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India's largest mobile-first financial services platform, Paytm Payments Bank has now announced its partnership with IndusInd Bank to introduce a first-of-its-kind facility to create a fixed deposit when the balance of a customer's account exceeds Rs. 1 lakh at the end of the day.
Further, the main aspect of this facility is that it will allow Paytm Payments Bank customers' to redeem their deposits instantly, anytime and without paying any pre-closure or miscellaneous charges. Apart from this easy withdrawal customers will be able to earn up to 6.85 percent annual interest on their deposits.
And there's more, according to inputs from ANI if a customer becomes a senior citizen before the maturity period, the deposit will be auto-renewed under the senior citizen scheme. What this means is that customer will be earning higher interest.
This new offering from Paytm Payments Bank and IndusInd Bank which provides hassle-free and paperless experience for customers will further help boost their savings and earnings potential in the long run.
"We are confident our customers would appreciate our efforts to simplify investments while providing assured returns," said MD and CEO, Paytm Payments Bank, Renu Satti.
The bank recently also unveiled 'Paytm Ka ATM' outlets that allow customers to open saving accounts and deposit/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. It has reportedly committed Rs. 3,000 crore over the next three years to expand offline distribution network by allowing trusted local partners to act as potential cash-in and cash-out points.
"The Paytm ka ATM banking outlet is our step towards ensuring every Indian has access to banking facilities," Renu Satti, MD at Paytm Payments Bank has said earlier. "We believe this hyper-local model of banking will play a crucial role in enabling hundreds of millions of under-served and un-served customers to gain access to quality banking services."