TVS Auto Assist inks pact with Paytm Mall

CHENNAI: TVS Auto Assist today said it has partnered with Paytm Mall to provide 24x7 breakdown assistance to automobile owners across the country.

As per the partnership, car and bike owners would receive breakdown assistance services from any TVS Auto Assist service from Paytm Mall, a company statement said. TVS Auto Assist has about 5,000 authorised service providers covering 28 States and 1,795 cities.

TVS Automobile Solutions had hived off its breakdown assistance business into a separate entity TVS Auto Assist India in 2015.

It is a 51:49 joint venture between TVS Automobile Solutions and the Automobile Association, United Kingdom.

TVS Auto Assist would also offer its service to women passengers who travel between 8pm and 5am.

“This is a first of its kind initiative in the country. The service will be offered in New Delhi, Mumbai, Kolkata, Chennai, Hyderabad and Bangalore,” the statement said.

Commenting on the partnership, TVS Automobile Solutions Pvt Ltd. Executive Director, G Srinivasa Raghavan said, “we believe this partnership is a game changer as it is a truly digital model, including payment options”.

The tie-up would digitally connect millions of car and bike users across the country and the service is being extended to even non-members of TVS Auto Assist through pay-per-use model, he added.

Paytm Mall COO, Amit Sinha said the automobile segment in the company’s platform was “gaining massive traction”.

“We are currently focused on building this further and diversifying into newer offerings. TVS Auto Assist will be a key partner in driving this agenda. We expect to sell over 30,000 road assistance service packages in this quarter,” he said.

The TVS Auto Assist breakdown assistance is offered under two categories-- gold membership at Rs 1,499 and platinum at Rs 2,999, the statement added. MUMBAI: The country’s largest lender State Bank of India has revised retail and bulk deposits rates by up to 0.75 per cent for various maturities, effective today.

For retail deposits, below Rs 1 crore, rates have been increased by up to 0.50 per cent.

For deposits maturing in one year to less than two years, rates have been raised by 0.15 per cent to 6.40 per cent from 6.25 per cent earlier.

The retail deposit rates for two years to up to 10 years have been changed by 0.50 per cent to 6.50 per cent from 6 per cent.

The lender revised its bulk term deposit rates for the third time in as many months.

For Rs 1 crore to Rs 10 crore bulk deposits, maturing in one year to less than two years, the bank raised rates by 0.50 per cent from 6.25 per cent to 6.75 per cent.

For deposits maturing in two to less than three years, the rates have been increased by 0.75 per cent to 6.75 per cent.

For above Rs 10 crore bulk deposits maturing between one year to less than two years, the rates have been raised by 0.50 per cent to 6.75 per cent.