SBI Benk to Paytm now gives customers a big blow
Usually people choose to invest in banks through savings accounts for savings. Banks are also given interest on investing through a savings account. However, over the past few months, different banks have cut interest on the savings account.
Recently, SBI, the country's largest bank, has scraped on a savings account deposit. Now Paytm Payment Bank (PPB) has also given a big blow to its customers. This will affect customers who have an account with Paytm Payment Bank.
In fact, PPB has cut interest rates on savings accounts by half a percentage point, by 3.5%. A statement from Paytm Bank said the cuts will take effect from November 1 next. In addition, Paytm Payment Bank has also announced a fixed deposit for its customers. In which customers will get 7.5% interest on PPB's partner bank. Regarding this, the managing director of the bank Satish Kumar Gupta said, "Reserve banks have recently reduced the repo rate to 5.15 percent."
The central bank has cut the repo rate by 1.35% in the last 12 months. That is why this step has been taken. In addition, Paytm Payments Bank is set to launch FD on demand in early November. In which a savings account holder can open an FD account through a partner bank. There is no investment limit. ￼￼
According to the MD of the bank, our customer can open FD account for one rupee under fixed deposit on demand. They will get 7.5 percent interest on FD. In addition, the customer can withdraw any amount of FD or the full amount at any time without paying any fees. It may be recalled that recently,
SBI has also cut interest rates on deposits in savings bank accounts. SBI will give interest to the account holders up to Rs 1 lakh in savings account at 3.25%. Until now, the bank's customers were getting interest at 3.50 percent of this amount.
Thus, customers will now get 0.25 percent less interest from the bank. This new SBI rule will come into effect on November 1