Airtel Finance Introduces Fixed Deposits Offering Up to 9.1% Interest — Details Inside

On September 9, Bharti Airtel Ltd unveiled a new fixed deposit offering through its digital arm, Airtel Finance. This new financial product is designed to provide customers with an attractive interest rate of up to 9.1% per annum, making it a competitive option in the investment market. Customers can now book and manage these fixed deposits directly through the Airtel Thanks app, with a minimum investment amount set at ₹1,000. This offering does not require the opening of a new bank account, simplifying the investment process for users.

Digital Access and Investment Management

The fixed deposits offered by Airtel Finance are accessible through the Airtel Thanks app, which allows customers to manage and track their investments seamlessly. This digital platform is designed to enhance the customer experience by providing a secure and user-friendly interface. Currently, this service is available only on Android devices, with plans to extend access to iOS devices in the near future.

Partnerships and Financial Institutions

Airtel Finance has collaborated with several prominent non-banking financial companies (NBFCs) and small finance banks to offer these fixed deposits. Partnering institutions include Utkarsh Small Finance Bank, Shivalik Bank, Suryoday Small Finance Bank, and Shriram Finance. This collaboration ensures that customers benefit from high interest rates and secure investment options. The involvement of these reputable financial entities adds credibility and reliability to the fixed deposit products.

Digital Process and Ease of Use

The process of investing in fixed deposits through Airtel Finance is entirely digital and involves three straightforward steps:

1. Compare and Select FD: Users can browse various fixed deposit options and choose the one that best fits their investment needs.

2. Enter Details and Complete KYC: The next step involves entering personal details and completing the Know Your Customer (KYC) process, which is necessary for verification and compliance.

3. Make Payment: The final step is to make the payment via an existing bank account, completing the investment process.

This user-friendly digital process is aimed at providing a hassle-free experience, eliminating the need for physical paperwork and extensive bank visits.

Insurance and Liquidity

The fixed deposits offered through Airtel Finance are insured up to ₹5 lakh per PAN per bank by the Deposit Insurance and Credit Guarantee Corporation (DICGC), a 100% RBI subsidiary. This insurance provides customers with added security and peace of mind regarding their investments in small finance banks.

Additionally, Airtel Finance offers fixed deposit options with the flexibility to withdraw funds anytime after seven days. This feature addresses common customer concerns related to lock-in periods and liquidity, ensuring that investors have access to their funds when needed.

Company Statement and Future Outlook

Anshul Kheterpal, Chief Business Officer of Airtel Finance, expressed enthusiasm about the launch, stating, "We are consistently innovating to offer products that are customer-centric and, in this endeavor, today, we are excited to announce the launch of our fixed deposits proposition. The FD comes at an attractive interest rate that will help our customers manage their funds better and meet their financial goals. We have partnered with the best banks in this venture and promise to offer customers a completely transparent, seamless, and digital journey."

Bharti Airtel Ltd Share Performance

In related news, shares of Bharti Airtel Ltd closed at ₹1,538.90 on the Bombay Stock Exchange (BSE), marking a slight decline of ₹0.20 or 0.013%. This stock performance reflects broader market conditions and investor sentiment.

Conclusion

Airtel Finance’s new fixed deposit offering represents a significant addition to its financial services portfolio, providing customers with a high-yield investment option that is easy to access and manage digitally. The partnership with respected financial institutions and the inclusion of features like insurance and flexible withdrawal options make this a compelling choice for investors seeking secure and profitable investment opportunities.