India’s homegrown Paytm Payments Bank Ltd (PPBL) on Tuesday 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,” Paytm added.
“The customers can also compare various features such as minimum investment, interest rate, tenure, among other things before making a decision,” it said.
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.
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Satish Gupta, MD & CEO of Paytm Payments Bank Ltd 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. 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.”
Baskar Babu, MD & CEO Of Suryoday Small Finance Bank said, “As a small finance bank, we focus on delivering innovative products and solutions with great customer experience. This partnership will further enable us in providing an alternate digital platform to the customers, helping them to mobilize their savings more meaningfully.”
PPBL has brought millions of under-served masses into the fold of the formal banking system. The multi-partner FD feature is the latest among the services that PPBL has launched to make the banking experience more convenient and accessible for its customers. Recently, PPBL has enabled banking services through Aadhar authentication by integrating the Aadhaar enabled Payment System (AePS). PPBL has also launched the Direct Benefits Transfer (DBT) facility where it enabled customers to receive the benefits of over 400 government subsidies directly into their PPBL Savings Account.