Open Paytm Fixed Deposit Account:- Dear Readers, Paytm Payment Bank is an open fixed deposit now for all users. Before it is Paytm has an auto swipe facility to their customer if a customer has Rs.1 lakh or more then it auto-convert to Fixed Deposit account.
So now it is open for all users and all can convert their amount to FD and can earn more interest on their money. Today we are sharing full details with you to know how to Open Paytm Fixed Deposit Account? etc. So read till the end and tell your thoughts about it.
Open Paytm Fixed Deposit Account
More than 95 percent of Indian households prefer to park their money in bank deposits. Its the investment of choice for one and all. However, a majority of our fellow countrymen do not have access to simple high-return liked Fixed Deposits.
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Paytm has partnered with Induslnd Bank to introduce a first-of-its-kind facility to create a linked Fixed Deposit. Paytm Fixed Deposit offering will prioritize convenience and flexibility. This will offer you a hassle-free and paperless saving experience while boosting your savings and earnings potential.
Paytm Fixed Deposit
You can also redeem your deposit instantly, anytime without paying any pre-closure or miscellaneous charges and can earn up to 6.85% annual interest.
Additionally, if you become a senior citizen before the maturity period, it will be auto-renewed under the senior citizen scheme, thus earning higher interest.
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Features of the Paytm Fixed Deposit:-
| PRODUCT | FIXED DEPOSIT |
|---|---|
| Maturity Period | 13 Months |
| Interest on Maturity | 6.65% |
| Auto-Renewal | On Maturity |
| Redemption | Instant |
| Charges when redeemed before maturity | Zero charges (No penalty) |
| FD details | Available in passbook |
- The interest earned is calculated according to the interest table of the IndusInd bank as applicable on the date of creation of FD. Today’s FD creation rate table can be found here.
- FDs will be booked with the Maturity Period that provides the highest interest rate.
- You can redeem FD anytime and the principal amount redeemed plus interest less Tax Deduction at Source(TDS), if any, would be credited within a few seconds.
- In case your FD is closed prematurely, before completion of the minimum period of 7 days, no interest shall be paid for the said FD.
- The Fixed Deposit will be automatically renewed on maturity. The rates and term of Fixed Deposit will be communicated by Paytm Payments Bank
- All communication regarding the fixed deposit will be sent to you by Paytm Payments Bank.
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How to Open Paytm Fixed Deposit Account?
- First of all, Download Paytm Application- Download Now.
- Now log in using your Mobile Number.
- Go to “Bank” Account Option and enter your Passcode
- Now choose “Fixed Deposit”
- Click on Create a Fixed Deposit and enter your desired amount.
- And go on Proceed for Payment and enter your details.
- Voila, You have done your Fixed Deposit.
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Paytm Fixed Deposit 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.
For example:
- If the Interest earned is from Rs.11.50 to Rs.12.49, then Rs.12.00 would be credited, and
- If the Interest earned is from Rs.12.50 to Rs.13.49, then Rs.13.00 would be credited.
Paytm Fixed Deposit Taxation:
- TDS, if any, will be deducted on interest accruals as per applicable Income Tax rules.
- Under section 26AA of the Income Tax Act. 1961 w.e.f. 1st April 2010, non-furnishing of PAN to deductor (i.e. to the Bank) would result in the deduction of TDS at a higher rate.
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Paytm Fixed Deposit Renewal:-
- In case of renewed deposits, the new deposit amount consists of the original deposit amount plus the interest less Tax Deducted at Source (TDS), if any.
- On renewal day if the customer has become a senior citizen or will become a senior citizen, we will auto-renew the FD (Principal + Interest) under the senior citizen scheme and not under the scheme it was previously booked in.
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How to close the Paytm FD Scheme?
- Login your Paytm account using Mobile Number
- Go to the Bank account option.
- Now choose your exiting FD.
- Click on “Break Fixed Deposit”
- You have done your amount soon in your Paytm Payment Bank.
Paytm Fixed Deposit Interest Table-
Rates are effective from 2nd Jan 2020. If you are doing for a small period then you can earn-below given interest table.
|
S.N. |
Duration |
Interest Rate |
|
1. |
0-6 Days | 0.00% |
| 2. | 7-14 Days |
4.00% |
|
3. |
15-30 Days | 4.25% |
| 4. | 31-45 Days |
5.00% |
|
5. |
46-60 Days | 5.50% |
| 6. | 61-90 Days |
5.50% |
|
7. |
91-120 Days | 5.75% |
| 8. | 121-180 Days |
5.75% |
|
9. |
181-210 Days |
6.00% |
| 10. | 211- 269 Days |
6.00% |
|
11. |
270-364 Days | 6.25% |
| 12. | 12-14 Months |
6.65% |
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Final Words- Here we have posted almost all the details about Paytm Fixed Deposit Account. So open Paytm Fixed Deposit Account and earn interest. I hope you have understood it. If you have any query then comment down we will help you.
