Paytm Payments Bank fixed deposits can be opened within the Paytm app. It allows customers to close the FDs at any time and auto-renew them on maturity. According to a Paytm blog post, there is no penalty for redeeming the FD amount before maturity. Customers can also check the details of the FD using the passbook feature.
- Also read: How to create ABHA health account on Paytm
Steps to open a fixed deposit with Paytm
Step 1: Head to the Paytm app.
Step 2: Navigate to the ‘Paytm Bank’ section. Note: Customers should have completed the KYC to use Paytm Payments Bank’s services.
Step 3: Enter your passcode.
Step 4: Select the ‘create FD’ option.
Step 5: Complete the on-screen instruction to complete the process.