India-based Paytm Payments Bank has partnered with Induslnd Bank to launch a new facility under which the customer balance will turn into a fixed deposit offering if it exceeds more than INR 100,000 ($1578) at the end of the day.

The new initiative is expected to facilitate the customers’ savings and earnings potential as well as encourages paperless saving system.

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All the customers can redeem their individual deposits instantly without paying any pre-closure or miscellaneous charges.

The customers will also earn up to 6.85% annual interest on their fixed deposit savings.

Furthermore, if the customer becomes a senior citizen before the maturity period, the deposit will get auto-renewed under the senior citizen scheme thereby ensuring higher interest.

Paytm Payments Bank MD and CEO Renu Satti said: “Majority of Indians prefer safer investment options that offer them higher earning potential.

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“Our offering will add the much-needed convenience of zero paperwork, instant redemption and no charges to one of India’s most preferred investment methods.

“We are confident our customers would appreciate our efforts to simplify investments while providing assured returns.”

Last month, Paytm Payments Bank revealed plans to introduce ‘Paytm Ka ATM’, special outlets that will enable the customers to open savings account as well as deposit and withdraw money.

In the first phase, the company will start 3,000 ‘Paytm Ka ATM’ points in selected Indian cities including Delhi NCR, Lucknow, Kanpur, Allahabad, Varanasi and Aligarh.