People Pouring Money into FD in lockdown, Paytm Payments crosses Rs 600 crore mark

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New Delhi: Paytm Payments Bank Limited said on that it recorded a tremendous increase in fixed deposits (FD) during the lockdown. The amount of FD accounts with the partnership of its partner IndusInd Bank has crossed 600 crores. Paytm Payments Bank Limited said that it offers FD accounts from customers with its partner bank, where customers can earn up to seven percent interest annually. PPBL has described this interest rate as one of the highest interest rates in the industry.

PPBL said that during the lockdown, this growth has taken place in its FD accounts due to high volatility in other assets. The bank said that a large number of PPB account holders are keeping their savings in fixed deposits in the lockdown. Paytm Payments Bank Limited has said in a statement that the amount in its savings accounts has crossed Rs 1,000 crore.

PPBL CEO and Managing Director Satish Kumar Gupta said in a statement, ‘We believe that wealth management products should be available to all, regardless of the amount of their wealth. It is a proud moment for us that millions of bank account holders understand the benefits of the fixed deposits. ‘

Significantly, due to the outbreak of Corona virus and lockdown, industrial activity has been disrupted on a large scale, due to which the investors have suffered a lot in the equity markets. Banks have also reduced interest rates on deposits. In this situation, people are attracted towards fixed deposits.

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