We are happy to share that Paytm Payments Bank, India’s largest & only profitable payments bank, has set another new milestone in its journey. The bank has crossed Rs. 600 crores in fixed deposit accounts, held with its partner IndusInd Bank. During this period of volatility in other asset classes, a large number of Paytm Payments Bank account holders are moving their savings into fixed deposits during the ongoing lockdown.
The bank, which started with the aim of bringing the underserved masses into the digital banking fold, has continued to lead the way with its innovative offerings. The customers can opt for an FD account with our partner bank, allowing them to earn up to 7% p.a. interest as of today, which is among the highest in the industry. Further, they can instantly redeem the partial/complete amount from their fixed deposit at any time free of charge.
After crossing Rs 1000 crores in savings accounts, this is another landmark achieved by the bank. It has also played a leading role in spreading the reach of debit cards across the country. With over 57 million digital debit cards, we now have a debit cardholder in every district of India and we are one of the largest RuPay card issuers in the country. Paytm Payments Bank offers flexibility to our customers to choose from VISA, MasterCard, and RuPay debit cards.