Paytm Payments Bank customers can now make payments from term deposit accounts held with IndusInd Bank
- No fees or penalties for early withdrawal of FD from IndusInd Bank
- Offers the possibility of partially liquidating the FD
- Customers can continue to earn interest on the FD balance amount at the applicable IndusInd Bank rates.
New Delhi: Digital payment platform Paytm announced that its all-in-one payment gateway now allows Fixed Deposit (FD) balances to make payments on partner platforms. This is in association with Paytm Payment Bank Ltd, whose account holders can now use their term deposits with IndusInd Bank to make instant payments on online platforms.
The new installation does not require any additional integration on the side of the partner merchants who use the payment gateway services. Customers with a Paytm payment bank account can exchange IndusInd Bank FD into a real-time Paytm payment bank account and use the money to make payments.
While there are no fees or penalties for the premature liquidation of FDs opened in association with IndusInd Bank, this arrangement gives clients the flexibility to partially liquidate FDs according to their immediate needs, and to continue to collect payments. interest on the amount of the balance as the case may be. rates.
The company said it was the only payment gateway in the country to have introduced such an innovation. Praveen Sharma, Senior Vice President of Paytm, said: “Product innovation is at the heart of our payment solutions and it is a great example. We are proud to be the first in the country to enable real-time redemption of fixed deposit balances from the client’s checking / savings account to make payments, which will promote wider acceptance of digital payments in the world. country.
The spokesperson for Paytm Payments Bank Ltd. said, “This partnership with Paytm Payments Gateway is a unique solution that uses the fixed deposit balance as a source of payment. This will provide greater convenience to the user and also help them liquidate their balances to easily make real-time payments. “
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