Paytm, an Indian electronic payment and e-commerce brand has inked a partnership with Induslnd Bank to introduce a first-of-its kind facility to create a linked Fixed Deposit.
“Just like any other product from our end, our Fixed Deposit offering will prioritize convenience and flexibility. If customer’s balance exceeds Rs 1 lakh by the end of day, it will automatically sweep it out and start a Fixed Deposit. This will offer you a hassle-free and paperless saving experience while boosting your savings and earnings potential.”
Customers can also redeem their deposit instantly, anytime without paying any pre-closure or miscellaneous charges and can earn up to 6.85 per cent 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.”
Paytm is confident that customers would appreciate its 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.