How Paytm users can make payments from a fixed deposit (FD)?

Paytm Money that kicked off its mutual fund business with a new application claims to have partnered with 30 asset management companies. Photo: Bloomberg

1 min read . Updated: 24 Aug 2021, 12:25 PM IST Livemint

No charges or penalties on premature withdrawal of FD from IndusInd Bank

Digital financial services platform Paytm recently announced that its payment gateway now allows fixed deposit (FD) balances to make payments on partnered platforms. Account-holders of Paytm Payment Bank can now use their fixed deposits with IndusInd Bank to make instant payments across online platforms.

Paytm says that the innovation will help customers manage their liquidity in real-time to make payments seamlessly.

The new innovation does not require any additional integration on the partnered merchant side who are using the payment gateway services.

While there are no charges or penalties for premature liquidation of the FDs opened in association with IndusInd Bank, this arrangement also gives customers the option to partially liquidate the FD as per their immediate needs, and to continue to earn interest on the balance amount as per applicable rates.

The company said that it is the only payment gateway in the country that has brought in such innovation.

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