Airtel Finance, the digital arm of Bharti Airtel, has unveiled its fixed deposits scheme with a hefty interest rate of 9.1%.

What Happened: The announcement was made through a press release on Monday. The fixed deposits marketplace is the latest addition to Airtel Finance’s digital platform, which is constructed on the Airtel Thanks App framework. The service is currently accessible only on Android devices, with iOS compatibility to be introduced soon.

Airtel Finance has collaborated with several small finance banks and non-banking financial companies, such as Utkarsh Small Finance Bank, Shivalik Bank, Suryoday Small Finance Bank and Shriram Finance, to provide this service.

Customers can open and manage their fixed deposits directly on the Airtel Thanks App platform, without the necessity to open a new bank account. The minimum investment amount is ₹1,000.

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Anshul Kheterpal, chief business officer of Airtel Finance, said the new offering was a part of the company’s continuous efforts to deliver customer-centric products. He said the fixed deposits come with an attractive interest rate that will aid customers in better managing their funds and achieving their financial goals.

The fixed deposit options also offer the flexibility of withdrawal at any time after seven days, addressing customer concerns about liquidity. The deposits are insured up to ₹5 lakh per PAN per bank by the Deposit Insurance and Credit Guarantee Corporation, a unit of the Reserve Bank of India.

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