MobiKwik launches fixed deposit product with up to 9.5% interest rate

MobiKwik, a digital financial services platform, on Wednesday announced the launch of an Instant Fixed Deposit (FD) product on its mobile app, in partnership with financial services firms.

The product aims to simplify the savings process for its users, MobiKwik said in a statement.

MobiKwik Fixed Deposits allows users to start investing with as little as Rs 1,000 and earn up to 9.5 per cent returns per annum without opening a new bank account, it said.

Users can choose a tenure ranging from 7 days to 60 months depending on their convenience, it said.

Premature withdrawals are allowed subject to variations in interest rates as outlined in the terms and conditions of the issuer, it said.

Through its partnership with RBI-regulated Small Finance Banks 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, it added.