Paytm Payments Bank registers a sharp increase in fixed deposit during lockdown; crosses Rs. 600 crores in FDs

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New Delhi: Paytm Payments Bank Ltd (PPBL), which is India’s largest & only profitable payments bank has crossed Rs. 600 crores in fixed deposit accounts, held with its partner IndusInd Bank. During this period of volatility in other asset classes, a large number of PPB bank account holders are moving their savings into fixed deposits during the ongoing lockdown.

The bank, which started with the aim of bringing the underserved masses into the digital banking fold has continued to lead the way with its innovative offerings. PPBL offers its customers to opt for an FD account with its partner bank, allowing them to earn up to 7% p.a. interest, which is among the highest in the industry. The customers can instantly redeem the partial/complete amount from their fixed deposit at any time free of charge.

Satish Kumar Gupta, CEO & Managing Director, Paytm Payments Bank Ltd 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 & relationship that we have built with our customers over the years.”

After crossing Rs 1000 crores in savings accounts, this is another milestone achieved by the bank. PPBL has also played a leading role in spreading the reach of debit cards across the country. With over 57 million digital debit cards, the bank now has a debit cardholder in every district of India and is one of the largest RuPay card issuers in the country. It offers flexibility to its customers to choose from VISA, MasterCard, and RuPay debit cards.

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