Bank Fixed Deposit or Term Deposit is a deposit scheme where you can invest money in lump sum for a fixed pre-decided tenure at a given rate of interest. Paytm Payments Bank offers Fixed Deposit (FD) products of multiple tenures at competitive interest rates and with many other benefits like loan or overdraft facility against Fixed Deposit. Fixed Deposit; Open a fixed deposit online and maintain it online, too. Mutual Funds; Save yourself the paperwork. Invest in mutual funds online. IndusStox 3-in-1 Account; Open your multi-feature IndusStox 3-in-1 e-Trading Account online now. Insurance - IndiQwik; IndiQwik offers you easy insurance at preferential premium in just a few clicks! Discerning customers, as per their preference and convenience, can now choose to book an FD instantly either with IndusInd or Suryoday Bank via Fixed Deposits section available on the Paytm Payments Bank home screen. Multi partner FD – Features One of its Kind: Paytm Payments Bank has seen millennials preferring FD over other investment options. All communication regarding the fixed deposit will be sent to you by Paytm. Interest amount credited based on the Interest amount earned: Interest amount earned will be rounded off to the nearest Integer and that would be credited.
Firstly, we know that what is Paytm Payment Bank, after that we will know how to add or deposit money in Paytm Payment Bank account?
What is Paytm Payment Bank?
Paytm Payment Bank is India’s first mobile bank where you can open your account with zero balance. In Aug 2015, Paytm Payment Bank was licensed by the Reserve Bank of India. Its founder is Vijay Shekhar Sharma and Satish Kumar Gupta as a CEO & Managing Director. The bank was inaugurated by Indian Finance Minister Arun Jaitley in November 2017.
You can deposit your money up to 1 lakh in this bank and earn interest at 2.75% per annum which will be paid every month. You will also get a free Virtual Rupay Debit Card by the bank, which can help you in doing online transactions. If you want, you can also get a physical debit card by paying Rs.250 Physical Card Issuance Charge. After this, you will have to pay an annual subscription fee of Rs.150 and the daily limit will be up to Rs.1,00,000.
How to add or deposit money in Paytm Payment Bank account?
Follow these 5 steps to add or deposit money in Paytm Payment Bank Savings Account:
1. UPI Linked Bank Account
You can add money in Paytm Payment Bank from your UPI linked bank account. If you don’t see any UPI Linked Bank account there that means you haven’t any UPI Linked handle yet and you have to first link your UPI handle then after you will be able to add money.
- Enter the amount you want to add
- Select your UPI Linked Bank Account and click the Proceed Securely button
- Enter your 6 digit UPI pin and click OK
- Now, your money will be successfully added to the Paytm Payment Bank account.
2. Paytm Wallet
You can add money up to Rs.100 to 25,000 from Paytm wallet in Paytm Payment Bank and you will be able to add money as much as the balance in your wallet.
- Enter the amount you want to add
- Select the Paytm balance option and click on the Proceed button
- Enter the OTP sent in your Paytm registered mobile number and click on verify
- Now, your money will be successfully added.
3. Fixed Deposit
You can add money by the Fixed Deposit process only if you have made a Fixed Deposit at the Paytm Payment Bank. To add money, you have to break your Fixed Deposit.
- Enter the amount you want to add
- Select Break Your Fixed Deposit option
- Lastly, click on the Proceed button to add the money.
4. Debit Card
To add money in Paytm Payment Bank with a debit card by entering the details of your Debit Card. You can add only 2000 rupees at a time.
- Enter the amount you want to add
- Select the Debit Card option
- Fill in your Debit Card details ( Card Number, Expiry Date and CVV )
- If you don’t want to fill in these details again, then you should tick on ‘Save this card for future payments’. After this, you have to enter the CVV number and OTP only to add the money.
- Click on Proceed Securely and enter the OTP sent in your registered mobile number to complete the transaction.
5. Your Account With Another Bank
You can add money from another bank account by opening your another bank’s app and website. Fill in your Name, Account Number, IFSC code of Paytm Payment Bank to transfer money.
6. Nearby Points
You can also add money by visiting nearby points of Paytm. Firstly, You have to locate your Nearby Points by clicking on ‘Visit Nearby Points to deposit cash in Savings Account’. When you give cash to Paytm official point, your money is added in Paytm Payment Bank.
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Paytm FD: India’s favourite way to invest is to lock away savings in the simple and secure instrument- fixed deposits (FD) and when one is looking to open an FD, one does look at convenience besides interest rates that it fetches. If you are looking to multiply your savings away for a shorter period, at an interest rate as high as 8 per cent, you can do it with just a touch on your smartphone.
Popular mobile wallet and payments bank Paytm is providing its customers with the opportunity to earn the maximum interest on any excess savings they have while providing the option to exit before maturity with zero withdraw charges. Its liquidity is the most attractive part of the service, something you cannot find at regular banks.
How to open an FD with Paytm?
Before you decide to open an FD with Paytm, there are some things you need to understand about the deposit facility.
You may already be aware that Paytm is a payments bank, which means it is not allowed to provide conventional banking services like that of an FD. Additionally, as per RBI’s licensing and operative guidelines, the customer’s aggregate balance in their payments bank account at the end of the day, cannot exceed Rs 1 lakh.
Due to restrictions associated with the account, Paytm has tied up with IndusInd Bank Ltd to open a fixed deposit account, on your behalf, when the amount in your account exceeds the limit. It is a hassle-free, paperless savings option that moves any amount in your account exceeding Rs 1 lakh towards the FD, to help you earn the highest interest rate they can offer.
When your balance exceeds Rs 1 lakh, go to “Bank” (second from the right side, below) in your app, and scroll down to find the fixed deposit option.
You can check your balance, interest earned at any time on your passbook, which will display the savings account and FD account balances separately.
Features of Paytm FD
Paytm Fixed Deposit Limit
- Maturity: 13 months (at present)
- Interest on maturity: 8 per cent (at present)
- Auto-renewal on maturity
- Instant redemption with zero penalty charges on redemption before maturity
- Details of the FD readily available in the Paytm passbook
Fixed Deposit Malaysia
Important points to note
Fixed Deposit Singapore
- The changes in interest rates are based on those provided by IndusInd Ltd for a period of 13 months, which is currently 8 per cent for deposits less than Rs 1 crore.
- As per the Paytm’s guidelines on its official website, it books the FD for the period with the highest interest rate (presently 13 months) provided by its partnered bank.
- The Paytm FD when redeemed (can be redeemed anytime) will provide you with the principal amount to the extent redeemed along with the interest earned till the period less TDS (tax deducted at source), if any, within a matter of seconds.
- No interest will be paid in the FD if redeemed within the completion of 7 days.
- Any and all communication regarding the FD will be sent to you by Paytm.
- Interest earned will be rounded off to the nearest integer while crediting it to the account. For example, interest earned between Rs 11.50 to Rs 12.49, will be credited as Rs 12.00.
- TDS will be applicable as per Income Tax rules. If the PAN is not furnished, a higher rate of TDS will be charged, as per the Income Tax Act.
- On the date of auto-renewal, the new deposit amount will include original principal amount along with the interest earned minus the TDS, if any.
- If the account holder becomes a senior citizen at the time of renewal, the deposit will be auto-renewed to the senior citizen scheme (with a higher interest rate).