Paytm payments bank corners ₹600 crore in fixed deposits by offering ‘highest interest rate’
- 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%.
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.
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
|Bank||Interest rate for general citizens||Interest rate for senior citizens|
|State Bank of India||5.00% to 6.80%||5.50% to 7.30%|
|ICICI Bank||4.00% to 7.10%||4.50% to 7.60%|
|HDFC Bank||3.50% to 7.30%||4.00% to 7.80%|
|Punjab National Bank||5.00% to 6.75%||5.50% to 7.25%|
|Canara Bank||5.00% to 6.50%||5.50% to 7.00%|
|Axis Bank||3.50% to 7.20%||3.50% to 7.85%|
|Kotak Mahindra Bank||3.50% to 6.90%||4.00% to 7.40%|
|Bank of Baroda||4.50% to 6.60%||5.00% to 7.10%|
|IDFC Bank||4.00% to 8.50%||4.50% to 9.00%|
|Bank of India||5.00% to 6.50%||5.50% to 7.00%|
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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