Axis Bank customers can now open an FD through UPI from non-Axis accounts

Axis Bank customers can open Fixed Deposits (FDs) with its mobile application, using funds from their non-Axis Bank accounts via UPI and Net Banking payment options.

Don't want to miss the best from Business Standard?

Axis Bank, one of India’s private sector banks, has launched a feature that enables customers to open Fixed Deposits (FDs) directly from their non-Axis Bank accounts. By leveraging the Account Aggregator ecosystem, the bank becomes the first in the private banking sector to offer such a seamless process, creating a new paradigm for digital banking in India.

 

With this new feature, Axis Bank’s Existing-To-Bank (ETB) customers can open Fixed Deposits using funds from their accounts in other banks, through UPI or Net Banking payment options. The entire process, including fund transfer and FD creation, is facilitated with just a few clicks on the Axis Bank mobile app.

 

Simplifying the FD Investment Process

Previously, customers had to first transfer funds to their Axis Bank accounts before initiating an FD, which often led to unnecessary delays and inconvenience. Axis Bank’s new feature eliminates these steps, offering a seamless and quick FD opening experience. Customers no longer need to add payees, initiate inter-bank transfers, or wait for funds to clear. Once the payment is completed via UPI or Net Banking, the Fixed Deposit is automatically processed.

 

xis Bank, one of India’s largest private sector banks, has launched a feature that enables customers to open Fixed Deposits (FDs) directly from their non-Axis Bank accounts. By leveraging the Account Aggregator ecosystem, the bank becomes the first in the private banking sector to offer such a seamless process, creating a new paradigm for digital banking in India.

 

With this new feature, Axis Bank’s Existing-To-Bank (ETB) customers can open Fixed Deposits using funds from their accounts in other banks, through UPI or Net Banking payment options. The entire process, including fund transfer and FD creation, is facilitated with just a few clicks on the Axis Bank mobile app.

 

Simplifying the FD Investment Process

Previously, customers had to first transfer funds to their Axis Bank accounts before initiating an FD, which often led to unnecessary delays and inconvenience. Axis Bank’s new feature eliminates these steps, offering a seamless and quick FD opening experience. Customers no longer need to add payees, initiate inter-bank transfers, or wait for funds to clear. Once the payment is completed via UPI or Net Banking, the Fixed Deposit is automatically processed.

 

The integration of the Account Aggregator framework into Axis Bank’s digital services is expected to be a game-changer for investors, especially those looking for hassle-free and quicker ways to invest in FDs.

 

Sameer Shetty, President & Head – Digital Business & Transformation at Axis Bank, said, “Axis Bank believes in the power of ‘OPEN’ Banking and we have been continuously investing in digital-first products that reimagine customer propositions. We are excited to introduce this new feature that empowers our customers to seamlessly invest in Axis Bank Fixed Deposits using funds from any bank. This is a transformational step towards a future of banking that is more customer-friendly, convenient, and hassle-free.”

 

Harnessing UPI and the Account Aggregator Framework

UPI, a digital payment system that has seen exponential growth in India, combined with the Account Aggregator ecosystem, creates a robust framework for digital banking. Axis Bank is one of the early adopters of this ecosystem, providing customers with an unparalleled ease of access to financial products, such as Fixed Deposits, without the traditional barriers.

 

“UPI together with the Account Aggregator framework makes a powerful proposition, which is scaling up rapidly in India. Axis Bank has leveraged this ecosystem to offer a seamless customer-friendly experience for booking Fixed Deposits,” added Shetty.

 

Key Benefits for Axis Bank Customers:

• No Inter-Bank Fund Transfer Required: Open an FD using funds from non-Axis Bank accounts, eliminating the need for transferring money to Axis Bank.
• Quick and Hassle-Free: Complete the FD opening process with just a few clicks on the Axis Bank mobile app.
• Attractive Interest Rates: Invest in Fixed Deposits at Axis Bank’s competitive interest rates.
• Seamless Payment Options: Use UPI or Net Banking from any bank to fund the FD, making the process quick and easy.