by Suman Gupta
No penalty on fixed deposit withdrawal prior to maturity date
Seamless digital journey that enables customers to book their deposit in one minute
Mumbai 26 April, 2022: Airtel Payments Bank today announced the launch of the Fixed Deposits (FD) facility in partnership with IndusInd Bank. With this Airtel Payments Bank has further strengthened its digital banking portfolio. Customers can now book fixed deposits starting from Rs 500 up to Rs 190,000 within minutes through a seamless digital journey on the Airtel Thanks app.
With this partnership, Airtel Payments Bank’s savings account customer will get an interest rate of up to 6.5% p.a. and senior citizens will get an additional 0.5% on all fixed deposits. Customers can book multiple FDs for a fixed duration of either 1, 2 or 3 years. Customers can dissolve an FD before the maturity date through the Airtel Thanks app, and no penalty or processing fee will be charged on pre-mature withdrawals. The invested amount will be credited back to linked account within minutes.
Mr Ganesh Ananthanarayanan – Chief Operating Officer, Airtel Payments Bank said, “A key ask from our customers was the need for a fixed deposit solution to go with our convenient payments bank proposition. We are delighted to partner with IndusInd Bank to offer Fixed Deposits facility to our customers. Fixed deposits are a great option for users who look for secure and risk-free investment options and an important addition to our growing bouquet of simple, secure and rewarding digital solutions.”
Speaking about the collaboration, Ms Charu Mathur, Head – Digital Banking & Strategy, IndusInd Bank said, “We, at IndusInd Bank constantly focus on capitalizing on our technological prowess to interact with customers across multiple touch points. Keeping this in view, we are delighted to partner with Airtel Payments Bank, to bring forth a fully digital process of booking fixed deposits through the ‘Airtel Thanks’ mobile application. Fixed deposits are a popular investment instrument, as in addition to offering assured returns, it also ensures safety of the customer’s funds. With this collaboration, we will now offer a third benefit which is of a seamless application journey. We believe, this proposition will witness substantial traction among customers across the country, and provide them with a comprehensive solution to their investment needs.”
About Airtel Payments Bank Ltd.: Airtel Payments Bank, India’s fastest growing digital bank, offers a diverse range of simple, safe and rewarding banking solutions through a strong network of 500,000 bank points spread across the country and its digital platforms. Airtel Payments Bank aims to take digital banking services to the doorstep of every Indian, particularly in unbanked rural areas, and contribute to the Government’s vision of Digital India and Financial Inclusion.
About IndusInd Bank: IndusInd Bank, which commenced operations in 1994, caters to the needs of both consumer and corporate customers its technology platform supports multi-channel delivery capabilities. As on December 31, 2021, IndusInd Bank has 2,103 Branches/Banking Outlets and 2,861 ATMs spread across 769 geographical locations of the country. The Bank also has representative offices in London, Dubai and Abu Dhabi. The Bank believes in driving its business through technology. It enjoys clearing bank status for both major stock exchanges – BSE and NSE – and major commodity exchanges in the country, including MCX, NCDEX and NMCE. IndusInd Bank was included in the NIFTY 50 benchmark index on April 1, 2013.
RATINGS
Domestic Rating(s):
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CRISIL AA + for Infra Bonds program/Tier II Bonds
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CRISIL AA for Additional Tier I Bonds program
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CRISIL A1+ for certificate of deposit program/short term FD programme
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IND AA+ for Senior bonds program/Tier II Bonds by India Ratings and Research
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IND AA for Additional Tier I Bonds program by India Ratings and Research
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IND A1+ for Short Term Debt Instruments by India Ratings and Research
