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    Earn 7.5% Interest, Open Account at Just Rs.100

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    When it comes to investments, Fixed Deposits, or FDs, still receive the highest recommendations.

    FDs are considered a superior investment option, offering guaranteed returns. They typically yield higher returns compared to regular Savings Accounts. While many banks impose penalties for premature FD withdrawals, if you seek an FD without such penalties, you might consider opening one with Paytm Payments Bank Ltd (PPBL).

    The unique aspect of this offer is that your deposit is locked in for a duration of precisely 356 days, signifying that your FD will reach maturity within this period. It’s worth noting that Payments Banks aren’t typically authorized to offer fixed deposit services directly to customers. Therefore, Paytm Payments Bank has established a partnership with IndusInd Bank to facilitate this service.

    Start your FD with a minimum deposit of Rs100

    Certainly, at Paytm Payments Bank, you have the option to initiate a Fixed Deposit with a nominal investment of just Rs 100. What sets Paytm Payments Bank apart is its enticing offer of up to 7.50% interest on Fixed Deposits. The unique feature of this offer lies in the fact that if you decide to withdraw your Fixed Deposit before its maturity date at Paytm Payments Bank, you won’t incur any penalty charges. However, it’s important to note that if you choose to break the Fixed Deposit within the first 7 days, you won’t receive any interest earnings during that period.

    The question that emerges is the safety of keeping funds within Payments Banks. To address this concern, it’s important to understand that in the unfortunate event of a bank’s financial instability or bankruptcy, the sole safeguard available to depositors is the insurance coverage provided by the Deposit Insurance and Credit Guarantee Corporation, known as DICGC. Recently, there has been an increase in the insurance coverage under DICGC from Rs 1 lakh to Rs 5 lakh. It’s noteworthy that DICGC’s insurance coverage applies to various types of deposits, including savings accounts, Fixed Deposits (FDs), current accounts, Recurring Deposits (RDs), and more. Furthermore, DICGC’s Deposit Insurance extends its protective umbrella over all insured commercial banks, encompassing Large and Small Banks (LAB), Payments Banks (PB), Small Finance Banks (SFB), Regional Rural Banks (RRB), as well as Cooperative Banks.

    FEATURES AND BENEFITS OF PAYTM FD

    • The interest rate ranges from 2.75% to 7%, and the tenures range from 7 days to 356 days. 
    • Principal amount + interest earned during the investment period, less TDS, will be credited upon withdrawal. 
    • There is no penalty for premature withdrawal from the fixed deposit. However, if FD is redeemed within the minimal 7 days, no interest will be paid. 
    • Partial withdrawals from fixed deposits are allowed.
    • There is a provision for the auto-creation of an FD when the amount in a savings account exceeds a user-specified threshold.
    • Paytm Bank FDs can be created and dissolved anytime and anywhere with a single click.

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