Paytm | New FD Partner Suryoday Small Finance Bank

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Deal Subedar
chai_lover

Paytm has recently partnered with Suryoday SFB for Fixed Deposits. Now, user gets an option to select the FD partner bank while doing an FD via Paytm Bank. It’s offering an interest rate of 6.75%. Does anyone know if the DICGC insurance of 5 Lakh is separate for each of the FD partner banks (Suryoday & IndusInd) or cumulative? I think it should be the former and in that case looks like a good option to park money for a year.

https://blog.paytm.com/we-have-partnered-with-s...

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DICGC insurance is bank wise & 5 lakh limit is for each pan within a bank.

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guest_999 wrote:

DICGC insurance is bank wise & 5 lakh limit is for each pan within a bank.

right, so it should be 5 lakh per partner bank? I’m a bit confused as paytm is the only bank to have tie up with external banks for FD.

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chai_lover wrote:

right, so it should be 5 lakh per partner bank? I’m a bit confused as paytm is the only bank to have tie up with external banks for FD.

Yes, 5 lakh per pan per bank. You can consider paytm as official agent of those partner banks so think of it as opening fd in two banks just that instead of going to those banks you are completing all the formalities through paytm app.

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This has been since last month, but not able to create fd as they are asking for kyc again even for kyc verified accounts.

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chai_lover wrote:

right, so it should be 5 lakh per partner bank? I’m a bit confused as paytm is the only bank to have tie up with external banks for FD.

payment banks cant issue loan and accept term deposits however they can partner with other commercial banks and offer such services to its users

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