Airtel Payments Bank Parnters with IndusInd Bank To Offer Fixed Deposit Facility

Airtel Payments Bank on Tuesday launched the fixed deposit facility in partnership with IndusInd Bank, offering interest rates of 6.5 per cent and above and an option of premature withdrawal without any penalty.

With the launch of the fixed deposits (FD) facility, Airtel Payments Bank has further strengthened its digital banking portfolio, IndusInd Bank said in a release.

It said customers can deposit any amount starting from Rs 500 to Rs 1,90,000 through the Airtel Thanks app and earn interest up to 6.5 per cent per annum, while senior citizens will get an additional 0.5 per cent on all fixed deposits.

"Customers can dissolve an FD before the maturity date through the Airtel Thanks app, and no penalty or processing fee will be charged on premature withdrawals. The invested amount will be credited back to the linked account within minutes," said the release.

The FD facility will be available for fixed periods of one, two, or three years, and customers can book multiple FDs, IndusInd Bank said.

"A key ask from our customers was the need for a fixed deposit solution to go with our convenient payments bank proposition. Fixed deposits are a great option for users who look for secure and risk-free investment options and important addition to our growing bouquet of simple, secure and rewarding digital solutions," Ganesh Ananthanarayanan, Chief Operating Officer, Airtel Payments Bank, said.

Charu Mathur, Head - Digital Banking & Strategy, IndusInd Bank, said the bank is constantly focussing on capitalizing on its technological prowess to interact with customers across multiple touchpoints.

"Keeping this in view... to bring forth a fully digital process of booking fixed deposits through the 'Airtel Thanks' mobile application. Fixed deposits are a popular investment instrument, as in addition to offering assured returns, it also ensures the safety of the customers' funds.

"With this collaboration, we will now offer a third benefit which is of a seamless application journey. We believe, this proposition will witness substantial traction among customers across the country, and provide them with a comprehensive solution to their investment needs," Mathur said.