Airtel has introduced a new fixed deposit marketplace through Airtel Finance (which is its digital arm). The interest rates can go up to 9.1 percent per annum. This feature is integrated into the Airtel Thanks App and through this a user can invest in FDs starting from Rs 1000 without opening a new bank account.
In order to offer this service, Airtel Finance has partnered with NBFCs as well as small finance banks, revealed the company in its statement today.
Airtel Finance is expected to strengthen its portfolio with this and it includes Personal Loans, Airtel Axis Bank Co-branded Credit Cards, Airtel Bajaj Finserv Insta EMI Cards as well as Gold Loans.
The official release said, “The marketplace enables Airtel Finance to provide an assured return and a fixed-income investment option on the digital platform, built on top of Airtel’s Thanks App framework.”
“We are excited to announce the launch of our Fixed Deposits proposition. The FD comes with 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,” said Airtel Finance on the launch.
The investing process is quite simple and there are three steps involved in it: comparing and selecting available FD options, entering your bank details and completing KYC, and making a payment through an already available bank account. The fixed deposits in Airtel Finance are provided through partnerships with small finance banks and NBFCs like Utkarsh Small Finance Bank, Shivalik Bank, Shriram Finance and many others.