Paytm Payments Bank crosses Rs 600 crore in fixed deposits

PaytmPayments 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," PPBL said in a statement.

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"During this period of volatility in other asset classes, a large number of PPB 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 seven percent 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.

Earlier in April, PPBL partnered with Mastercard for the issuance of virtual and physical debit cards. To start with, PPBL will issue Mastercard virtual debit cards to its new customers, enabling them to perform secure online transactions that make everyday purchases faster, easier, and safer.

PPBL has announced that it aims to issue over 10 million digital debit cards in FY 2020-21.

"Soon customers will also have an option to request a physical card, enabling them to do contactless in-store transactions supported by Mastercard's chip-based technology. Additionally, they will be able to withdraw cash at more than one million ATM terminals across most of the world," the statement said.

It claims to have 5.7 crore bank account holders and 30 crore digital wallets.

(Disclaimer: Additional background information has been added to this PTI copy for context)