Paytm FD: Even today, talking about investment, most people recommend Fixed Deposit ie FD. FD is considered a better option in terms of investing, in which returns are available with guarantees.
In this, more returns are available than in the Savings Account. In most banks, interest is charged for breaking the FD before the maturity period. However, if you are looking for an FD where you don’t have to pay a penalty for premature break, then you can go for Paytm Payments Bank Ltd. That is, FD can be opened in PPBL (Paytm Payments Bank Ltd).
The specialty in this is that your deposit will remain in this for 356 days only, that means your FD will mature in 356 days. Please tell that Payments Bank is not directly approved to provide fixed deposit facility to the customers, hence Paytm Payments Bank has partnered with IndusInd Bank for this.
Retrieved from Paytm Payments Bank website
Start Fixed Deposit from Rs 100
You can get an FD done in Paytm Payments Bank with a minimum investment of Rs 100. Paytm Payments Bank is offering up to 7.50% interest on FD. The special thing is that if you withdraw FD before the maturity period in Paytm Payments Bank, then you will not have to pay any penalty. However, if you break it before 7 days, you do not get any interest.
Is it safe to keep money in Payments Bank?
Now the question arises whether it is safe to keep money in Payments Bank? Explain that in case of bank sinking or bankruptcy, the only relief the depositor has is the insurance cover provided by the Deposit Insurance and Credit Guarantee Corporation ie DICGC. Now the insurance cover under DICGC has been increased from Rs 1 lakh to Rs 5 lakh. The insurance cover offered by DICGC works on deposits like savings accounts, FDs, current accounts, RDs etc. Deposit Insurance of DICGC covers all insured commercial banks including LAB, PB, SFB, RRB and Cooperative Banks.
