Paytm Payments Bank Ltd (PPBL) has partnered with Suryoday Small Finance Bank to offer fixed-deposit services to its account holders. The minimum investment required for the Fixed Deposit is of Rs 100. Paytm Bank is already been offering fixed-deposits services in partrnership with IndusInd Bank.
“With this new partnership, PPBL has become the first payments bank in the country to launch the multi-partner FD service where an account holder can select the partnered bank as per their preference,” said Paytm.
“The customers can also compare various features such as minimum investment, interest rate, tenure, among other things before making a decision,” it added.
The payments bank offers zero penalty charges for the liquidation of the fixed deposit placed with either of the partnered banks. The ‘Auto-Create Fixed Deposit’ feature, in which a user can fix the FD limit on their savings account, has been in popular demand.
“We are excited to partner with Suryoday Bank to offer flexibility to our account holders to choose their partnered bank after analysing the benefits and it’s convenience. This is aligned with our mission to drive financial inclusion where more users benefit from such services and develop a habit of long-term savings,” said Satish Gupta, MD & CEO of Paytm Payments Bank Ltd.
“As a small finance bank, we focus on delivering innovative products and solutions with great customer experience. This partnership will further enable us in providing an alternate digital platform to the customers, helping them to mobilize their savings more meaningfully,” Baskar Babu, MD & CEO Of Suryoday Small Finance Bank said.