SRINAGAR: Bharti Airtel (“Airtel”), one of India’s leading telecommunications services providers, today, announced the launch of a fixed deposits marketplace under its digital arm, Airtel Finance. These fixed deposits come at an attractive interest rate of up to 9.1% per annum.
The marketplace enables Airtel Finance to provide an assured return and fixed-income investment option on the digital platform that is built on top of Airtel’s Thanks App framework. It strengthens its portfolio offering of Personal Loans, Airtel Axis Bank Cobrand Credit Cards, Airtel Bajaj Finserv Insta EMI cards, Credit Cards marketplace and Gold Loan.
Anshul Kheterpal, Chief Business Officer, Airtel Finance said, “We are consistently innovating to offer products that are customer centric and, in this endeavor, today, we are excited to announce the launch of our Fixed Deposits proposition. The FD comes at an attractive interest rate that will help our customers manage their funds better and meet their financial goals. We have partnered with the best banks in this venture and promise to offer customers a completely transparent, seamless and digital journey.”
On the Airtel Thanks App platform, customers can book and manage fixed deposits directly without opening a new bank account with a minimum investment of INR 1000.
It is entirely a digital process with three simple steps:
- Compare and select FD.
- Enter details and complete KYC.
- Make payment via existing bank account.
This service is currently available only on Android devices. It will be made available on iOS shortly.
Airtel Finance has offered the Fixed Deposit service via a partnership with multiple small finance banks and NBFCs including Utkarsh Small Finance Bank, Shivalik Bank, Suryoday Small Finance Bank and Shriram Finance. This will help customers lock in assured returns at high rates of interest.
Bank FDs are insured up to INR 5 Lakh per PAN per bank by DICGC- Deposit Insurance and Credit Guarantee Corporation (a 100% RBI subsidiary). This will help customers invest in Small Finance Bank deposits with greater assurity. Airtel Finance is also offering fixed deposit options with withdrawal any time after seven days which will put to rest all customer concerns about lock in and lack of liquidity.
Airtel Finance, trusted by more than eight lakh customers, is a financial services platform with an evolving portfolio of offerings aimed at providing personalised, simplified and secured financial solutions to its customers. Currently, Airtel Finance offers multiple products including Airtel Flexi Credit Personal Loan, Co-brand Credit Card, Co-brand Insta EMI card and Gold Loan with financial institutions, all easily accessible on its Thanks App, with additional product offerings like Business Loan and Secured Lending Products in the pipeline. Airtel Finance is on its way to becoming a one-stop solution for all the financial product needs of its 350 mn+ customers across the country.
