MobiKwik, a prominent digital financial services platform in India, has introduced an Instant Fixed Deposit (FD) feature within its mobile application, collaborating with Small Finance Banks (SFBs). This initiative is designed to streamline the savings experience for its users.
With MobiKwik Fixed Deposits, individuals can commence their investment journey with a minimum amount of Rs 1000, potentially earning returns of up to 9.5% per annum, all without the necessity of opening a new bank account. Users have the flexibility to select a tenure that ranges from 7 days to 60 months, tailored to their preferences. Early withdrawals are permitted, although they may be subject to changes in interest rates as specified in the issuer’s terms and conditions.
By partnering with RBI-regulated SFBs and NBFCs, including Suryoday Small Finance Bank and Bajaj Finance, along with technology service provider Blostem, MobiKwik seeks to ensure the security of fixed deposit transactions conducted on its platform. Upon completion of a booking, users receive a confirmation via SMS or email, along with a receipt from the FD issuing partner.
Also Read Bank of Baroda revises fixed deposit rates: Exclusive FD offers for senior citizens! Sebi tightens rules to check F&O frenzy Bank of India revises FD rates! Seniors to get up to 8.15% interest rate – Check new rates across tenors Earn up to 8.97% on FDs! Best fixed deposits with highest interest rates in September 2024
Also Read: SIP Calculator: Turn your SIP investments into Rs 1 cr with this simple strategy
Bipin Preet Singh, Co-founder and CEO of MobiKwik, remarked on the introduction of fixed deposits, stating, “For many generations, fixed deposits have been a favored option among Indians, often serving as the initial step in constructing a stable investment portfolio or as a secure means to allocate idle funds for emergencies. Whether utilized to protect savings for future financial objectives, maintain liquidity during unexpected situations, or foster a disciplined savings routine, fixed deposits are widely acknowledged as a low-risk, dependable instrument that provides both peace of mind and consistent returns.”
In discussing the collaboration, Vishal Singh, Chief Information Officer and Head of Digital Banking at Suryoday Small Finance Bank, noted, “The Bank is adopting a digital-first strategy, which allows us to provide our customers with a convenient and secure method to invest their savings online.
» Read More
