Bank FD (fastened deposit) rate of interest is usually selected the premise of age of the depositor on the time of FD account opening. However, Paytm Payments Bank has a proposal that may entice depositors above 50 years of age. Paytm Bank will repair age of the depositor on the time of renewal. So, if an individual deposits cash in Paytm Payments Bank FD and switch 60 12 months outdated or above on the time of renewal, then the depositor shall be eligible for senior citizen FD charges, means as much as 0.5 per cent extra fastened deposit rate of interest than another financial institution. In truth, if the depositor redeems one’s FD earlier than maturity, there shall be no penalty being levied by the Paytm Payments Bank as nicely.
As per the Paytm Payments Bank claims on its official web site — paytmbank.com, “On renewal day if the customer has become a senior citizen or will become a senior citizen, we will auto renew the FD (Principal + Interest) under the senior citizen scheme and not under the scheme it was previously booked in.”
So, if you’re above 50 years of age and planning to open a financial institution FD account, Paytm Payments Bank is usually a good possibility if you’re searching for tax-free financial institution FD that can fetch larger fastened deposit rate of interest. In truth the Paytm Bank FD is profitable for all these depositors who’re 50+ in age and wish to put money into fastened deposit for tenure when they may flip a senior citizen on the time of maturity.
Other options of Paytm Payments Bank FD
1] You can redeem FD anytime and the principal quantity redeemed plus curiosity much less Tax Deduction at Source (TDS), if any, could be credited inside few seconds.
2] In case your FD is closed prematurely, earlier than completion of the minimal interval of seven days, no curiosity shall be paid for the stated FD.
3] In Paytm Payments financial institution FD, no penalty is being levied in case of untimely closure of the FD.
4] The Fixed Deposit shall be robotically renewed on maturity. The charges and time period of Fixed Deposit shall be communicated by Paytm Payments Bank.
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