MobiKwik, a digital financial services platform, has partnered with small finance banks (SFB) to launch instant fixed deposits (FD) on its mobile app. Investors can open fixed deposit without the need to open a new bank account, stated a MobiKwik press release issued on October 23, 2024.
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FDs you can invest in
According to the MobiKwik website, it has partnered with Mahindra Finance, Shriram Finance, and Bajaj Finserv to offer its FDs.
Also, according to the press release, “Through its partnership with RBI-regulated SFBs and NBFCs such as Suryoday Small Finance Bank, Bajaj Finance, and others along with technology service provider Blostem, MobiKwik aims to provide security of fixed deposit bookings made on its platform. Upon booking, users receive a confirmation SMS/email and a receipt from the FD issuing partner.”
MobiKwik’s FD features
No new bank account required: You don’t need to go through the hassle of opening a new bank account to start investing.
High interest rates: Earn up to 9.2% on your fixed deposits, significantly higher than most banks offer.
Flexible tenures: Choose from a wide range of tenure options to suit your financial goals.
What are the best-selling FD plans on MobiKwik
1 Year – 7.59% Interest (Best Seller)
A popular choice among investors looking for a one-year term with solid returns.
1 Year 3 Months – 7.75% Interest
Slightly longer tenure with an attractive interest rate.
2 Years 6 Months – 8.05% Interest
A mid-term option with higher returns, ideal for those who want to grow their savings over a few years.
3 Years – 8.38% Interest
A long-term investment option for those looking to park their funds for greater growth.
3 Years 6 Months – 8.42% Interest
Offers a balance between long-term growth and attractive returns.
4 Years 2 Months – 8.47% Interest (Best Rate)
For investors who want the best rate and are willing to lock in their funds for a longer period.
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Higher interest rates for senior citizens, female investors
Senior Citizens: Earn an extra 0.5% interest on top of the base rate.
Females: Earn an additional 0.1% to boost your savings further.
How to Book Your Fixed Deposit on MobiKwik
Step 1: Open the MobiKwik app and navigate to the “Fixed Deposits” section.
Step 2: Browse through the list of plans and choose one that suits your investment needs.
Step 3: Click on “Book” and complete the eKYC process using your Aadhar.
FD is activated after completing a quick KYC/Video KYC (Know Your Customer) step depending on the FD partner and duration of the FD.
