MobiKwik, India’s prominent digital financial services platform, has collaborated with Small Finance Banks (SFBs) to introduce Instant Fixed Deposit (FD) facility within its mobile application. This initiative aims to streamline the savings experience for users.
With MobiKwik Fixed Deposit, individuals can start investing with a minimum amount of Rs 1,000 and have the potential to earn up to 9.5% annually without opening a new bank account. Users have the flexibility to choose contract lengths ranging from 7 days to 60 months, depending on their preference. Early withdrawals are permitted, but interest rates may change as specified in the issuer’s terms and conditions.
MobiKwik, along with technology services provider Blostem, seeks to ensure security of fixed deposit transactions conducted on its platform by partnering with RBI-regulated SFBs and NBFCs, including Suryoday Small Finance Bank and Bajaj Finance . Once the reservation is completed, the user will receive a confirmation via SMS or email and a receipt from the FD issuing partner.
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Commenting on the introduction of fixed deposits, Bipin Preet Singh, Co-founder and CEO, MobiKwik said, As a safe way to allocate idle funds in case of emergency. Whether used to protect savings for future financial goals, maintain liquidity in the event of unforeseen events, or promote disciplined savings habits, term deposits offer both peace of mind and consistent returns. It is widely recognized as a low-risk and reliable means of providing ”
Discussing the partnership, Vishal Singh, Chief Information Officer and Head of Digital Banking, Suryoday Small Finance Bank said, “We are excited to partner with Suryoday Small Finance Bank. Online savings. Our partnership with MobiKwik will enable us to serve more users across India, making banking services accessible to everyone. ”
Expressing confidence in the partnership, Sachita Mohanty, Senior Business Head, Fixed Deposits, Bajaj Finance, said, This will increase the awareness of Bajaj Finance fixed deposits. As MobiKwik continues to enhance its digital platform, the experience for FD investors will gradually improve. ”
