Indian FinTech giant Paytm's Payments Bank has today announced its partnership with Suryoday Small Finance Bank to facilitate fixed deposit services for its account holders. Paytm Payments Bank already offers fixed deposit services in collaboration with IndusInd Bank with a minimum investment of Rs 100. With the partnership with Suryoday Small Finance Bank, Paytm Payments Bank becomes the first payments bank in the country to launch a multi-partner FD service where an account holder can select the partnered bank according to their preference.
Paytm Payments Bank allows account holders to keep a track of their savings and make quick decisions to understand interactive user interface helps account holders keep a track of their savings and also make a quick decision on the bank they want to choose to invest their savings into a fixed deposit. The app also allows customers to compare various features such as minimum investment, interest rate, tenure, among other things before making a decision. The Paytm payments bank doesn't charge any penalty for liquidation of the fixed deposit placed with either of the partnered banks. It has been witnessed that many account holders prefer 'Auto-Create Fixed Deposit’ feature wherein a user can set the FD limit on their savings account.
Satish Gupta, MD & CEO of Paytm Payments Bank Ltd said, "We are excited to partner with Suryoday Bank to offer digital platform to the customers, helping them to mobilize their savings more meaningfully."
Paytm Payments Bank has had the fixed deposit facility for quite some time in partnership with IndusInd bank. In May 2020, Paytm had announced that its Payments Bank has crossed Rs 600 crores in fixed deposits.