Paytm Premature Withdrawal of Fixed Deposit Account!

Paytm Premature Withdrawal of Fixed Deposit Account

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 The entire amount can be withdrawn after maturity; however, if the amount is withdrawn before maturity, the user must pay a penalty to compensate for early access to the interest and principal amount.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 one of the leading brands that has changed people’s spending and saving habits. Paytm not only allows you to make transactions at any time and from any location, but it also allows you to save smartly. Paytm full KYC-ed users can create a fixed deposit account and earn competitive interest on the principal and more by opening a savings account with Paytm Payments Bank. The following are some of the benefits of opening a fixed deposit account with Paytm Payments Bank:

  • Earn 5.5 % interest on a regular fixed deposit account and 6 % interest on senior citizen fixed deposit account
  • There is no penalty for withdrawing funds from a fixed deposit account before the maturity date
  • Get the flexibility to withdraw an amount from the fixed deposit account partially or fully
  • A minimum deposit of Rs 100 is required to open an FD account
  • With the introduction of an all-new auto-create fixed deposits feature, the amount in the Paytm savings account will be deducted automatically after a certain limit set to create a fixed deposit
  • Fixed deposits with Paytm can be created and/or dissolved at any time and from any location with a single click
  • In contrast to banks and other financial institutions, which require a lengthy process, opening a fixed deposit account with Paytm takes only one step

What is the 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
FAQs
How much interest does Paytm offers on a senior citizen fixed deposit account?
Paytm offers 6% interest on senior citizen fixed deposit accounts.
How long does it take to set up a fixed deposit on Paytm?
Creating a fixed deposit account with Paytm Payments Bank takes less than a minute.
From where can I download the Paytm application?
Download the Paytm app from the Google Play Store or the Apple App Store.
Is there a penalty for breaking the FD with Paytm?
Paytm does not impose any penalties for early withdrawal from a fixed deposit account.
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