Paytm Offers Best Interest Rate on Senior Fixed Deposit Account- Know How!

Paytm senior citizen fixed deposit interest rates

Would you like to build a retirement corpus for your post-retirement phase?

How about getting a higher and competitive rate of interest on a senior citizen fixed deposit account?

Would you like it if you will never be charged any penalty to close your FD account or withdraw the amount from the account?

Are you searching for the senior citizen fixed deposit scheme that offers the highest rate of interest on a senior citizen fixed deposit account?

Well, if the answer to all your questions is YES, you are in the right place!

Paytm offers a 6% interest rate on senior citizen fixed deposit accounts while charging no penalty on premature withdrawal of the FD amount. In addition to this, the interest rate applicable on senior citizen fixed deposit accounts is relatively higher than that of the regular fixed deposit account. Apart from that, the eligible user needs to follow just one step to create the Paytm senior citizen fixed deposit account.

In this blog, we will make you understand the basics of fixed deposit, and why it is good to choose Paytm to create a senior citizen fixed deposit account over others.

What is a Fixed Deposit?

FD (Fixed deposit), also known as ‘term deposit’ or ‘time deposit’ is an investment instrument service offered by banks and Non-banking financial companies (NBFC). Being the safest investment instrument out of many others, it allows users to deposit a lump sum amount for a particular time period with the financial institution. In addition to this, FD provides the users with a lot of other features such as-

  • You can earn interest on the deposited amount for the pre-decided tenure, as per the rate of interest locked earlier
  • The rate of interest once locked remains unaffected by any changes in market or interest rates
  • You can earn interest either periodically or at the time of FD maturity
  • A fixed deposit amount cannot be pulled before the maturity date and if in case, someone wants to withdraw the amount, he/she is required to pay a penalty for it

What is a Senior Citizen Fixed Deposit Account?

Senior citizen fixed deposit account is also called a term deposit. It is a saving scheme specially made and offered by banks to individuals who are above the age of 60 years. The senior citizen fixed deposit account offers a range of advantages to the eligible candidates.

  • Senior citizen fixed deposit scheme provides higher interest rate as compared to regular FD schemes
  • It is a source of income for senior citizens in their post-retirement phase or after completing the job tenure
  • Senior citizens can avail of a loan against FD too

What are the Benefits of a Senior Citizen Fixed Deposit Account with Paytm Payments Bank?

Paytm Payments Bank offers numerous benefits on senior citizen fixed deposit account that is listed below-

  • Paytm offers 6% FD interest rates for senior citizen account, relatively higher than the regular fixed deposit account
  • There is no penalty for withdrawing an amount from the fixed deposit before the actual maturity date
  • Paytm offers the option of partial withdrawal from the fixed deposits
  • Only Rs 100 is required to open a fixed deposit account
  • Senior citizen fixed deposits with Paytm can be created and/or dissolved at any time, from anywhere and requires only a single click
  • Paytm offers the facility of auto-create senior citizen fixed deposits when the amount in your Paytm savings account exceeds beyond a certain limit as set up by the user

How to Open a Senior Citizen Fixed Deposit with Paytm?

It takes just 1 step to create a senior citizen fixed deposit account with Paytm. The process to create the fixed deposit account is-

  • Open the Paytm mobile application
  • Navigate to ‘Paytm Bank’ and click on it
  • Enter the passcode next
  • Scroll the screen and locate ‘Create a New Fixed Deposit’
  • Enter the amount you wish to deposit
  • Click on ‘Proceed’ and you are done!

What are the Documents required to Create a Fixed Deposit Account with Paytm?

Paytm does not ask to submit any documents to create a fixed deposit account with Paytm. Besides, a fully KYC-ed Paytm user with an active Paytm Payments Bank savings account can create a fixed deposit account just by following 1 simple & easy step.

FAQs
What is the fixed deposit rate for senior citizens offered by Paytm?
Paytm Payments Bank along with its banking partner Induslnd Bank offers 6% on senior citizen fixed deposit accounts.
From where can I create a senior citizen fixed deposit with Paytm?
Launch the Paytm application, locate ‘Paytm Bank’, enter a passcode. On the next screen, click on create a fixed deposit, enter the amount and proceed.
Does Paytm charge the highest rate of interest on FD for senior citizens?
Paytm along with its banking partner, Induslnd Bank offers a 6% interest rate on FD for senior citizens, comparatively higher than the regular fixed deposits.
Who can open a Paytm senior citizen fixed deposit account?
Paytm’s senior citizen fixed deposit scheme can be opened by the eligible user.
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