Digital payments platform Paytm Payments Bank on Monday announced its partnership with IndusInd Bank to introduce a first-of-its kind facility to create a fixed deposit when the balance of a customer's account exceeds Rs one lakh, at the end of the day.
The facility allows Paytm Payments Bank customers to redeem their deposits instantly, anytime without paying any pre-closure or miscellaneous charges and can earn up to 6.85 percent annual interest.
Additionally, if a customer becomes a senior citizen before the maturity period, the deposit will be auto renewed under the senior citizen scheme, thus earning higher interest.
This new offering, which provides hassle-free and paperless experience for Paytm Payments Bank customers, will further help boost their savings and earnings potential.
"We are confident our customers would appreciate our efforts to simplify investments while providing assured returns," said MD and CEO, Paytm Payments Bank, Renu Satti.
The bank recently also unveiled 'Paytm Ka ATM' outlets that allow customers to open saving accounts and deposit/withdraw money.
These specially branded outlets will play a key role in bringing banking access to smaller cities and towns by ensuring customers find it easy to locate an access point near them.