Paytm Fixed Deposit and How to invest:
Paytm fixed deposit, first know what is Fixed Deposit. Fixed Deposit is a type of term deposit thats gives you a fixed interest rate till the maturity.
Paytm which is known by the mobile payment app in India, now you can also make a fixed deposit in it, as Paytm Fixed Deposit. Paytm has also started a Paytm fixed deposit, which you can invest in it very easily. So that you can get interest on your deposited money.
Like if you had to make a fixed deposit a few years ago, you would have to wait in the queue in the bank for hours. But, right now due to mobile banking, the work of the entire bank is becoming easier on the phone within minutes.
Almost all the banks have started online mobile banking so that their customers can take decision easily and do not have to visit the branch again and again.
What is the minimum amount for fixed deposit in Paytm?
Some things to know about the Paytm fixed deposit. If you have more than 1 lakh amount by the end of the day in your paytm savings, then your 1 lakh plus the money will automatically go to the fixed deposit.
As if you have Rs. 1,20,000 in your paytm savings, then Rs. 20,000 will be automatically added to the fixed deposit.
You can add funds through UPI or Debit card For Paytm Fixed Deposit. If you want to open a Fixed Deposit, then it would be better to open a Fixed Deposit with a good amount.
How can I open Fixed Deposit in Paytm? (Paytm fixed Deposit)
When your Account balance exceeds rupees 1 lakh, you can easily FD through the paytm app. On clicking the bank option, you will see the option of saving amount balance, fixed deposits, and Paytm wallet, and then you have to click on Fixed Deposit. It will take a little time to open the paytm FD account.
How much balance you have will be seen in this option separately like saving amount balance…, Paytm wallet…, and fixed deposits amounts.
How much interest does Paytm Bank gives? (paytm FD rates)
You can get up to about 7 percent if you keep a fixed deposit for 12 to 13 months. Like up to one year you will get 7% of interest on your total FD amount.
If you close FD within 7 days after opening FD, you will not get any interest.
Term Deposit Rates: paytm fixed deposit
When you open FD, you will get passbook, in it you will get all the details.
Is Paytm fixed deposit safe?
Paytm app is making its market in India very fast, and Paytm has shown great trust to the users. Paytm bank is a partner with IndusInd Bank offering a fixed deposit, and IndusInd Bank is also a good bank.
In recent times, there is a lot of trouble in the IndusInd bank; if there are some problems with the bank, then your money can get stuck for some time. Paytm can grow well as soon as the bank does not have inner issues.
Paytm branches not much in the many cities and villages, so if there is some problem, then you cannot visit the branch.
If you want to invest for a long time then there are many other options for you:
Stocks: You can invest in stocks and get good returns for a longer period, which will be more than FD.
Bonds: It would also be better to invest in bonds; you can get good returns from here too. There is a different type of bond in the market like Corporate bonds, Public Sector Bonds, Government Bonds, Central Government Bonds, etc.
Which bank gives the best FD rates in India:
You can make a fixed deposit in Paytm as well because here, the interest rate is excellent, and there are no extra charges for Fixed Deposit. If you want to FD in other banks you can check below.
There are other banks in India which give very good returns like:
- HDFC Bank
- ICICI Bank
- IDFC First Bank
- Canara Bank
- Axis Bank
|Banks||Tenure||Fixed Deposite Interest Rates|
|HDFC Bank||7 days to 10 years||3.00% ~ 6.50%|
|State Bank Of India||7 days to 10 years||3.30% ~ 6.50%|
|ICICI Bank||7 days to 10 years||3.25% ~ 6.25%|
|IDFC First Bank||7 days to 10 years||4.00% – 7.75%|
|Canara Bank||7 days to 10 years||4.25% – 6.25%|
|Axis Bank||7 days to 10 years||3.25% – 6.75%|
The inflation rate in India is very high, so FD’s give only 2 to 3% more returns if we deduct the inflation rate from FD returns.
Paytm Saving Account:
Paytm Saving Account:
No minimum balance is required to open a Paytm savings account and all digital transactions are free. You will get 3 repute interest annually on the amount of money you have kept in a savings account.
Paytm have good options to invest in Fixed Deposit and easy option for money transfer through QR codes. And to invest in mutual funds easily can invest in SIP through the Paytm app. Paytm having other features like food wallet, Fast tag, Payments, Saving Accounts, debit cards, Quick money transfer, etc.