Paytm Payments Bank on Saturday mentioned it has partnered Induslnd Bank to introduce a facility to create a hard and fast deposit when the client steadiness exceeds Rs. 1 lakh on the finish of day.
The corporate says Paytm Payments Bank consumers can redeem their deposits immediately, anytime with out paying any pre-closure or miscellaneous fees and will earn up to 6.85 % annual passion, the corporate mentioned in a remark.
Additionally, if a buyer turns into a senior citizen sooner than the adulthood duration, the account will likely be auto-renewed underneath the senior citizen scheme, thus incomes upper passion, it added.
“Majority of Indians prefer safer investment options that offer them higher earning potential. Our offering will add the much-needed convenience of zero paperwork, instant redemption and no charges to one of India’s most preferred investment methods,” Paytm Payments Bank MD and CEO Renu Satti mentioned.
Paytm Payments Bank was once formally introduced again in November remaining 12 months, despite the fact that it had began providing products and services from May the similar 12 months.
The financial institution not too long ago unveiled its ‘Paytm Ka ATM’ shops, intended to permit consumers to open financial savings accounts in addition to deposit or withdraw cash. The branded shops will play a key function in bringing banking get admission to to smaller towns and cities via making sure consumers to find it simple to find an get admission to level close to them. The ATM provider will likely be enabled via a industry correspondent community.
Speaking at the release of the provider remaining 12 months, Paytm CEO Vijay Shekhar Sharma mentioned, “Paytm ka ATM – is a human you can go to, take the money, deposit, with your thumb or card, and on day one of the launch, we will have 100,000 distribution points of Paytm ka ATM,” says Sharma.
Written with inputs from PTI