Paytm Payments Bank crosses ₹600 crore in fixed deposits

Paytm Payments Bank on Thursday said it has crossed ₹600 crore in fixed deposit accounts as it witnessed growth during the lockdown period due to volatility in other assets. “Paytm Payments Bank Ltd (PPBL) has crossed ₹600 crores in fixed deposit accounts held with its partner IndusInd Bank,” PBBL said in a statement.

“During this period of volatility in other asset classes, a large number of PPB bank account holders are moving their savings into fixed deposits during the ongoing lockdown,” it added.

PPBL offers its customers the choice to opt for a fixed deposit account with its partner bank, allowing them to earn up to 7 per cent per annum interest, which is among the highest in the industry.