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PPBL Partners with Suryoday SFB to Launch FD Service & Becomes India’s 1st Payment Bank to Launch the Multi Partner FD Service

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Paytm Bank ties up with Suryoday Small Finance Bank to offer fixed-deposit servicesOn January 19, 2021 Paytm Payments Bank Ltd (PPBL) partnered with Suryoday Small Finance Bank(SFB) Ltd to enable its account  holders to avail Fixed Deposit(FD) services.

i.It is to be recalled that PPBL has been offering FD services in partnership with Induslnd bank with a minimum investment of Rs. 100.

ii.PPBL with the partnership with Suryoday SFB has become the 1st payments bank in India to launch the multi-partner FD service. Through this service an account holder can select the partnered bank as per their preference.

Note

PPBL charges zero penalty for liquidating FD that is placed in any of the partner banks. Most of the account holders prefer ‘Auto-Create Fixed Deposit’ feature wherein a user can set the FD limit on their savings account.

Recent Launches of PPBL

i.PPBL has recently enabled banking services through Aadhaar by integrating Aadhaar enabled Payment System (AePS).

ii.It has launched a Direct Benefits Transfer (DBT) facility, whereby customers can get benefits of more than 400 government subsidies directly into their PPBL Savings Account.

Recent Related News:

On May 21, 2020 The Private sector ICICI bank has introduced a special fixed deposit (FD) scheme for senior citizens called ‘ICICI Bank Golden Years FD’ which offers an interest rate of 6.55% per annum(p.a) for deposits up to Rs 2 crores with a tenure of more than 5 years(5 years and 1 day ) to 10 years.

About Paytm Payments Bank Ltd (PPBL):

It is India’s only mobile-first bank with zero balance – zero digital transaction charge accounts.
Launched– 2017
Headquarters– Noida, Uttar Pradesh
Chairman– Vijay Shekhar Sharma
MD & CEO– Satish Kumar Gupta

About Suryoday Small Finance Bank Ltd:

Launched-January 23rd 2017
Headquarters– Navi Mumbai, Maharashtra
Tagline– A Bank of Smiles
MD and CEO–  Baskar Babu Ramachandran