Airtel Finance launches Fixed Deposit, offers up to 9.1% interest

Bharti Airtel has launched a fixed deposit plan through its digital arm Airtel Finance, offering an interest rate of up to 9.1% per annum. The rate is higher than what’s currently being offered by banks and several other Non-Banking Financial Companies (NBFCs).

Customers can book and manage fixed deposits directly without opening a new bank account with a minimum investment of Rs 1,000 on the Airtel Thanks App platform, a release by the telecommunications services provider said.

"Airtel Finance has offered the fixed deposit service via a partnership with multiple small finance banks and NBFCs including Utkarsh Small Finance Bank, Shivalik Bank, Suryoday Small Finance Bank and Shriram Finance," the release said.

Currently, Airtel Finance offers multiple products, including Airtel Flexi Credit Personal Loan, co-brand credit cards, co-brand Insta EMI card and gold loans. The release also said that additional product offerings like business loans and secured lending products are in the pipeline.

Shares of Bharti Airtel today ended 0.1% higher at Rs 1,541 on the National Stock Exchange.