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.

Meanwhile, Paytm Money launched a bonds platform for retail investors in India.

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.