Paytm Payments Bank Partners With IndusInd Bank To Instant Paperless Fixed Deposits

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India’s largest digital payments platform Paytm has committed to invest around Rs. 3000 crore in their banking entity in the coming next three years.

The largest digital finance platform is targeting to create an expanded network of around 10,000 offline consumer banking touchpoints all around the country.

After partnering with ICICI Bank, the newly launched Paytm Payments Bank has now partnered with IndusInd Bank where they will now offer instant fixed deposits.

The digital banking platform has introduced the facility which will now create a fixed deposit if the balance of any user exceeds the threshold limit of Rs, 1,00,000 at the end of day.

This is a first of its kind feature ever in the banking history of India. The new feature will create a fixed deposit if the balance of the account exceeds the limit of Rs. 1 Lakh, and no paperwork is needed.

The whole process will be free of charge, and users can instantly redeem their fixed deposit anytime they want, at zero cost. Users will gain an internet of 6.85 percent per annum on their fixed amount.

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