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A fixed deposit is an investment in which a person invests a lump sum amount in a bank for a fixed time.
There will be no need to open a new bank account.
If you are looking for higher interest rates on fixed deposits, then there is good news for you. A digital platform is offering a 9.5 per cent interest on fixed deposits. Financial digital platform MobiKwik has announced offering instant fixed deposit (FD) products on its mobile app in partnership with financial services companies. The company stated that they aimed to simplify the saving process of their users.
A fixed deposit is an investment in which a person invests a lump sum amount in a bank for a fixed time. The amount deposited earns an interest which is a fixed rate and is decided at the time of opening the account. Now, MobiKwik has offered fixed deposit users to start investing from Rs 1,000 and get a return of up to 9.5 per cent annually without opening a new bank account. Users can choose a deposit period from seven days to 60 months. The company wants to make savings an easier option. As per their website, MobiKwik has partnered with Mahindra Finance, Shriram Finance and Bajaj Finserv to offer its fixed deposit interests. Apart from this, MobiKwik has also partnered with Suryoday Small Finance Bank, Bajaj Finance and other Non-Banking Financial Companies (NBFCs).
The Co-founder and CEO Bipin Preet Singh said, “Fixed deposits have long been a preferred choice for Indians looking to secure their savings. Our FD product is designed to be accessible and beneficial for users across India, particularly in remote areas.” The integration of advanced technology aims to enhance the experience of the users by positioning MobiKwik as a comprehensive platform for financial services.
Benefits of Fixed Deposit (FD)
- No Need For a New Bank Account: You don’t need to go through the hassle of opening a new bank account to start investing or saving.
- High Interest Rates: Interest rates on FDs are up to 9.5 per cent, which is much higher than most banks and will be profitable for users.
- Option to Choose Tenure: There is also an option to choose the tenure of the FD as per your financial needs. It makes savings flexible.
