brick and mortar branches to be opened in their constituencies," he said. Cash being the predominant instrument is gradually changing, he said.
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