Even today, the most popular option for saving money is fixed deposits. This is because fixed deposits are generally risk-free, as well as it does not require much research to put money in a fixed deposit. Fixed deposits can be opened in various financial institutions like banks, post offices, etc. We have already discussed various fixed deposit schemes in this blog. However, in this post, we will discuss a completely different type of Fixed Deposit Scheme which is the Paytm Fixed Deposit. Let’s start the discussion.
Paytm Fixed Deposit
- Paytm Fixed Deposit is a fixed deposit scheme launched by Reserve Bank of India approved payment bank Paytm Payments Bank. You can fix your money in this scheme just like any other bank or post office.
Benefits of Paytm Fixed Deposit
- The benefits of Paytm Fixed Deposit are —
- In other banks or post offices, if you break the fixed deposit before the maturity date, you have to pay a penalty. This results in a significant financial loss for you. However, in the case of Paytm Fixed Deposit, you can break your fixed deposit anytime you want. Further for this you will not have to pay any penalty. Even if you want to break it on the same day you created a Paytm Payments Bank fixed deposit you can do so and get your money back in your account.
- Here you can create a fixed deposit with a minimum of 100 rupees.
- Here you will get a high-interest rate on your fixed deposit.
- There is also an option of creating fixed deposits automatically. In this case, whenever your Paytm Savings Bank balance goes beyond a certain limit, a fixed deposit of the remaining amount will be created.
- You can easily get all these benefits through the Paytm application. You don’t have to go to a bank branch or post office and stand in a long queue or fill out a form.
Paytm Fixed Deposit Interest Rate
- Paytm Fixed Deposit Interest Rate as of 29th November 2022 is as below –
|355 to 356 days||6.00%|
|270 to 354 days||5.75%|
|211 to 269 days||5.50%|
|181 to 210 days||5.50%|
|121 to 180 days||4.75%|
|91 to 120 days||4.50%|
|61 to 90 days||4.50%|
|46 to 60 days||4.25%|
|31 to 45 days||4.00%|
|15 to 30 days||3.50%|
|7 to 14 days||3.50%|
|0 to 6 days||0.0%|
How to create Paytm Fixed Deposit
- To create Paytm Fixed Deposit, first, you must open an account with Paytm Payments Bank. This method is very simple and can be done very quickly. To do this, follow the steps below –
- Step 1 – Open the Paytm application from your mobile. (If you do not have Paytm application on your mobile, click here to download it).
- Step 2 – Then, if you have not done KYC in Paytm, complete the KYC. To do KYC click on your profile at the top of the Paytm application and then at the bottom you will see the option to complete KYC. Complete your KYC by clicking there through a few simple steps.
- Step 3 – Once the KYC process is completed, go to the Paytm Application Home and click on ‘Paytm Bank‘.
- Step 4 – Then click on ‘Open your Savings Account‘.
- Step 5 – In the next step, you can add a nominee if you want.
- Step 6 – Then click on ‘Terms & Conditions‘ and then click on ‘Proceed‘. After that, your Paytm Payments Bank account will be created.
- Then go to your Paytm Payments Bank to open a fixed deposit and click on ‘Create FD‘ in the ‘Services‘ section. Then enter the amount for which you want to make a fixed deposit. After entering the amount you will be asked to add money. You can add money from any of your existing bank accounts. Once the money is added, click on the ‘Proceed‘ option. After that, your Paytm Fixed Deposit will be created immediately.
Frequently Asked Questions
FAQ – Paytm Payments Bank FD