Reported by: banking|Updated: January 10, 2018
Paytm Payments Bank has introduced a facility for its customers whereby it will convert funds in excess of Rs 1 lakh in a customer’s savings bank account into a fixed deposit, earning higher interest rates. The payments bank has earmarked Rs 3000 crore in the next three years to create a network of 10,000 offline consumer banking touchpoints. The customers will be able to break the fixed deposits at any point of time without paying any pre-closure or miscellaneous charges. They can earn up to 6.85% annual interest. Renu Satti, MD and CEO of Paytm Payments Bank, said the facility will add the much-needed convenience of zero paperwork, instant redemption and no charges.