- Paytm Payments Bank partners with Suryoday Bank to offer its customer Fixed Deposit services
- Paytm Payments Banks already offers FD services in IndusInd Bank
- PPBL is the fist payments bank in India to offer multi-partner FD services to its customers
The Indigenous payments bank in India, Paytm Payments Bank Limited (PPBL), on Tuesday, announced its partnership with Suryoday Small Finance Bank to facilitate the Fixed Deposit services to its customers.
The customers of Paytm payments bank are already enjoying the fixed deposits service in collaboration with the IndusInd Bank at a minimum investment of Rs. 100.
Paytm said, “With this new partnership, PPBL has become the first payments bank in the country to launch the multi-partner FD service where an account holder can select the partnered bank as per their preference”.
The company added, “The customers can also compare various features such as minimum investment, interest rate, tenure, among other things before making a decision”.
Paytm Payments Bank Limited also offers zero penalty charge for liquidation of the FD which are placed in either of the banks it has entered into the partnership with. It has been witnessed that there are several account holders who prefer “Auto-Create Fixed Deposit” feature wherein the user can set the FD limit on their savings account.
Managing Director (MD) and Chief Executive Officer (CEO) of Paytm Payments Bank Limited, Satish Gupta, said, “We are excited to partner with Suryoday Bank to offer flexibility to our account holders to choose their partnered bank after analysing the benefits and it’s convenience.”
He added, “This is aligned with our mission to drive financial inclusion where more users benefit from such services and develop a habit of long-term savings.”
MD and CEO of Suryoday Small Finance Bank, Baskar Babu, said, “As a small finance bank, we focus on delivering innovative products and solutions with great customer experience.”
Babu added, “This partnership will further enable us in providing an alternate digital platform to the customers, helping them to mobilize their savings more meaningfully.”
PBBL has brought ten of lakhs of under-served people into the fold of the formal banking system. The multi-partner Fixed Deposit feature is the latest among the services which PPBL has launched to ensure that the banking experience is convenient and accessible for all of its customers.
Most recently, PPBL has enabled banking services via Aadhar authentication as it integrated the Aadhaar enabled Payment System (AePS).
PPBL also launched the Direct Benefits Transfer (DBT) facility wherein the Payments Bank it enabled its customers to receive the benefits of more than 400 government subsidies directly into their PPBL Savings Account.