No penalty on fixed deposit withdrawal prior to maturity date
Seamless digital journey that enables customers to book their deposit in one minute
26 April 2022: Airtel Payments Bank today announced the launch of Fixed Deposits (FD) facility in partnership with IndusInd Bank. With this Airtel Payments Bank has further strengthened its digital banking portfolio. Customers can now book fixed deposits starting from Rs 500 up to Rs 190,000 within minutes through a seamless digital journey on the Airtel Thanks app.
With this partnership, Airtel Payments Bank’s savings account customer will get an interest rate of upto 6.5% p.a. and senior citizens will get an additional 0.5% on all fixed deposits. Customers can book multiple FDs for a fixed duration of either 1, 2 or 3 years. Customers can dissolve an FD before the maturity date through the Airtel Thanks app, and no penalty or processing fee will be charged on pre-mature withdrawals. The invested amount will be credited back to linked account within minutes.
Mr Ganesh Ananthanarayanan - Chief Operating Officer, Airtel Payments Bank said, "A key ask from our customers was the need for a fixed deposit solution to go with our convenient payments bank proposition. We are delighted to partner with IndusInd Bank to offer Fixed Deposits facility to our customers. Fixed deposits are a great option for users who look for secure and risk-free investment options and an important addition to our growing bouquet of simple, secure and rewarding digital solutions.”
Speaking about the collaboration, Ms Charu Mathur, Head - Digital Banking & Strategy, IndusInd Bank said, “We, at IndusInd Bank constantly focus on capitalizing on our technological prowess to interact with customers across multiple touch points. Keeping this in view, we are delighted to partner with Airtel Payments Bank, 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 safety of the customer’s 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.”
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