Paytm offers a 6% interest rate on senior citizen fixed deposit accounts, with no penalty for early withdrawal of the FD amount. Furthermore, the interest rate on senior citizen fixed deposit accounts is higher than the interest rate on regular fixed deposit accounts. Apart from that, the eligible user needs to follow just one step to open a Paytm senior citizen fixed deposit account.
In this blog, we will explain the basics of fixed deposits and why it is preferable to open a senior citizen fixed deposit account with Paytm Payments Bank over others.
What is a Senior Citizen Fixed Deposit Account?
A senior citizen fixed deposit account is also known as a term deposit. It is a savings plan designed and offered by banks to people over the age of 60. The senior citizen fixed deposit account provides a number of benefits to qualified applicants.
- Senior citizen fixed deposit schemes offer higher interest rates than regular FD schemes
- It is a source of income for seniors in their post-retirement phase or after they have completed their job tenure
- Senior citizens can also apply for a loan against their FD
What are the Advantages of a Paytm Payments Bank Senior Citizen Fixed Deposit Account?
Paytm Payments Bank offers numerous benefits on senior citizen fixed deposit account that is listed below-
- Paytm Payments Bank offers a senior citizen account with an FD interest rate of 6%, which is higher than the regular fixed deposit account
- There is no penalty for withdrawing funds from a fixed deposit before its maturity date
- Paytm Payments Bank allows for partial withdrawals from fixed deposits
- A fixed deposit account can be opened for as little as â¹ 100
- Senior citizen fixed deposits with Paytm can be created and/or dissolved at any time and from any location with a single click
- Paytm Payments Bank allows you to set up auto-create senior citizen fixed deposits when the amount in your savings account exceeds a certain limit
How to Open a Senior Citizen Fixed Deposit with Paytm?
It only takes one step to create a senior citizen fixed deposit account with Paytm. The process to create a fixed deposit account is-
- Launch the Paytm mobile app
- Go to the ‘Paytm Bank’ icon and select it
- Next, enter the passcode
- Click on ‘Create FD’ in the ‘Services’ section
- Enter the amount of money you want to deposit
- Click on ‘Proceed’ and you are done!
What are the Documents required to Create a Fixed Deposit Account with Paytm?
Paytm Payments Bank does not require any documents to be submitted in order to open a fixed deposit account. In addition, a fully KYC-ed Paytm user with an active Paytm Payments Bank savings account can open a fixed deposit account in just 1 simple and easy step.