If you are over 50 years of age and are planning to open a bank fixed deposit, then Paytm Payments Bank can be a good option. In fact, Paytm Bank FD is attractive for all those depositors who are above 50 years of age and wish to invest in FDs till they attain the age of becoming a senior citizen at the time of maturity.
Bank fixed deposit interest rates are generally decided based on the age of the depositor at the time of opening the FD account. However, Paytm Payments Bank has an offer that is open to depositors above 50 years of age. Paytm Bank will determine the age of the depositor at the time of renewal.
One Will Get More Interest
Therefore, if a person deposits money in Paytm Payments Bank FD and attains the age of 60 years or more at the time of renewal, the depositor will be eligible for Senior Citizens FD interest rate. That is, they will get 0.50 percent more interest than the general public. If the depositor encashes his FD before maturity, then no penalty will be levied by Paytm Payments Bank as well.
According to the Paytm Payments Bank official website, on the day of renewal, if the customer has become a senior citizen or will become a senior citizen, we will automate the renewal of FD (Principal + Interest) under the Senior Citizen Scheme and not under that scheme which was booked earlier.
Key Features of Paytm Payments Bank FD-
You can break the FD anytime and within seconds the money will be credited to your account.
If your FD is closed prematurely then before completion of a minimum period of 7 days, no interest will be paid for the said FD.
No penalty is levied for premature closure of FD in Paytm Payments Bank Fixed Deposit.
Fixed Deposit will be renewed automatically on maturity. The rates and tenure of the FD will be intimated by Paytm Payments Bank.