Airtel Payments Bank said on Tuesday it has partnered with IndusInd Bank to offer fixed deposit (FD) facilities to its customers. Customers can now book fixed deposits starting from Rs 500 up to Rs 190,000 within minutes through a seamless digital journey on the Airtel Thanks app, Airtel Payments Bank said in a statement.
With this partnership, Airtel Payments Bank’s savings account customers will get an interest rate of up to 6.5 per cent per annum and senior citizens will get an additional 0.5 per cent on all fixed deposits. Customers can book multiple FDs for a fixed duration of either 1, 2 or 3 years. Customers can dissolve an FD before the maturity date through the Airtel Thanks app, and no penalty or processing fee will be charged on pre-mature withdrawals. The invested amount will be credited back to the linked account within minutes, it said.
“A key ask from our customers was the need for a fixed deposit solution to go with our convenient payments bank proposition. We are delighted to partner with IndusInd Bank to offer Fixed Deposits facility to our customers,” said Ganesh Ananthanarayanan, Chief Operating Officer, Airtel Payments Bank. “Fixed deposits are a great option for users who look for secure and risk-free investment options and an important addition to our growing bouquet of simple, secure and rewarding digital solutions,” Ananthanarayanan said.
Speaking about the collaboration, Charu Mathur, Head – Digital Banking & Strategy, IndusInd Bank said, “We are delighted to partner with Airtel Payments Bank, to bring forth a fully digital process of booking fixed deposits through the ‘Airtel Thanks’ mobile application.” Fixed deposits are a popular investment instrument, as in addition to offering assured returns, it also ensures the safety of the customer’s funds. With this collaboration, we will now offer a third benefit which is a seamless application journey, she said.
“We believe, this proposition will witness substantial traction among customers across the country, and provide them with a comprehensive solution to their investment needs,” said Mathur.