There are two ways to open a fixed deposit (FD): online or in person at a bank branch.
To open an FD in person, visit your nearest bank branch and bring the required documents and deposit amount. If you prefer, you can open an FD online from the comfort of your own home.
Paytm Payments Bank allows all savings account holders to open and redeem fixed deposits from home at any time. Here are the steps for opening an FD account:
Open a Fixed Deposit Account Online
The following are the steps to open a fixed deposit with any bank:
- Go to the official website of the bank where you want to open a fixed deposit. (It is recommended to research the interest rates and other terms of fixed deposits offered by different banks before making a decision.)
- If you already have an account with the bank, log in. If you are opening a fixed deposit with a new bank, create a new account.
- Look for the “Fixed Deposit” option on the bank’s online portal.
- Fill out all required fields, such as the tenure, nominee, amount, and digital signatures, and submit the necessary documents.
- Double-check and confirm all of the details before submitting.
- Use net banking to make the payment.
- Save the receipt for future reference.
Paytm Payments Bank Fixed Deposit
When considering which bank to open a fixed deposit with, it is a good idea to compare the facilities and ease of use offered by different banks. Each bank may have different features and conditions for opening fixed deposits, so it is important to consider these factors.
For example, Paytm Payments Bank offers a higher interest rate on fixed deposits than some other banks and does not impose a penalty if the fixed deposit is dissolved before its maturity date. This can make opening a Paytm Payments Bank fixed deposit a particularly attractive option. It is always a good idea to compare the options and do your research before making a decision.
Here are some key points about Paytm Payments Bank fixed deposits (FDs):
- There is no maturity period for PPBL FDs, and users can break the FD at any time.
- Users will receive up to 6.25% interest on their FD, while senior citizens will receive a 6.75% interest rate upon maturity.
- There is an option for auto renewal on maturity.
- The FD amount can be redeemed at any time.
- There is no penalty for redeeming the FD amount before maturity.
- The passbook will contain all of the information about the FD.
How to Open a Fixed Deposit with Paytm?
Now that you’re aware of all the advantages of a Paytm Payments Bank FD, here’s how you can open one.
- Open the Paytm app on your mobile device.
- Navigate to and click on the “Paytm Bank” option.
- Enter your passcode to access the Paytm Bank section.
- Click on the “Create FD” option.
- Enter the amount of money you want to deposit.
- Click the “Proceed” button to complete the process.
Paytm Payments Bank offers a feature called “Automatic FD,” which allows you to set a minimum balance limit in your savings account. When the balance in your savings account exceeds this limit, a fixed deposit will be automatically created for you at a predetermined time. This feature can be convenient if you want to automatically create a fixed deposit when your savings account balance reaches a certain level.
Also Read: Benefits of a Fixed Deposit Account