Paytm Payment Bank Ltd or PPBL on Friday said that its fixed deposit or FD accounts have crossed Rs. 600 crores mark level. Paytm admitted that the growing financial insecurity due the ongoing coronavirus crises is mainly responsible for the surge in the FD accounts.
Paytm Payment Bank operates fixed deposit accounts in partnership with Induslnd Bank. The bank offers 7% p.a. interest on its FD account. The bank claims that this is the highest interest rate offered by any player in the industry.
Satish Kumar Gupta, CEO & Managing Director, Paytm Payments Bank Ltd said “It is a proud moment for us to see that millions of bank account holders understand the benefit of fixed deposits. This also signifies the trust & relationship that we have built with our customers over the years.”
He further added “After crossing Rs 1000 crores in savings accounts, this is another milestone achieved by the bank. PPBL has also played a leading role in spreading the reach of debit cards across the country. With over 57 million digital debit cards, the bank now has a debit cardholder in every district of India.
Paytm Bank competes with many well-funded players including Airtel Payment Bank, Jio Payment Bank and India Post Payment Bank. It also competes with Fino Payment Bank and NSDL Payment Bank.
According to recent reports, Paytm Bank’s parent company is currently negotiating with American tech giant Microsoft to raise fresh funds.