A fixed deposit account is a type of savings account that allows you to set aside a specific amount of money for a fixed period of time. With a fixed deposit account, you can earn interest on your savings and have the option to lock in a certain amount of money. However, if you need to withdraw from your fixed deposit before the maturity date, you may be charged a penalty.
Paytm Payments Bank offers a unique opportunity for its active users to open a fixed deposit account with competitive interest rates. This article will discuss why Paytm Payments Bank is a great choice for a fixed deposit account and how to easily open one.
Reasons to Open Fixed Deposits 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:
- Paytm Payments Bank (PPBL) offers the option to open a fixed deposit account with an attractive interest rate of 6.25%
- There is no required lock-in period to create a fixed deposit account with PPBL
- Users have the flexibility to redeem their fixed deposit amount or break their fixed deposit at any time without incurring a penalty
- Paytm users can easily open a fixed deposit account with PPBL in just one step
- The Paytm passbook provides information about the creation and redemption of the fixed deposit account with PPBL.
How to Open a Fixed Deposit with Paytm?
Paytm users must follow the steps below to easily create a fixed deposit account-
- To open a fixed deposit account with Paytm Payments Bank (PPBL), start by launching the Paytm app
- From the app’s main menu, navigate to and click on the ‘Paytm Bank’ option
- Enter your passcode to access your Paytm Bank account
- From the Paytm Bank menu, click on the ‘Create FD’ option
- Enter the amount you want to deposit in your fixed deposit account
- Click on the ‘Proceed’ button to complete the process of opening a fixed deposit account with PPBL.
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:
- It is important to keep your Paytm Payments Bank (PPBL) passcode secure and never share it with anyone
- Make sure to use a strong and unique passcode to protect your PPBL account
- Consider using a fingerprint to add an extra layer of security to your Paytm app and the data stored within it
- Do not share your PPBL login credentials with anyone to ensure the safety of your account
- Before proceeding with a fixed deposit account, double-check the value to ensure accuracy
- It is recommended to use a stable internet connection when making a fixed deposit with PPBL to avoid any potential issues
- Be sure to regularly review the terms and conditions of your PPBL account to stay informed about any updates or changes.
By creating a fixed deposit with Paytm Payments Bank (PPBL), you can take advantage of competitive interest rates on your savings. With PPBL, you have the freedom to withdraw your fixed deposit amount at any time before maturity without incurring a penalty. To access all the benefits of a fixed deposit with PPBL, you will need to install the Paytm app and open a Paytm Payments Bank savings account.