Paytm Payments Bank has partnered with Induslnd Bank to introduce first-of-its kind facility to create a fixed deposit when the balance exceeds Rs. 1 lakh at the end of day. Customers with Paytm Payments Bank account can redeem their deposits instantly, anytime without paying any pre-closure or miscellaneous charges and can earn up to 6.85 percent annual interest.

Currently, Paytm Payments Bank is offering benefits to customers such as no minimum balance requirement, no charges on digital transactions, free digital Debit Card, 4 percent interest on savings accounts, and is now offering up to 6.85 percent annual interest on fixed deposits.

Paytm adds that if a customer becomes a senior citizen before the maturity period, it will be auto renewed under the senior citizen scheme, thus earning higher interest.

Paytm Payments Bank recently unveiled ‘Paytm Ka ATM’ outlets that allows customers to open saving accounts and deposit/withdraw money. Paytm believes that the newly 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.

Talking about the new initiative, Renu Satti, MD and 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.”