Mumbai: Airtel Payments Bank today announced the launch of Fixed Deposit (FD) Facility in partnership with IndusInd Bank. With this, Airtel Payments Bank has further strengthened its digital banking portfolio. Customers can now book fixed deposits from ₹500 up to ₹190,000 in minutes with a smooth digital journey on the Airtel Thanks app.
Ganesh Ananthanarayanan, COO, Airtel Payments Bank, said, “A key request from our customers was the need for a fixed deposit solution to accompany our convenient payment bank proposition. We are delighted to partner with IndusInd Bank to offer a fixed deposit facility to our customers. Fixed deposits are a great option for users looking for safe and risk-free investment options and an important addition to our growing bouquet of simple, secure and rewarding digital solutions.”
Speaking about the collaboration, Charu Mathur, Head – Digital Banking & Strategy, IndusInd Bank said, “At IndusInd Bank, we are constantly focused on leveraging our technological prowess to engage with customers across multiple touchpoints. With this in mind, we are delighted to partner with Airtel Payments Bank, to offer a fully digital process for booking Fixed Deposits through the “Airtel Thanks” mobile app. Fixed deposits are a popular investment instrument because in addition to providing assured returns, they also guarantee the safety of the client’s funds. With this collaboration, we will now offer a third benefit which is a seamless application journey. We are confident that this proposal will generate strong customer support across the country and provide them with a comprehensive solution to their investment needs. »
Through this partnership, the savings account customer of Airtel Payments Bank will enjoy an interest rate of up to 6.5% per annum and senior citizens will enjoy an additional 0.5% on all term deposits. Customers can reserve multiple FDs for a fixed term of 1, 2 or 3 years. Customers can dissolve an FD before the due date through the Airtel Thanks app, and no penalties or processing fees will be charged on premature withdrawals. The amount invested will be credited back to the linked account within minutes.