MobiKwik Launches New-Age Fixed Deposits, Earn up to 9.5% p.a.
- Save Smart with FD returns from Banks without new Bank A/C
- Track & Manage Deposits with an FD Management Dashboard
BILKULONLINE
Ahmedabad, Oct 24: MobiKwik (ONE MOBIKWIK SYSTEMS LIMITED), one of India’s largest digital financial services platforms, has rolled out an Instant Fixed Deposit (FD) product on its mobile app, in partnership with Small Finance Banks (SFB). The product aims to simplify the savings process for its users.
MobiKwik Fixed Deposits allows users to start investing with as little as Rs 1000 and earn up to 9.5% returns p.a. without opening a new bank account. 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.
Through its partnership with RBI-regulated SFBs and NBFCs such as Suryoday Small Finance Bank, Bajaj Finance, and others along with technology service provider Blostem, MobiKwik aims to provide security of fixed deposit bookings made on its platform. Upon booking, users receive a confirmation SMS/email and a receipt from the FD issuing partner.
Speaking about the launch of FDs, Bipin Preet Singh, Co-founder & CEO, MobiKwik, shared, “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,” adds Bipin.
Commenting on the association, 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, Sr. Business Head – Fixed Deposits, Bajaj Finance Ltd.
To book a Fixed Deposit on MobiKwik, one must:
- Select the deposit amount and tenure
- Complete a secure payment via the app
- Await processing (approximately 4 business days) with interest accruing from the date of payment
FD is activated after completing a quick KYC/Video KYC (Know Your Customer) step depending on the FD partner and duration of the FD.
On a mission to build payment and financial products for the New Bharat, MobiKwik focuses on technology and innovation to enhance the user experiences of its platform. With the introduction of Fixed Deposits, the Company aims to position itself as a one-stop platform for a wide range of financial needs, thereby attracting more users and improving opportunities across the fintech ecosystem.
