Paytm Fixed Deposit

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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. May 08, 2020 During this lockdown period where there is volatility in other asset classes, we have noticed a rise in the number of Paytm Payments Bank account holders, who are moving their savings into fixed deposits. Fixed deposit is one of the simplest form of investment instrument.


How Much Loan Can I Get?

What Is the Rate of Interest?

Paytm

What Is the Loan Tenor? How Is the Loan Repaid?

The loan tenor can’t exceed tenor of the deposit.

Deposit

You can close the loan whenever you wish.

What Are the Benefits?

Points to Note

Does Loan Against Fixed Deposit Make Sense?

Fixed

  2. You can break the FD prematurely and use the funds to meet your requirement.

In general, do not opt for loan against your bank fixed deposit. Rather, break your fixed deposit and use the funds to meet your requirement.

When Can Loan Against FD Make Sense?

I can foresee utility of loan against FD if the loan amount is much lesser than the FD amount and the interest rates have gone down significantly after you opened the fixed deposit. Penalty for breaking FD is also important variable.

  1. If you do not break the fixed deposit
  • If you break this FD after 2 years

    • Conclusion


    Related

    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.

    Fixed Deposit Rates Singapore

    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.

    Paytm Fixed Deposit Minimum Amount

    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.

    Paytm Fixed Deposit Bonus

    Fixed

    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

    • 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

    Important points to note

    • 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).