Bharti Airtel has unveiled a new fixed deposit (FD) marketplace through its digital arm, Airtel Finance, offering interest rates of up to 9.1 percent per annum. Integrated into the Airtel Thanks App, this service allows users to invest in FDs starting from Rs 1,000 without opening a new bank account. Airtel Finance has partnered with NBFCs and small finance banks to offer the service, the company said in a statement on Monday.
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Enhanced Portfolio with Fixed Deposits
With this offering, Airtel Finance is said to strengthen its portfolio, which includes Personal Loans, Airtel Axis Bank Co-branded Credit Cards, Airtel Bajaj Finserv Insta EMI Cards, a Credit Cards marketplace, and Gold Loans.
"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," the official release said.
Commenting on the launch, Airtel Finance said: "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."
Seamless Digital Investment Process
The digital process involves three steps: comparing and selecting FD options, entering details and completing KYC, and making payment through an existing bank account. Currently available on Android, the service will soon extend to iOS, Airtel Finance said.
Partnerships and Insurance Coverage
The Airtel Finance fixed deposits are provided through partnerships with small finance banks and NBFCs such as Utkarsh Small Finance Bank, Shivalik Bank, Suryoday Small Finance Bank, and Shriram Finance.
Deposits are insured up to Rs 5 lakh per PAN per bank by the DICGC, and customers have FD options to withdraw funds anytime after seven days, offering added liquidity.
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Customer Benefits
With the launch of high-interest FDs, Airtel invites customers to manage and track their investments safely and securely through the Airtel Thanks App.
Airtel said its financial services platform, Airtel Finance, is used by over eight lakh customers. The platform, with its evolving portfolio of offerings, aims to provide personalised, simplified, and secure financial solutions to its customers.
