The Paytm payment gateway allows payment from a fixed deposit account held with partner IndusInd Bank

The digital payments and financial services company said on Monday that customers of Paytm Payments Bank can now make instant payments through its payment gateway using available balances in their fixed deposit account held with its partner bank, . Paytm Payments Bank allows its customers to open fixed deposits with partner IndusInd Bank.

“The all-in-one payment gateway Paytm now allows fixed deposit (FD) balances to make payments on partner platforms.

“This is in association with Paytm Payment Bank Ltd, whose account holders can now use their fixed deposits with IndusInd Bank to make instant payments on online platforms. The innovation will help customers manage their cash in time real to make payments seamlessly,” Paytm said in a statement.

Customers with a Paytm Payment Bank account can redeem IndusInd Bank’s FD to a Paytm Payments Bank account in real time and use the money to make payments, he added.

“This partnership with Paytm Payments Gateway is a first-of-its-kind solution for using fixed deposit balance as a payment source.

“This will pave the way for greater convenience for the user and also help them clear their balances to easily make real-time payments,” a Paytm Payments Bank spokesperson said.

As of March 31, 2021, the total outstanding fixed deposits under the agreement between Paytm Payments Bank and IndusInd Bank stood at Rs 1750 crore.

Paytm Payments Bank customers will not incur any fees or penalties for premature liquidation of FDs opened in association with IndusInd Bank.

“Product innovation is at the heart of our payment solutions and this is a great example.

“We are proud to be the first in the country to enable real-time redemption of term deposit balances in customers’ checking and savings accounts to make payments, which will drive wider acceptance of digital payments. in the country,” said Praveen, senior vice president of Paytm. Sharma said in the statement.

As of March 31, 2021, Paytm Payments Banks had 6.4 crore savings accounts.

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