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Paytm Payments Bank Ltd partners with Suryoday Small Finance Bank

Shreoshree Chakrabarty January 19, 2021
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Paytm Payments Bank account holders can now avail fixed deposit services from Suryoday Bank as it partners with the bank. Earlier to this, in collaboration with IndusInd Bank, Paytm Payments Bank Ltd (PPBL) has already been offering fixed deposits service with a minimum investment of Rs. 100. Account-holders can select the fixed deposit service of whichever partnered bank according to their preference as PPBL has become the first payments bank in the country to launch the multi-partner FD service with this partnership.

Account-holders can keep a track of their savings with the easy to understand the interactive user interface of PPBL and also make a quick decision on the bank they want to select to invest their savings into a fixed deposit. And customers can also compare various features prior to making any decision such as tenure, minimum investment, interest rate and others. For liquidation of the fixed deposit placed with either of the partnered banks, the payments bank facilitates zero penalty charges. A user can also set the FD limit on their savings account, with the ‘Auto-Create Fixed Deposit’ feature that is also introduced in this.

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.”

Into the fold of the formal banking system, PPBL has brought millions of under-served masses. To make the banking experience more convenient and accessible for its customers, PPBL has launched the multi-partner FD feature. By integrating the Aadhaar enabled Payment System (AePS), PPBL has enabled banking services through Aadhar authentication. To let the customers to receive the benefits of over 400 government subsidies directly into their PPBL Savings Account, PPBL has also launched the Direct Benefits Transfer (DBT) facility.

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