Paytm offers a 6.75% interest rate on fixed deposit accounts for senior citizens, with no penalty for early withdrawal. The interest rate on these accounts is higher than the rate on regular fixed deposit accounts. Additionally, the process for opening a senior citizen fixed deposit account with Paytm is quick and easy, requiring only one step.
In this blog, we will discuss the benefits of opening a fixed deposit account with Paytm Payments Bank for senior citizens. We will explain the basics of fixed deposits and why it may be a preferable option for senior citizens.
What is a Senior Citizen Fixed Deposit Account?
A senior citizen fixed deposit account, also known as a term deposit, is a savings plan offered by banks to individuals over the age of 60. This type of account offers a number of benefits to qualified applicants, including potentially higher interest rates and flexible withdrawal options. A senior citizen fixed deposit account is a secure and convenient way for older individuals to save and grow their money.
- Senior citizen fixed deposit schemes offer higher interest rates compared to regular fixed deposit schemes
- These schemes can provide 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 fixed deposit.
What are the Advantages of a Paytm Payments Bank Senior Citizen Fixed Deposit Account?
Paytm Payments Bank offers a range of benefits on its senior citizen fixed deposit account, which are designed to make saving and growing money easier and more convenient for older individuals.
- Paytm Payments Bank offers a senior citizen account with an FD interest rate of 6.75%, 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 ₹ 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
- Enter your passcode to log in
- In the “Services” section, click on “Create FD”
- Enter the amount of money you want to deposit
- Click on “Proceed” to complete the process.
What are the Documents required to Create a Fixed Deposit Account with Paytm?
Paytm Payments Bank makes it easy and convenient to open a senior citizen fixed deposit account. Unlike other banks, Paytm does not require any documents to be submitted in order to open a fixed deposit account. Additionally, a fully KYC-ed Paytm user with an active Paytm Payments Bank savings account can open a fixed deposit account in just one simple step. This makes it quick and easy for seniors to save and grow their money with Paytm.