Paytm payments bank corners ₹600 crore in fixed deposits by offering ‘highest interest rate’

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Paytm payments bank corners ₹600 crore in fixed deposits by offering ‘highest interest rate’
BCCL
  • Paytm Payments Bank announced that even during the coronavirus lockdown, the bank has received over ₹600 crore in fixed deposits.
  • The bank said users are moving their savings into fixed deposits.
  • The payments bank has attracted a large number of users to create fixed deposit accounts with a high interest rate at 7%.
Paytm Payments Bank announced that even during the coronavirus lockdown, the bank has received over ₹600 crore in fixed deposits.

The company said that given the volatility in other asset classes during this period, many users are moving their savings into fixed deposits.


“We believe that wealth management products should be available to all, irrespective of their quantum of wealth. It is a proud moment for us to see that millions of bank account holders understand the benefit of fixed deposits,” Satish Kumar Gupta, CEO and managing director, Paytm Payments Bank said.
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The payments bank has attracted a large number of users to create fixed deposit accounts with a high interest rate at 7%. It also offers flexibility as customers can instantly redeem the partial/complete amount from their fixed deposit at any time free of charge.

Here are the interest rates for fixed deposits offered by other banks

BankInterest rate for general citizensInterest rate for senior citizens
State Bank of India5.00% to 6.80%5.50% to 7.30%
ICICI Bank4.00% to 7.10%4.50% to 7.60%
HDFC Bank3.50% to 7.30%4.00% to 7.80%
Punjab National Bank5.00% to 6.75%5.50% to 7.25%
Canara Bank5.00% to 6.50%5.50% to 7.00%
Axis Bank3.50% to 7.20%3.50% to 7.85%
Kotak Mahindra Bank3.50% to 6.90%4.00% to 7.40%
Bank of Baroda4.50% to 6.60%5.00% to 7.10%
IDFC Bank4.00% to 8.50%4.50% to 9.00%
Bank of India5.00% to 6.50%5.50% to 7.00%
Source: BankBazaar
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Recently, the bank had also crossed ₹1000 crore in savings accounts, with over 57 million account holders.

The company claims that the bank now has a debit cardholder in every district of India and is one of the largest RuPay card issuers in the country.

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