Airtel Finance offers fixed deposit service; partners with NBFCs, small finance banks

Bharti Airtel on Monday announced the launch of a fixed deposits marketplace under its digital arm Airtel Finance, backed by partnerships with leading NBFCs and small finance banks.

The marketplace enables Airtel Finance to provide an assured return and fixed-income investment option on the digital platform that is built on top of Airtel's Thanks App framework, according to a release.

"Bharti Airtel today announced the launch of a fixed deposits marketplace under its digital arm, Airtel Finance. These fixed deposits come at an attractive interest rate of up to 9.1 per cent per annum," it said.

Airtel Finance has offered the fixed deposit service through partnerships with multiple small finance banks and NBFCs including Utkarsh Small Finance Bank, Shivalik Bank, Suryoday Small Finance Bank and Shriram Finance. This will help customers lock in assured returns at high rates of interest.

Anshul Kheterpal, Chief Business Officer, Airtel Finance said, "We have partnered with the best banks in this venture and promise to offer customers a completely transparent, seamless and digital journey."

On the Airtel Thanks App platform, customers can book and manage fixed deposits directly without opening a new bank account with a minimum investment of Rs 1,000.

According to the release, Airtel Finance is also offering fixed deposit options with withdrawal any time after seven days, which it hopes will "put to rest all customer concerns about lock-in and lack of liquidity".

Airtel Finance is a financial services platform with a portfolio aimed at providing personalised, simplified and secured financial solutions to customers.

Currently, Airtel Finance offers multiple products including Airtel Flexi Credit Personal Loan, co-brand credit card, co-brand Insta EMI card and gold loan with financial institutions, accessible on its Thanks App, with additional product offerings like business loan and secured lending products in the pipeline.