In general, banks allow you to open fixed deposit accounts with them that range from 7 days to 10 years. The entire amount can be withdrawn after maturity; however, if the amount is withdrawn before maturity, the user must pay a penalty to compensate for early access to the interest and principal amount.
While this is the standard procedure followed by banks and financial institutions for premature withdrawal of fixed deposit amounts, Paytm Payments Bank goes above and beyond.
- Paytm users can create a fixed deposit by simply following one simple step
- Paytm Payments Bank does not charge a penalty for breaking the FD or withdrawing the fixed deposit amount prematurely
- A fixed deposit can be opened with as little as Rs 100
- Paytm Payments Bank fixed deposits account offers the best and most competitive interest rates
In this blog, we will discuss how Paytm is unique in terms of providing the best fixed deposit benefits.
Fixed Deposits with Paytm
Paytm is a leading brand that has changed people’s spending and saving habits. In addition to allowing users to make transactions anytime and from anywhere, Paytm also offers the ability to save money through its full KYC-enabled fixed deposit accounts with Paytm Payments Bank. Some benefits of opening a fixed deposit account with Paytm Payments Bank include the ability to earn competitive interest on the principal and the convenience of managing your account through the Paytm platform.
- Earn 6.25% interest on a regular fixed deposit account and 6.75% interest on a senior citizen fixed deposit account
- No penalty for withdrawing funds before the maturity date
- Flexibility to withdraw money partially or fully
- Minimum deposit of Rs 100 required to open an account
- New auto-create feature automatically creates fixed deposits from a savings account
- Fixed deposit accounts can be easily created and dissolved with a single click
- Convenient and quick compared to traditional banks and financial institutions
Premature Withdrawal Policy of Paytm Payments Bank Fixed Deposit
Paytm does not impose any penalties for the early withdrawal of a fixed deposit. At any time, the entire amount in the fixed deposit account can be redeemed.
Users can close their FD account by following the steps outlined below:
- Sign in to the Paytm app
- Enter your ‘passcode’ after clicking ‘Paytm Bank’
- Then, select ‘Fixed Deposit Balance’
- On the following screen, select ‘break your FD’
- Enter the amount and press the ‘proceed’ button