PayTM Payment Banks auto sweep FD facility (My favourite)

[RajeshParashar]

• I like how PayTM Payment Bank's Auto FD works (partnered with IndusInd Bank).
• If you have more than 1000 INR in your account, it goes into an FD at 11 PM every night.
• When you make a transaction (like transferring money to another account), it uses your PayTM Payment Bank balance first, and if needed, takes from the FD, all in one click.
• You can withdraw from the FD anytime without any penalty. The interest rate ranges from 3.5% per annum (for a minimum of 1 week) to 7.5% (for 1 year). It calculates the interest based on how long your money stays in the FD.
• They also seem to shuffle the latest deposited money to make sure your oldest funds stay in the FD for the highest interest rate. It's super easy to use and highly recommended!

Right now, the ease of handling money & making extra out of the available reserve in PayTM Payment Bank, that's my favourite till now.
Let me know you thoughts on this & do share if you have something better to propose.
Thank you!

 

[KifaaytiBabu]

I guess every bank's auto sweep facility works like same way...

 

[financial12345]

• I like how PayTM Payment Bank's Auto FD works (partnered with IndusInd Bank).
• If you have more than 1000 INR in your account, it goes into an FD at 11 PM every night.
• When you make a transaction (like transferring money to another account), it uses your PayTM Payment Bank balance first, and if needed, takes from the FD, all in one click.
• You can withdraw from the FD anytime without any penalty. The interest rate ranges from 3.5% per annum (for a minimum of 1 week) to 7.5% (for 1 year). It calculates the interest based on how long your money stays in the FD.
• They also seem to shuffle the latest deposited money to make sure your oldest funds stay in the FD for the highest interest rate. It's super easy to use and highly recommended!

Right now, the ease of handling money & making extra out of the available reserve in PayTM Payment Bank, that's my favourite till now.
Let me know you thoughts on this & do share if you have something better to propose.
Thank you!

Who will decide for how many days FD has been created