Investing your hard-earned money in a secure and profitable financial instrument is always a wise decision. And what better way to do it than by creating a Fixed Deposit (FD) account in Paytm. Paytm, one of India's leading digital payment and financial services companies, offers a hassle-free and secure platform to create and manage your FD account. In this blog post, we will guide you through the process of creating an FD account in Paytm and answer some commonly asked questions related to FD investments. So, let's get started and make the most of your savings with Paytm FD.
Create FD in paytm bank: 6 Steps
Step 1: Open paytm app - Open the Paytm app on your smartphone and login with your credentials.
Make sure you have the latest version of the Paytm app installed on your smartphone.
Ensure that your Paytm account is fully KYC compliant.
Step 2: Go to paytm bank - Tap on the 'Bank' icon located on the home screen of the app.
Make sure you have sufficient funds in your Paytm wallet or linked bank account to create an FD.
Paytm offers competitive interest rates for FD accounts, so compare the rates with other banks before creating an account.
Step 3: Enter passcode - Enter your 4-digit Paytm Passcode or use your phone's biometric authentication to access your Paytm bank account.
Keep your passcode safe and do not share it with anyone.
Set a strong and unique passcode to prevent unauthorized access to your account.
Step 4: Click on 'create new' - On the Paytm Bank page, click on 'Create New' located at the bottom of the page.
Paytm offers several financial services such as savings account, credit card, and insurance. Explore them to make the most of the app.
Read the terms and conditions carefully before creating a fixed deposit account.
Step 5: Tap on 'open fixed deposit account' - From the list of options, select 'Open Fixed Deposit Account.'
Paytm offers flexible tenure options ranging from 3 months to 10 years for fixed deposits.
The interest rate on fixed deposits is higher for a longer tenure. Choose the tenure wisely based on your financial goals.
Step 6: Enter amount & tap on proceed - Enter the amount you want to invest in the fixed deposit account and tap on 'Proceed.'
Paytm offers a minimum deposit amount of Rs. 1000 for fixed deposit accounts.
You can choose to reinvest the interest earned or transfer it to your linked bank account.
Create FD by searching under search tab: 7 Steps
Step 1: Open paytm app - Open the Paytm app on your smartphone. If you haven't already installed the app, you can download it from the App Store or Google Play Store.
Ensure that you have a stable internet connection before opening the app.
Make sure that you have the latest version of the Paytm app installed on your device.
Step 2: Search for 'FD' - In the Paytm app, use the search bar to search for 'FD'. This will take you to the fixed deposit section of the app.
You can also access the FD section by clicking on the 'More' button on the bottom navigation bar and then selecting 'Fixed Deposit'.
If you're having trouble finding the FD section, you can use the help section of the app to get assistance.
Step 3: Select 'create FD' - Once you're in the FD section, select the 'Create FD' option. This will take you to the FD account creation page.
Before creating an FD account, make sure that you have enough funds in your Paytm wallet or bank account to meet the minimum deposit requirement.
Paytm offers various FD schemes with different interest rates and tenures. Make sure to choose the one that suits your needs.
Step 4: Enter passcode - To create an FD account in Paytm, you need to enter a passcode. This passcode will be used to secure your FD account and keep your funds safe.
Choose a strong and unique passcode that is difficult for others to guess.
Make sure to remember your passcode or note it down in a secure place.
Step 5: Tap on 'Create new' - After entering your passcode, tap on the 'Create new' button. This will take you to the FD account creation form.
Fill in all the required fields in the form accurately.
Review the details before submitting the form to ensure that everything is correct.
Step 6: Tap on 'open fixed deposit account' - Once you've filled in all the required details, tap on the 'Open fixed deposit account' button. This will create your FD account in Paytm.
After creating your FD account, you can view your account details and track your interest earnings in the Paytm app.
Make sure to keep your passcode safe and secure to protect your FD account.
Step 7: Enter amount & tap on proceed - After creating your FD account, you need to deposit the desired amount to start earning interest. To do this, enter the amount you wish to deposit and tap on the 'Proceed' button.
Paytm offers various payment options to deposit funds into your FD account, including UPI, debit card, and net banking.
Make sure to deposit the minimum amount required to open the FD account.
Create FD using paytm website: 8 Steps
Step 1: Visit 'paytm.com' - The first step is to visit the official Paytm website, which is paytm.com. This can be done through any web browser of your choice.
Make sure you have a stable internet connection to avoid interruptions during the process.
It's a good idea to have your mobile phone close by, as you may need to verify your account using a one-time password (OTP).
Step 2: Tap on 'view all' - Once you're on the Paytm homepage, scroll down until you see the ‘View All’ option. Click on it to see all the different services that Paytm has to offer.
You can use the search bar to find the ‘View All’ option quickly.
Take a moment to explore the other services that Paytm provides to see if there's anything else you might be interested in.
Step 3: Search for 'FD' - After clicking on ‘View All,’ you'll see a list of Paytm's services. Scroll down until you find ‘FD’ and click on it.
You can use the search bar to find ‘FD’ quickly.
If you're unsure of what an FD is or how it works, take some time to research it before proceeding.
Step 4: Select 'create FD' - On the FD page, you'll see an option that says ‘Create FD.’ Click on it to proceed with opening a fixed deposit account.
Before clicking on ‘Create FD,’ make sure you've read and understood all the terms and conditions.
Take note of the interest rates and other details so that you can make an informed decision.
Step 5: Enter passcode - Paytm will prompt you to enter your passcode. This is an additional layer of security to ensure that only you can access your account.
Make sure your passcode is unique and difficult to guess.
Keep your passcode in a safe place and avoid sharing it with anyone.
Step 6: Select 'create new' - After entering your passcode, you'll be prompted to either ‘create new’ or ‘use an existing account.’ Since you're creating a new FD account, select ‘create new.’
Double-check that you've selected the correct option before proceeding.
If you have an existing FD account, make sure to manage it properly to maximize your earnings.
Step 7: Tap on 'Open fixed deposit account' - Next, you'll need to tap on ‘Open Fixed Deposit Account’ to continue.
Take note of the minimum deposit amount and make sure you can meet it before proceeding.
Review all the details before opening the account to avoid any errors.
Step 8: Enter amount & tap on proceed - Finally, enter the amount you wish to deposit and tap on ‘Proceed.’ Follow the prompts to complete the process.
Consider setting up automatic deposits to make saving easier.
Keep track of your account and interest earnings to ensure you're getting the most out of your investment.
Creating an FD in Paytm is a simple and straightforward process that can be completed in just a few steps. By following the steps outlined in this blog post, you can open an FD account in Paytm and start earning a higher interest rate on your savings.
Make sure you have linked your bank account to your Paytm account.
Check if your bank is listed before attempting to create an FD.
Read the terms and conditions and compare interest rates before investing.
Q1. Can I withdraw my FD before maturity?
A1. Yes, you can withdraw your FD before maturity, but it may attract a penalty.
Q2. Is there a minimum investment amount for FD in Paytm?
A2. Yes, the minimum investment amount varies depending on the bank and FD option.
Q3. Can I invest in FD using my Paytm wallet balance?
A3. Yes, you can use your Paytm wallet balance to invest in an FD.
Q4. Is the interest on FD taxable?
A4. Yes, the interest earned on FD is taxable as per the Income Tax Act.
Q5. Can I renew my FD in Paytm?
A5. Yes, you can renew your FD in Paytm.
Q6. Can I add more funds to my existing FD in Paytm?
A6. No, you cannot add more funds to an existing FD.