MobiKwik Launches New Fixed Deposit Product, Offering Returns Up to 9.5%

MobiKwik, one of India’s leading digital financial services platforms, introduced a new-age Instant Fixed Deposit (FD) product on its mobile app. This product, launched in partnership with Small Finance Banks (SFBs), offers users the opportunity to earn up to 9.5% p.a. returns on their savings without the need to open a new bank account.

The FD product aims to simplify the savings process, allowing users to begin investing with as little as Rs 1,000. MobiKwik’s FD option provides a flexible tenure, ranging from 7 days to 60 months, catering to various financial goals and liquidity needs. In addition, premature withdrawals are allowed, although these may be subject to interest rate adjustments as per the issuer’s terms and conditions.

MobiKwik has partnered with several RBI-regulated SFBs and NBFCs, including Suryoday Small Finance Bank and Bajaj Finance, to ensure the security and authenticity of FD bookings made via its platform. Technology service provider Blostem also streamlines the process. Upon booking an FD, users receive a confirmation via SMS or email and a receipt from the issuing bank or financial institution, ensuring transparency and ease of tracking.

Bipin Preet Singh, Co-founder and CEO of MobiKwik, emphasized the significance of fixed deposits in Indian households. “For generations, fixed deposits have been the go-to investment for Indians, offering a safe and reliable way to build wealth. FDs have always been viewed as low-risk, stable instruments that provide peace of mind, especially for those looking to secure their financial future or park funds for emergencies.”

Bipin Preet Singh, Co-founder and CEO, MobiKwik

Singh highlighted that MobiKwik’s fixed deposit product is designed to be simple and accessible, particularly benefiting users in remote areas who have limited access to traditional financial products. “Our aim is to bridge the gap and provide financial security to all, especially in regions where formal banking services may not be easily accessible,” he added.

Vishal Singh, Chief Information Officer at Suryoday Small Finance Bank, praised the collaboration with MobiKwik, stating, “This partnership extends our reach to a broader audience across India, helping make digital savings more convenient and secure.”

Similarly, Sachita Mohanty, Senior Business Head at Bajaj Finance, echoed these sentiments, noting, “We are confident that this partnership will enhance the FD investor experience, making it more seamless and accessible for a larger number of users.”

To book a fixed deposit on MobiKwik, users simply select the deposit amount and tenure, complete a secure payment, and await processing. The FD is typically activated after a quick KYC or Video KYC process, with interest accruing from the payment date.

By launching fixed deposits, MobiKwik continues its mission of building a comprehensive digital platform that caters to the evolving financial needs of users across India. With this new feature, MobiKwik strengthens its position as a one-stop solution for payments, investments, and financial management in the digital age.