Know More for Fixed Deposit

Fixed Deposit:
As per the RBI's licensing and operative guidelines for Payments Bank, aggregate customer balance limit for PPBL customer at the end of the day cannot exceed INR 100,000. In this scenario, Paytm Payments Bank will book a fixed deposit on your behalf in partnership with IndusInd Bank Ltd.
Features of the Fixed Deposit:
Product Fixed Deposit
Maturity Period 13 Months
Interest on Maturity (compounded quarterly) 6.85%
Auto Renewal On Maturity
Redemption Instant
Charges when redeemed before maturity Zero charges (No penalty)
FD details Available in passbook
* subject to change, please refer the following points.
  • The interest earned is calculated according to the interest table of IndusInd bank as applicable on the date of creation of FD. Today's FD creation rate table can be found here.
  • FDs will be booked with the Maturity Period that provide highest interest rate.
  • You can redeem FD anytime and principal would be credited with in few minutes.
  • In case your FD is closed prematurely, before completion of the minimum period of 7 days, no interest shall be paid for the said FD.
  • Interest will be credited to customer on redemption (if applicable) within 48 hours.
  • All communication regarding the fixed deposit will be sent to you by Paytm.
Interest amount credited based on the Interest amount earned:
Interest amount earned will be rounded off to the nearest Integer and that would be credited.
For example:
If the Interest earned is from ₹ 11.50 to ₹ 12.49, then ₹ 12.00 would be credited, and
If the Interest earned is from ₹ 12.50 to ₹ 13.49, then ₹ 13.00 would be credited.
Taxation:
  • TDS, if any, will be deducted on interest accruals as per applicable Income Tax rules.
  • Under section 26AA of the Income Tax Act. 1961 w.e.f. 1st April, 2010, non-furnishing of PAN to deductor (i.e. to the Bank) would result in deduction of TDS at a higher rate.
Renewal:
  • In case of renewed deposits, the new deposit amount consists of the original deposit amount plus the interest less Tax Deducted at Source (TDS), if any.
  • On renewal day if the customer has become a senior citizen or will become a senior citizen, we will auto renew the FD (Principal + Interest) under the senior citizen scheme and not under the scheme it was previously booked in.