NEW DELHI, Sept 9: Airtel Finance, the digital arm of telecom major Bharti Airtel, on Monday announced the launch of Fixed Deposits at an attractive rate of interest of up to 9.1 percent , a move that would give competition to banking industry.
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, the company said in a regulatory filing with the stock exchanges.
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.
Commenting on the initiative, Anshul Kheterpal, Chief Business Officer, Airtel Finance said, “We are consistently innovating to offer products that are customer centric and, in this endeavour, 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 Rs 1000, the company said.
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 Rs 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. (UNI)
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