Digital payment service provider Paytm revealed yesterday that it is partnering with IndusInd Bank to introduce high-return fixed deposit for its payments bank customers. In a first-of-its-kind facility, Paytm Payments Bank will create fixed deposit when the account balance of a customer exceeds Rs.1 lakh. Under this facility, customers can earn returns up to 6.85% per annum.
This service is also comparatively more flexible than a regular fixed-deposit account as customers can withdraw their deposits instantly at their convenience without paying any pre-closure charges. This digital service, which is completely hassle-free, aims to help customers boost their earnings while also saving the money.
The company is quite confident that customers will appreciate its efforts to simplify investments and deliver assured returns. According to Paytm Payments Bank CEO Renu Satti, this facility allows for safe investment and eliminates the hassles of paperwork and service charges. Since India is a country where people prefer safe investment options, this high-return plan from Paytm Payments Bank is expected to have a lot of takers.
The partnership established with a conventional banking service provider like IndusInd Bank is expected to strengthen Paytm Payments Bank’s services. Most recently, Paytm also came up with a service called ‘Paytm Ka ATM’ that allows customers in small towns to open digital accounts and transact at their own convenience. The company is also currently planning to invest about Rs.3,000 crore over the next three years to increase its distribution points across various small towns and cities in the country.
Paytm is currently India’s largest digital payment service provider. In addition to the digital payment service, Paytm also provides a range of other services including ticket booking, mobile recharge, bill payment, etc. Paytm is also currently spearheading India’s transformation into a digital, cashless economy. The introduction of Paytm Payments Bank was aimed at providing risk-free savings deposit service for customers without any charges.