Expanding its paperless investment portfolio, BankBazaar.com launched paperless Fixed Deposits (FD) on its platform leveraging the OTP-based eKYC process for facilitating instant, paperless, and presence-less purchase of FDs. The move is expected to enable investors to evaluate, select and purchase FDs from Financial Institutions within minutes.
Earlier in the year, BankBazaar had launched paperless mutual funds and a slew of other paperless credit products including personal loans and credit cards.
“FDs were the next logical offering in the savings and investment category. In line with our mission of helping people access the right financial products, we have simplified what used to be a manual process involving a fair amount of paperwork, and now it is online for a faster, paperless, friction-less experience,” said Navin Chandani, Chief Business Development Officer, BankBazaar.
According to BankBazaar, the process would take less than 10 minutes and is done so in a manner that is convenient from start to finish. Details such as the credit rating of the fixed deposit and the interest rates for various tenors are displayed for every product. Investors can select the preferred product and then choose the amount and tenor of investment. The platform then completes the authentication process. This can be either Aadhaar-based through the OTP eKYC process or by uploading relevant documents such as the PAN card, cancelled cheque, etc. Once the authentication is complete, the payment is processed and the FD is created.
BankBazaar has partnered with other financial institutions for the service. Their range of financial products include 85+ of the biggest public and private sector banks, NBFCs and other financial institutions in India. Calling the future of banking paperless, Umesh Revankar, MD Shriram Transport Finance Co. Ltd, said, “With a customer base of 23M, BankBazaar is the right online platform to tie up with for taking our Fixed Deposits paperless.”