Telecom operator Bharti Airtel Ltd launched fixed deposits under its digital arm, Airtel Finance, on Monday (September 9). This new offering comes with an appealing interest rate of up to 9.1% per annum, making it a competitive investment option in the market.
Airtel Finance has partnered with leading non-banking financial companies (NBFCs) and small finance banks to offer these fixed deposits. Customers can access the marketplace via the Airtel Thanks app, allowing them to easily manage and track their investments in a secure manner. This launch enhances Airtel Finance’s growing suite of financial services, which already includes personal loans, Airtel Axis Bank co-branded credit cards, Airtel Bajaj Finserv Insta EMI cards, a credit card marketplace, and gold loan services.
Through the Airtel Thanks App, customers can directly book and manage fixed deposits without the need to open a new bank account, with a minimum investment starting at ₹1,000. Currently, this service is available only on Android devices, with plans to roll it out on iOS soon.
The process is entirely digital and can be completed in three simple steps:
- Compare and select the FD.
- Enter details and complete KYC.
- Make payment via an existing bank account.
Airtel Finance has partnered with multiple small finance banks and NBFCs, including Utkarsh Small Finance Bank, Shivalik Bank, Suryoday Small Finance Bank, and Shriram Finance, enabling customers to secure high interest rates on their investments.
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Bank FDs are insured up to ₹5 lakh per PAN per bank by the Deposit Insurance and Credit Guarantee Corporation (a 100% subsidiary of the RBI), providing customers with greater assurance when investing in small finance bank deposits. Additionally, Airtel Finance offers flexible fixed deposit options, allowing customers to withdraw their funds anytime after seven days, addressing concerns about liquidity and lock-in periods.