Any alternatives for Paytm fixed deposits

[techie07]

Hi,

I want to know if there are any alternatives for Paytm fixed deposit service that allowed us to withdraw the money anytime, and paid the interest for anything above 7 days.
Till now, I was using this facility for earning something extra on the money that I spent using the CCs. What I basically did was park the money in the Paytm FD and used the CCs for almost everything and on the due date, I settled up the CC by breaking the same FD, thus earning interest for almost 45-50 days.
Also, if someone finds this approach naive, please do enlighten me if there are better options available to use the funds this way, after all we are here to learn. Cheers and thanks in advance!!

 

[Vasuki]

Hi,

I want to know if there are any alternatives for Paytm fixed deposit service that allowed us to withdraw the money anytime, and paid the interest for anything above 7 days.
Till now, I was using this facility for earning something extra on the money that I spent using the CCs. What I basically did was park the money in the Paytm FD and used the CCs for almost everything and on the due date, I settled up the CC by breaking the same FD, thus earning interest for almost 45-50 days.
Also, if someone finds this approach naive, please do enlighten me if there are better options available to use the funds this way, after all we are here to learn. Cheers and thanks in advance!!

Kotak Mahindra Bank

Hdfc

 

[Das.N]

Almost every other banks charge a penalty on breaking pre mature withdrawal. You can choose banks like indusind/RBL who gives 3.5 percent interest upto 1L and 5% above 1L. Otherwise you have to create short term fd, for when you need the money actually. Like for 1 months,45 days etc. No other bank will give you seamlessl experience like Paytm.

 

[jk51]

Hi,

I want to know if there are any alternatives for Paytm fixed deposit service that allowed us to withdraw the money anytime, and paid the interest for anything above 7 days.
Till now, I was using this facility for earning something extra on the money that I spent using the CCs. What I basically did was park the money in the Paytm FD and used the CCs for almost everything and on the due date, I settled up the CC by breaking the same FD, thus earning interest for almost 45-50 days.
Also, if someone finds this approach naive, please do enlighten me if there are better options available to use the funds this way, after all we are here to learn. Cheers and thanks in advance!!

Well nothing wrong but seems to be a hassle. For the said duration interest rate comes to about 3.5-3.75% which is at par (even below in some cases) if the same amount of money is kept in a high savings rate yielding account. Why not keep the money there? Also one saves the hassle to claim TDS later on charged in case of FD which is not there in savings.

 

[Zacobite]

Hi,

I want to know if there are any alternatives for Paytm fixed deposit service that allowed us to withdraw the money anytime, and paid the interest for anything above 7 days.
Till now, I was using this facility for earning something extra on the money that I spent using the CCs. What I basically did was park the money in the Paytm FD and used the CCs for almost everything and on the due date, I settled up the CC by breaking the same FD, thus earning interest for almost 45-50 days.
Also, if someone finds this approach naive, please do enlighten me if there are better options available to use the funds this way, after all we are here to learn. Cheers and thanks in advance!!

Cred Mint / ET Money / Invoice discounting options / Small finance bank saving account interest / Sweep in sweep out FDs in banks. are options for ultra short term but decent interest rates.. with different risks also.. Please evaluate carefully and decide

 

[tharun]

Hi,

I want to know if there are any alternatives for Paytm fixed deposit service that allowed us to withdraw the money anytime, and paid the interest for anything above 7 days.
Till now, I was using this facility for earning something extra on the money that I spent using the CCs. What I basically did was park the money in the Paytm FD and used the CCs for almost everything and on the due date, I settled up the CC by breaking the same FD, thus earning interest for almost 45-50 days.
Also, if someone finds this approach naive, please do enlighten me if there are better options available to use the funds this way, after all we are here to learn. Cheers and thanks in advance!!

Kotak activmoney

You can check mobikwik they are also offering fd in their platform (I haven't deposited in mobikwik so please check the fine print before you park money in it)

 

[mlrao]

Hi,

I want to know if there are any alternatives for Paytm fixed deposit service that allowed us to withdraw the money anytime, and paid the interest for anything above 7 days.
Till now, I was using this facility for earning something extra on the money that I spent using the CCs. What I basically did was park the money in the Paytm FD and used the CCs for almost everything and on the due date, I settled up the CC by breaking the same FD, thus earning interest for almost 45-50 days.
Also, if someone finds this approach naive, please do enlighten me if there are better options available to use the funds this way, after all we are here to learn. Cheers and thanks in advance!!

Hi I’m also looking alternative for Paytm FD I’m missing it a lot. Please let me know if you find any better alternatives for this

 

[Vasuki]

Hi I’m also looking alternative for Paytm FD I’m missing it a lot. Please let me know if you find any better alternatives for this

Try fd swap feature of hdfc

 

[maheshspanicker]

Guess there is nothing as good as the product that Paytm provided in partnership with IndusInd. I am exploring Liquid Funds and a smaller bit in P2P options like Mobikwik Xtra... Xtra though, are removing the flexy option, limiting possibilities, and Cred's offering requires you to invest a big amount, so not good enough.

 

[aamaadmi]

Guess there is nothing as good as the product that Paytm provided in partnership with IndusInd. I am exploring Liquid Funds and a smaller bit in P2P options like Mobikwik Xtra... Xtra though, are removing the flexy option, limiting possibilities, and Cred's offering requires you to invest a big amount, so not good enough.

Don’t f with your money. Open an account in IndusInd and do FD. Otherwise use Stable Money app to open FD in SFBs