India’s indigenous, Paytm Payments Bank Limited (PPBL) today announced a partnership with Suryoday Small Finance Bank to provide fixed deposit services to its account holders. Payments Bank in collaboration with IndusInd Bank is already offering fixed deposit services with a minimum investment of Rs 100.

With this new partnership, PPBL has become the first payments bank in the country to introduce a multi-partner FD service where any account holder can choose the partner bank as per their choice. PPBL’s easy to understand interactive user interface helps account holders monitor their savings.

This Is How You Will Get Benefit

Not only this, they can decide to choose the bank of their choice to invest their savings in a fixed deposit. Customers can also compare various features like a minimum investment, interest rate, duration, etc. among other things before making a decision. Payments Bank facilitates zero penalties in case of withdrawal of fixed deposit held with any partner bank. It has been observed that many account holders prefer the ‘Auto-create Fixed Deposit’ feature where users themselves decide what the FD limit will be in their savings account.

Long-term Savings

Satish Gupta, Managing Director, and CEO of Paytm Payments Bank Limited said, “We are very happy to partner with Suryoday Bank. With the help of this partnership, we provide our account holders with the flexibility to choose their partner bank. Before that, they can analyze its benefits and convenience. This is in line with our mission to promote financial inclusion in which more and more users benefit from these services and can get into the habit of saving in the long run.

There Will Be Better Benefits Of Savings

Bhaskar Babu, managing director and CEO of Suryoday Small Finance Bank said, “As a small finance bank, we focus on offering innovative products and solutions with a great customer experience. With this partnership, we will be able to provide customers with an alternative digital platform that will help them mobilize their savings in a more meaningful way. ” PPBL has played a role in bringing lakhs of people who were not under the formal banking system. Multi-partner FD is the latest among the facilities that PPBL has introduced to make banking services easy to reach and facilitate customers.

DBT Scheme Also Benefits

Recently, PPBL has enabled banking services through Aadhaar authentication. Under this, Aadhaar Enabled Payment System (AePS) is integrated. PPBL has also introduced a Direct Benefit Transfer (DBT) facility where it has made it possible for customers to get the benefits of more than 400 government subsidies directly into their PPBL savings account.