RBI has increased the limit for payments banks to Rs 2 lakh. After this, Paytm Payments Bank has now brought special FD facility for its customers. If there is more than 2 lakhs in a Paytm Payments account, then it will be automatically converted into an FD.
If you save money in Paytm Payments Bank, then there is good news for you. On the additional amount deposited in Paytm Payments Bank, you will get interest like FD and many other facilities. Recently, the RBI has increased the custom balance limit under the licensing and operative guidelines of the payment banks to Rs 2 lakh. Earlier this limit was 1 lakh rupees. After this, Paytm has now announced that if a customer has more than 2 lakh rupees in the account by the end of the day, then the additional amount will be automatically converted into FD.
Paytm has partnered with IndusInd Bank for this. In this way, you will get the benefit of good interest and many features of FD on the amount of more than 2 lakh rupees. Also, you will not have any worries about the extra amount.
Interest on this additional amount will be available at the rate decided by IndusInd Bank. This will be for a 12-month maturity period on FD. You can redeem this FD whenever you want. The TDS payable at the time of FD Redeem will be deducted and the customers will get their principal amount and the interest thereon. For them, this work will be completed in just a few seconds.
Penalty will not be given if you redeem before maturity
If a customer closes prematurely on their FD before 7 days, then they will not get any interest on it. Whereas, if the FD is not redeemed at the time of maturity, it will automatically renew. Customers will not be charged any penalty as penalty for redeeming FD before maturity.
The details of this FD will be recorded in the passbook of the customers. During the renewal, the rates of interest and terms of the FD will be communicated to the customers by Paytm Payments Bank.
How much interest will be received and what will be its condition
Full information about this FD will be given by Paytm. You will not need to contact IndusInd Bank separately. If you have more than 2 lakh rupees in a Paytm payment bank account today, then you will get an interest of 6.5 percent according to the rate fixed by IndusIndus Bank.
Interest amount will also be counted off. For example, suppose you are getting interest between Rs 11.50 to Rs 12.49 on your FD. In such a situation you will get an interest of 12 rupees.
How much tax will you have to pay
If the interest received on your FD comes under tax, then you will have to pay tax under the income tax rules. Only after deducting tax under section 25AA of Income Tax Act, you will be given the principal amount and the interest thereon.
What will be the conditions for FD renewal?
If the FD is renewed, then the new deposit amount will include the original principal and the interest on it. If any TDS is made on this entire amount then it will be deducted. On the day of FD renewal, if the customer is a senior citizen, then FD will be renewed only on the basis of the terms and conditions made for the senior citizen.
