Paytm Payments Bank crosses Rs 600 crore in fixed deposits

Paytm Payments Bank on Thursday said it has crossed Rs 600 crore in fixed deposit accounts as it witnessed growth during the lockdown period due to volatility in other assets.

"Paytm Payments Bank Ltd (PPBL) has crossed Rs 600 crores in fixed deposit accounts held with its partner IndusInd Bank," PBBL said in a statement.

"During this period of volatility in other asset classes, a large number of PPB bank account holders are moving their savings into fixed deposits during the ongoing lockdown," it added.

PPBL offers its customers the choice to opt for a fixed deposit account with its partner bank, allowing them to earn up to 7 per cent per annum interest, which is among the highest in the industry.

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

PPBL claims to have already crossed Rs 1,000 crore in savings accounts.