Payment platform MobiKwik has launched an Instant Fixed Deposit (FD) plan on its mobile app, which will offer returns of up to 9.5% per annum without the need for a new bank account to simplify savings process for its customers.
The MobiKwik Fixed Deposits offer the opportunity for users to invest with just Rs 1000 and receive returns of up to 9.5% per annum, all without the need to open a new bank account. Users have the flexibility to select a tenure between 7 days and 60 months based on their preference. Users can choose a tenure ranging from 7 days to 60 months depending on their convenience. Premature withdrawals are allowed subject to variations in interest rates as outlined in the terms and conditions of the issuer.
MobiKwik, in collaboration with RBI-regulated SFBs and NBFCs like Suryoday Small Finance Bank and Bajaj Finance, as well as technology service provider Blostem, is focused on ensuring the security of fixed deposit bookings on its platform. Users will receive a confirmation SMS/email and a receipt from the FD issuing partner upon booking.
“For generations, fixed deposits have been a preferred choice for Indians, often finding their place as the first step to building a stable investment portfolio or as a secure option to park idle funds for emergency purposes. Whether used to safeguard savings for future financial goals, ensure liquidity in times of unforeseen circumstances, or even as a disciplined savings habit, FDs are widely regarded as a low-risk, reliable instrument that offers peace of mind along with steady returns... At MobiKwik, we’ve made our fixed deposit product simple and accessible, intended for users across India to easily benefit. What makes it special is its reach into remote areas, helping those with limited access to financial products improve their financial security," said co-founder and CEO Bipin Preet Singh said.
The integration of advanced technology aims to enhance the user experience, positioning MobiKwik as a comprehensive platform for financial services.
Vishal Singh, Chief Information Officer & Head Digital Banking, Suryoday Small Finance Bank, said: “The Bank is steering a digital-first approach, through which we offer a convenient and secure way to our customers to invest their savings digitally. Partnering with MobiKwik, expands our reach to a wider audience across India, making banking accessible to everyone.”
“We are confident that this partnership with MobiKwik, a leading digital service platform in the country, will enable a seamless user experience for customers investing in FD, thereby enhancing the visibility of Bajaj Finance Fixed Deposits. As MobiKwik continues to invest in its digital platform, the FD investor experience will keep on getting better”, said Sachita Mohanty, Senior Business Head – Fixed Deposits, Bajaj Finance Ltd.
How to invest in a Fixed Deposit through MobiKwik
Choose the deposit amount and tenure. Securely make payment through the app. Wait for processing, which usually takes around 4 business days. Interest will start accruing from the payment date. Activate the Fixed Deposit by completing a quick KYC/Video KYC (Know Your Customer) process, depending on the FD partner and duration of the FD.