First of its kind in India - Pay with your fixed deposit -:- www.deekpay.com

For the first time in India, use your Fixed Deposit (FD) as a means of payment |

Ever heard the advice of your father or grandfather, "Son, invest in fixed deposits." Since time immemorial, fixed deposits have been a reliable companion for our forefathers when it comes to stocking up on emergency funds. Even today, it is a popular choice among millennials. All banks offer fixed deposits accompanied by different interest rates that can be withdrawn in times of emergency. However, fixed deposits with Paytm Payments Bank (PPBL, offered by Co-operative Banks) are much more than just an investment option.

**Term deposits as a liquid asset**

We offer a very unique programme when it comes to helping clients create fixed deposits with partner banks. Apart from offering interest rates of up to 5.51 TP3T, the fixed deposits also become a pay-as-you-go payment tool for PPBL account holders. Account holders can immediately withdraw their fixed deposits to purchase goods or make payments through the Paytm app, if the account balance is insufficient. This feature is currently available for payments through Paytm payment gateway.

Unlike other banks, fixed deposits on the Paytm app can be withdrawn for free in just a few seconds. For example, if you are buying gold worth Rs 50,000 on the Paytm app and your savings account balance is Rs 35,000, you are obviously short by Rs 15,000. To make up this difference, you can click on one additional action to redeem your fixed deposit immediately and complete the purchase!

**Convenient checkout page**

The process is simple to understand and can be understood by looking at the image of the "Checkout" page above. Let's say you are purchasing a ticket and are on the payment page, as you can see, your bank account balance is low. Below the available balance, you have an option to redeem your time deposit, just click on the checkbox. You can use the time deposit balance to pay the remaining amount without any additional charges. Only the required balance will be deducted from your time deposit without having to withdraw it completely. Hence, you will continue to earn interest on the remaining amount.

**Why should time deposits be considered as a payment option? **

Earn while you save: You can earn interest while saving money for your future goals. Typically, other banks offer fixed deposits with interest rates of up to TP3T 41, but at PPBL, the interest rate is as high as TP3T 5.51 (up to TP3T 61 for senior citizens).

Free Withdrawal: Most banks charge a fee of 0.5% to 1% for withdrawing a time deposit. But with us, you can withdraw immediately for free, regardless of account balance and tenure.

Multi-purpose: You can withdraw your fixed deposit to make multiple payments/purchases on the Paytm app, including recharges/bill payments, buying gold, shopping, booking travel tickets, investing in mutual funds, etc. The interesting fact is that the ability to redeem fixed deposits is also available on the checkout pages of third-party merchants like Zomato and Swiggy.

Smart Access: We value your money more than you do. Therefore, when you choose to withdraw your time deposits, we follow a 'last in, first out' mechanism. This means that we will withdraw the most recent term deposit first, as you have earned more interest on the older term deposit. Imagine you open two time deposits in August 2020 and January 2021 respectively. In this case, we would first withdraw the January 2021 one because you have earned less interest on that deposit compared to the August 2020 deposit. This way, you retain the maximised return when withdrawing the time deposits for payment.

We offer these unique features because we are committed to user-centric banking and want to benefit our customers by maximising returns. If you have not yet opened a fixed deposit on the Paytm Payments Banking platform (offered by our partner IndusInd Bank), you can start with a small deposit of Rs. 100 and build wealth through savings. Follow the simple path below to open a fixed deposit with our partner IndusInd Bank:

Paytm Apps > Paytm Bank > Open a Fixed Deposit

If you have already opened a fixed deposit through the banking section of the Paytm app, don't hesitate to open multiple fixed deposit accounts.T&Cs apply.

Enjoy a financially secure life with our next-generation features!

Disclaimer: Fixed Deposits offered on the Paytm Payments Banking Platform on the Paytm app are offered in conjunction with partner banks.