Airtel Finance launches FD service, offers up to 9.1% as interest rates
Source: Business Standard
Bharti Airtel has launched a fixed deposits marketplace under its digital finance arm, offering interest rates of up to 9.1 per cent per annum.
Airtel Finance provides an assured return and fixed-income investment option on the digital platform that is built on the Airtel’s Thanks App, said the company in a statement.
Customers can book and manage fixed deposits directly without opening a new bank account with a minimum investment of Rs 1,000 on the Airtel Thanks. The service is available on Android devices and will come to iOS later.
Airtel Finance will offer the fixed deposit service through partnerships with small finance banks and non-banking financial companies (NBFCs), including Utkarsh Small Finance Bank, Shivalik Bank, Suryoday Small Finance Bank and Shriram Finance. Airtel Finance is also offering fixed deposit options with withdrawal any time after seven days.
“The service promises a transparent, seamless, and entirely digital process for booking and managing fixed deposits. This launch expands Airtel Finance’s portfolio, which already includes personal loans, credit cards, and gold loans. The company aims to become a comprehensive financial solution provider for its 350 million+ customers across India,” said Anshul Kheterpal, chief business officer of Airtel Finance.
How to open FD
Download and access the app: Ensure you have the Airtel Thanks App installed on your Android device.
Compare and select Fixed Deposit options: Navigate to the fixed deposit marketplace within the app. You will find various options available from partnered small finance banks and NBFCs, offering interest rates up to 9.1 per cent per annum.
Complete the KYC process: Enter your personal details and complete the Know Your Customer (KYC) requirements. This step is essential for regulatory compliance and ensures the security of your investment.
Make your investment: Choose the amount you wish to invest, with a minimum investment of Rs 1,000. You can make the payment through your existing bank account without needing to open a new one.
Manage your FD: Once your fixed deposit is set up, you can manage it directly through the app. The platform allows you to track your investment and provides options for withdrawing funds after a minimum period of seven days, addressing concerns about liquidity.
First Published: Sep 10 2024 | 2:58 PM IST
