spersilumno1980.netlify.com

Discerning customers, as per their preference and convenience, can now choose to book an FD instantly either with IndusInd or Suryoday Bank via Fixed Deposits section available on the Paytm Payments Bank home screen. Multi partner FD – Features One of its Kind: Paytm Payments Bank has seen millennials preferring FD over other investment options.

How to Close Paytm Payments Bank Fixed Deposit Account?: Bank Fixed Deposit or Term Deposit is a deposit scheme where you can invest money in lump sum for a fixed pre-decided tenure at a given rate of interest. Paytm Payments Bank offers Fixed Deposit (FD) products of multiple tenures at competitive interest rates and with many other benefits like loan or overdraft facility against Fixed Deposit. It is usually seen that if someone opens a bank FD account, he/ she rarely closes it before maturity in order to achieve the financial objectives for which it was opened. Premature closure is not considered a good option as you bear financial loss if you close your FD before maturity.

Paytm Fixed Deposit Card

However, still there could be multiple reasons to close a bank Fixed Deposit Account such as:

• May 08, 2020 During this lockdown period where there is volatility in other asset classes, we have noticed a rise in the number of Paytm Payments Bank account holders, who are moving their savings into fixed deposits. Fixed deposit is one of the simplest form of investment instrument.
• Bank Fixed Deposit or Term Deposit is a deposit scheme where you can invest money in lump sum for a fixed pre-decided tenure at a given rate of interest. Paytm Payments Bank offers Fixed Deposit (FD) products of multiple tenures at competitive interest rates and with many other benefits like loan or overdraft facility against Fixed Deposit.
• How to Open Paytm Fixed Deposit Paytm Payment Bank fixed deposit kaise kare Paytm Tech ChaupalHiI am @TechRaghavendra, Welcome to our YouTube channel T.

• Emergencies in the family
• Lower rate of interest
• Customer Service is not upto the mark
• Requirement of funds for purchase of some asset
• Bad Relationship with Bank Staff
• Better interest rate is being offered by other bank
• Better opportunity for investment

In order to close your Fixed Deposit Account, you may be interested to know how to close bank Fixed Deposit Account? It seems tedious but it's very easy to get your account closed, you just need to follow a few steps for the same.

Paytm Fixed Deposit

Alternate Ways instead of Closing Bank Fixed Deposit Account of Paytm Payments Bank

• A loan against fixed deposits can help you manage finances without breaking your investment.
• Arrange the funds for emergency from your family, friends or relatives, if your FD maturity date is very close.
• Avail Personal Loan, in case it is financially viable option.

How to close Paytm Payments Bank Fixed Deposit Account?

Paytm Fixed Deposit Limit

If you have a Fixed Deposit Account with Paytm Payments Bank and interested to know how to close it then following are the steps will have to follow:

In order to close Paytm Payments Bank FD account, the first step is to fill up an FD Account Closure Form. For this, you can visit your branch, get the FD account closure form and fill it up properly. After that you need to sign it and submit it to the branch manager/ officer-in-charge. Please note that if there is/ are any joint holder/s in your account, all need to sign the FD account closure form.

All the holders of the account need to attach a copy of KYC documents i.e. a copy of PAN, which also serves as your proof of identity and a proof of address to the FD closure form. The account holders may also be asked to self attest these documents.

Paytm Fixed Deposit Credit Cards

Whenever you apply for bank FD, the bank issues a deposit certificate or receipt as a proof of fixed deposit. It shows the details like FD amount, Tenure and Rate of Interest. You need to carry this certificate or receipt to close a fixed deposit. You need to submit FD certificate or receipt duly signed by all the account holders. The banker will verify the documents submitted by you and if he/ she finds all the things are correct then you are asked to withdraw the balance amount in your account. You may either take cash withdrawal or the bank issues a cheque/ DD in your favour or the amount can be transferred to another account.

If you follow above steps, you would be able to close your FD account in a hassle free manner. Banks generally send an email or SMS on your registered email id and mobile after your FD account is closed.

Important Points regarding Closing of Paytm Payments Bank Fixed Deposit Account

• For closing your FD account, you need to visit that branch of the bank where you had opened the account.
• Some of the banks offer FDs with minimum lock-in period which means that if you withdraw your FD before the lock-in period, no interest will be paid.
• On premature closure of Fixed Deposit, usually a penalty of 0.50% to 1% lower interest is levied. One will not get the original interest on FD amount for the entire tenure of the FD, but will be paid the lower interest rate less penalty for the period in which the FD was withdrawn.
• Any type of tax-saver FD cannot be withdrawn prematurely i.e. you cannot withdraw the amount before a lock in period of 5 years.
• Loan and Overdraft facility is not available against tax-saver FDs.

More Links Paytm Payments Bank

Paytm FD: India’s favourite way to invest is to lock away savings in the simple and secure instrument- fixed deposits (FD) and when one is looking to open an FD, one does look at convenience besides interest rates that it fetches. If you are looking to multiply your savings away for a shorter period, at an interest rate as high as 8 per cent, you can do it with just a touch on your smartphone.

Popular mobile wallet and payments bank Paytm is providing its customers with the opportunity to earn the maximum interest on any excess savings they have while providing the option to exit before maturity with zero withdraw charges. Its liquidity is the most attractive part of the service, something you cannot find at regular banks.

How to open an FD with Paytm?

Before you decide to open an FD with Paytm, there are some things you need to understand about the deposit facility.

You may already be aware that Paytm is a payments bank, which means it is not allowed to provide conventional banking services like that of an FD. Additionally, as per RBI’s licensing and operative guidelines, the customer’s aggregate balance in their payments bank account at the end of the day, cannot exceed Rs 1 lakh.

Due to restrictions associated with the account, Paytm has tied up with IndusInd Bank Ltd to open a fixed deposit account, on your behalf, when the amount in your account exceeds the limit. It is a hassle-free, paperless savings option that moves any amount in your account exceeding Rs 1 lakh towards the FD, to help you earn the highest interest rate they can offer.

When your balance exceeds Rs 1 lakh, go to “Bank” (second from the right side, below) in your app, and scroll down to find the fixed deposit option.

You can check your balance, interest earned at any time on your passbook, which will display the savings account and FD account balances separately.

Features of Paytm FD

• Maturity: 13 months (at present)
• Interest on maturity: 8 per cent (at present)
• Auto-renewal on maturity
• Instant redemption with zero penalty charges on redemption before maturity
• Details of the FD readily available in the Paytm passbook

Important points to note

• The changes in interest rates are based on those provided by IndusInd Ltd for a period of 13 months, which is currently 8 per cent for deposits less than Rs 1 crore.
• As per the Paytm’s guidelines on its official website, it books the FD for the period with the highest interest rate (presently 13 months) provided by its partnered bank.
• The Paytm FD when redeemed (can be redeemed anytime) will provide you with the principal amount to the extent redeemed along with the interest earned till the period less TDS (tax deducted at source), if any, within a matter of seconds.
• No interest will be paid in the FD if redeemed within the completion of 7 days.
• Any and all communication regarding the FD will be sent to you by Paytm.
• Interest earned will be rounded off to the nearest integer while crediting it to the account. For example, interest earned between Rs 11.50 to Rs 12.49, will be credited as Rs 12.00.
• TDS will be applicable as per Income Tax rules. If the PAN is not furnished, a higher rate of TDS will be charged, as per the Income Tax Act.
• On the date of auto-renewal, the new deposit amount will include original principal amount along with the interest earned minus the TDS, if any.
• If the account holder becomes a senior citizen at the time of renewal, the deposit will be auto-renewed to the senior citizen scheme (with a higher interest rate).