look news india
New Delhi/Gurugram, 23 October (HIST). One MobiKwik Systems Limited (MobiKwik), one of the country's leading digital financial services platforms, has launched a new age Instant Fixed Deposit (FD) on its mobile app. MobiKwik has started this in partnership with Small Finance Bank (SFB). Through this, users will get the opportunity to earn up to 9.5 percent annual return on their savings without opening a new bank account.
MobiKwik said in a statement issued on Wednesday that the aim of launching this new product is to simplify the saving process for its users. MobiKwik Fixed Deposit will allow users to invest as little as Rs 1,000 and earn annual returns of up to 9.5 per cent without opening a new bank account. The company said that this FD option of Mobikwik is available for flexible tenures ranging from 7 days to 60 months, which meets various financial goals and liquidity needs. Additionally, premature withdrawals are permitted, although these may be subject to interest rate adjustments as per the terms and conditions of the issuer.
MobiKwik has partnered with several RBI-regulated SFBs and NBFCs, including Suryoday Small Finance Bank and Bajaj Finance, to ensure the security and authenticity of FD bookings made through its platform. Technology service provider Blostem simplifies this process. Upon booking an FD, users receive confirmation via SMS or e-mail and a receipt from the issuing bank or financial institution, thereby facilitating transparency and tracking.
Speaking on the occasion, Bipin Preet Singh, Co-Founder and Chief Executive Officer (CEO), MobiKwik, emphasized the importance of fixed deposits in Indian households. He said that for generations, fixed deposits have been the best means of investment for Indians, which is also a safe and reliable way to accumulate wealth. He said FDs have always been seen as low-risk, stable instruments that provide peace of mind, especially for those who want to secure their financial future or accumulate funds for emergencies. .
Commenting on this partnership, Vishal Singh, Head of Digital Banking, Suryoday Small Finance Bank, said that the bank is adopting a digital-first approach, through which we provide our customers with a convenient and secure way to invest their savings digitally. provide. He said that the partnership with MobiKwik expands our reach to a wider audience across India, making banking accessible to all.
Similarly, Sachita Mohanty, Senior Business Head, Bajaj Finance, echoing these sentiments said that we are confident that this partnership will improve the experience of FD investors, making it more seamless and accessible to a greater number of users.
