Earn up to 8% interest daily in 2019: Enjoy Fixed Deposit benefits with this savings bank account
Paytm Payments Bank Fixed Deposit Savings Bank Account Benefits: What if a savings bank account helps you automatically earn the interest rates usually enjoyed by Fixed Deposits?
Paytm Payments Bank Fixed Deposit Savings Bank Account Benefits: What if a savings bank account helps you automatically earn the interest rates usually enjoyed by Fixed Deposits? What if all your idle money in the savings bank account starts earning the FD benefits? Well, this is now possible. Thanks to a Paytm payments bank scheme.
The Paytm payments bank, which has been allowed by the RBI to offer some banking services, has come up with a one of its kind plan to help you get more from the savings account. You can earn up to 8% of interest on FDs offered by Paytm's partner IndusInd Bank on the savings account deposit exceeding Rs 100,000.
The official Paytm website says, "As per the RBI guidelines, you can hold only a maximum of ₹1 lakh in your Paytm account at end of the day. This limit is imposed on the sum of your wallet and Savings Account balances.
"Your balance amount exceeding ₹1 lakh is moved to a Fixed Deposit with our partner bank, IndusInd Bank, where you earn interest as per rates offered by them. You may redeem the amount in the Fixed Deposit at any time free of charge."
You can use the money in your Fixed Deposit once you redeem the amount and it is transferred to your Savings Account.
IndusInd bank Fixed Deposit interest rates
|Maturity Period||DOMESTIC(RESIDENT) DEPOSITS/ NRO DEPOSITS|
|<1 crore||< 1Cr|
|7 days to 14 days||3.75|
|15 days to 30 days||4.25|
|31 days to 45 days||5.75|
|46 days to 60 days||6|
|61 days to 90 days||6.25|
|91 days to 120 days||6.5|
|121 days to 180 days||6.75|
|181 days to 210 days||7.25|
|211 days to 269 days||7.25|
|270 days or below 1 years||7.5|
|1 Years to 1 Years 2 Months||8|
|Above 1 Years 2 Months to below 2 Years||7.75|
|2 years to below 2 years 6 Months||7.5|
|2 years 6 Months to below 2 years 9 Months||7.5|
|2 years 9 Months to below 3 years||7.5|
|3 years to below 61 month||7.5|
|61 month and above||7.25|
|Indus Tax Saver Scheme (5 years)||7.5|
How to get money back from Fixed Deposit?
Paytm payment bank's official website suggests the following steps to follow:
- Launch Paytm App
- Tap on the ‘Bank’ icon at the bottom right corner of your screen
- Enter your passcode to access the bank section
- Scroll down and click on the ‘Fixed Deposits’ section
- Select the option "Redeem Fixed deposit"
- Enter the amount for redemption
- Confirm the amount for redemption (You can also check the FDs that will be redeemed to get the amount)
- On successful redemption, the redemption amount plus Interest minus TDS(Tax deduction at source) if any, will be added to your Savings Account.