Paytm Payments Bank reduces the interest rate on savings account

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New Delhi,Oct 11: Paytm Payment Bank (PPB) has given a shock to its customers. This will affect the customers whose Paytm payment bank has a savings account.

Actually, Paytm Payments Bank has reduced the interest rate on savings account by half percent to 3.5 percent. In a statement issued by Paytm Bank, it was told that this deduction will be effective from November 1. Along with this, Paytm Payments Bank has also announced Fixed Deposit Scheme (FD) for its customers.

In this, customers will get 7.5 percent interest on their deposits through PPB’s partner bank. Bank MD Satish Kumar Gupta said, “The Reserve Bank has recently reduced the repo rate by a quarter percent to 5.15 percent. In the last 12 months, the central bank has cut the repo rate by 1.35 percent. Because of this, this step has been taken.

Apart from this, Paytm Payments Bank is going to start FD on demand in early November. In this, savings account holders can create FD account through partner bank. There is no investment limit.

According to bank MD Satish Gupta,  customers can open an FD account for one rupee under FD on demand. They will get 7.5 percent interest on FD. They can withdraw partial or full amount from FD at any time without any charge.

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