Paytm gives big blow to customers

Paytm gives big blow to customers

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Generally people prefer to invest in banks through savings account for saving. Interest is also paid from banks on investing through a savings account. However, in the last few months, different banks have cut the interest on savings accounts.

Recently, the country’s largest bank, SBI, has driven scissors on the savings account deposits. Now Paytm Payment Bank (PPB) has also given a shock to its customers. This will affect the customers whose Paytm payment bank has a savings account.

Actually, Paytm Payments Bank has reduced the interest rate on savings account by half percent to 3.5 percent. In a statement issued by Paytm Bank, it was told that this deduction will be effective from November 1. Along with this, Paytm Payments Bank has also announced Fixed Deposit Scheme for its customers.

In this, customers will get 7.5% interest on their deposits through PPB’s partner bank. Bank MD Satish Kumar Gupta said, “The Reserve Bank has recently reduced the repo rate by a quarter percent to 5.15 percent. In the last 12 months, the central bank has cut the repo rate by 1.35 percent. Because of this, this step has been taken.

Apart from this, Paytm Payments Bank is going to start FD on demand in early November. In this, savings account holders can create FD account through partner bank. There is no investment limit.

Apart from this, Paytm Payments Bank is going to start FD on demand in early November. In this, savings account holders can create FD account through partner bank. There is no investment limit.

Let us know that recently SBI has also reduced the interest rate of deposits in savings account. SBI will pay interest of 3.25 percent to those holding deposits up to Rs 1 lakh in savings account.

Till now, bank customers used to get interest on this amount at the rate of 3.50 percent. That is, now the customers of the bank will get 0.25 percent less interest. This new rule of SBI will be applicable from 1 November.

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