After committing to invest $466.5 Million in the next three years to create a network of 10K offline consumer banking touchpoints, Paytm Payments Bank has now partnered with IndusInd Bank to introduce a facility that creates a fixed deposit when customer balance exceeds $16K at the end of day. Paytm Payments Bank customers will be able to redeem their deposits instantly without paying any pre-closure or miscellaneous charges and can earn up to 6.85% annual interest.
The bank recently also unveiled ‘Paytm Ka ATM’ outlets that allow customers to open saving accounts and withdraw money. These specially branded outlets will play a key role in bringing banking access to smaller cities and towns by ensuring customers find it easy to locate an access point near them. Paytm Payments Bank is set to add over 1 lakh ‘Paytm ka ATM’ banking outlets across India to expand the reach of its banking services to the entire country.
For payments bank, while there is no limit on intra-day transactions at the end of the day a customer cannot have more Rs 1 lakh in her account, Renu Satti, MD, and CEO, Paytm Payments Bank. With this facility, the amount in excess of Rs 1 lakh at the end of the day will be automatically converted into an FD with Induslnd Bank. Customers can also redeem their deposits instantly, anytime without paying any pre-closure or miscellaneous charges.
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. We are confident our customers would appreciate our efforts to simplify investments while providing assured returns. Last month, Paytm Payments Bank revealed plans to introduce Paytm Ka ATM special outlets that will enable the customers to open a savings account as well as deposit and withdraw money.