India‘s largest payments bank, Paytm Payments Bank Ltd (PPBL), has crossed Rs 600 crore in fixed deposit (FD) accounts which is held with its partner IndusInd Bank. The payments bank in the statement said that during this volatile period, a large number of payments bank account holders are moving their savings into fixed deposits during the lockdown.
With an aim of bring the underserved masses into the digital banking fold, this payments bank started its operations. PPBL offers its customers to opt for an FD account with its partner bank, allowing them to earn up to 7 per cent p.a. interest, which is among the highest in the industry.
The customers can instantly redeem the partial or complete amount from their fixed deposit at any time free of charge.
Satish Kumar Gupta, CEO and Managing Director, PPBL said, “Our efforts are aligned with our mission of bringing financial inclusion in our country. 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. This also signifies the trust and relationship that we have built with our customers over the years."
After crossing Rs 1,000 crore in savings accounts, this Rs 600 crore mark in FDs is another milestone achieved by the bank. PPBL has issued over 57 million digital debit cards. It is estimated the bank now has a debit cardholder in every district of India and is one of the largest RuPay card issuers in the country.