Paytm Payments Bank offers fixed deposit products of Suryoday Bank

Paytm Payments Bank Ltd (PPBL) has today announced its partnership with Suryoday Small Finance Bank to facilitate fixed deposit services to its account holders. The payments bank has already been offering fixed deposits service in collaboration with IndusInd Bank with a minimum investment of Rs. 100. 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.

Customers of PPBL now can decide on the bank they want to choose to invest their savings into a fixed deposit. The customers can also compare various features such as minimum investment, interest rate, tenure, among other things before making a decision. The payments bank facilitates zero penalty charges 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, “Partnership with Suryoday Bank is aligned with our mission to drive financial inclusion where more users benefit from such services and develop a habit of long-term savings.”

Baskar Babu, MD & CEO Of Suryoday Small Finance Bank said, “This partnership will further enable us in providing an alternate digital platform to the customers, helping them to mobilize their savings more meaningfully.”