Unleash Your Money’s Potential: Paytm Payments Bank Offers 7.5% Interest, No Withdrawal Penalties!

New Delhi: Paytm Payments Bank Ltd Offers Penalty-Free Fixed Deposit

When it comes to investments, Fixed Deposits (FD) are often recommended by most people. FDs are considered a better option for investing as they provide guaranteed returns and higher interest rates compared to savings accounts. However, many banks charge a penalty for breaking the FD before the maturity period. But if you are looking for an FD where you don’t have to pay a penalty for premature withdrawal, then Paytm Payments Bank Ltd (PPBL) is the right choice.

FD with Paytm Payments Bank Ltd

PPBL offers a unique fixed deposit facility where your deposit will mature in 356 days. It is important to note that Payments Bank is not directly approved to provide fixed deposit facilities to customers, so Paytm Payments Bank has partnered with IndusInd Bank to offer this service.

Start FD with Just Rs 100

Paytm Payments Bank allows you to open an FD with a minimum investment of Rs 100. The bank offers an interest rate of up to 7.50% on FDs. The best part is that there is no penalty for premature withdrawal of FDs, except if you break it within 7 days of opening, in which case you won’t receive any interest.

Is Paytm Payments Bank Safe?

Many people may question the safety of keeping money in Payments Banks. In case of bank failure, the only relief for depositors is the insurance cover provided by the Deposit Insurance and Credit Guarantee Corporation (DICGC). The insurance cover under DICGC has recently been increased from Rs 1 lakh to Rs 5 lakh. DICGC’s insurance cover applies to deposits in savings accounts, FDs, current accounts, RDs, etc. It covers all insured commercial banks, including Payments Banks.

If you want to check whether your bank is registered for Deposit Insurance, you can visit the following link: https://www.dicgc.org.in/FD_ListOfInsuredBanks.html