A fixed deposit account allows you to save money for the future. Anyone with a bank account can open and earn interest on a fixed deposit account. Furthermore, it is entirely up to the user’s own will to lock a certain amount in the fixed deposit account. However, if the user wishes to withdraw a specific amount from the fixed deposit, he or she must pay a penalty. The actual amount, on the other hand, can be redeemed only after the maturity date has passed.
While this is the standard procedure for banks, Paytm Payments Bank offers something special to its active users. Users who have a Paytm Payments Bank savings account can open a fixed deposit account at a competitive interest rate.
This blog explains why Paytm Payments Bank is the best bank for opening a fixed deposit account and how it can be done in just one step.
Reasons to Open Fixed Deposit with Paytm Payments Bank
The following are some of the reasons why Paytm Payments Bank is the best option for opening a fixed deposit online:
- Open fixed deposit account at an attractive interest rate of 5.5%
- Senior citizens can open a fixed deposit account and earn 6% interest on the amount deposited
- There is no specific lock-in period to create a fixed deposit account
- Users have the option to redeem the fixed deposit amount or break the fixed deposit whenever they want
- There is no penalty for early withdrawal from a fixed deposit
- Users of Paytm can open a fixed deposit account with PPBL in just one step
- The Paytm passbook contains information about the fixed deposit Â creation and redemption
How to Open a Fixed Deposit with Paytm?
Paytm users must follow the steps below to easily create a fixed deposit account-
- Launch the Paytm app.
- Navigate to and click on ‘Paytm Bank.’
- Enter the passcode here
- Click on ‘Create FD’ option
- Enter the desired amount
- Click on ‘Proceed’ to open a fixed deposit account
Paytm Payments Bank Fixed Deposit Account- Points to Consider
Some of the key information about the PPBL fixed deposit account that a user should be aware of are as follows:
- Never give out your Paytm Payments Bank passcode to anyone
- Keep the Paytm Payments Bank passcode strong and unique
- Use a fingerprint to make the Paytm application and the data stored in it more secure
- Do not share the PPBL credentials with anyone
- Cross-check the value before proceeding with a fixed deposit account
- Use stable internet connection while making a fixed deposit with PPBL
- Check terms and conditions on a regular basis
Create fixed deposits with Paytm Payments Bank to enjoy the best interests on your savings. You can withdraw the fixed deposit amount at any time before maturity without paying a penalty. Install Paytm App and open the Paytm Payments Bank savings account to use all the FD benefits