MobiKwik offers 9.5% interest on fixed deposits, without opening new bank accounts

MobiKwik announced the launch of an Instant Fixed Deposit (FD) product on Wednesday, offering an attractive interest rate of approximately 9.5% without requiring users to open a new bank account. This digital FD solution allows customers to start saving with fixed deposit returns starting at just ₹1,000, with annual returns of 9.5%. Users can select flexible tenures ranging from 7 days to 60 months to suit their preferences.

In partnership with RBI-regulated small finance banks (SFBs) and non-banking financial companies (NBFCs) like Suryoday Small Finance Bank and Bajaj Finance, MobiKwik offers a secure FD booking process on its platform, with Blostem serving as the technology service provider. The FD management dashboard enables easy tracking and management of deposits, and early withdrawals are permitted, though they may be subject to interest rate adjustments based on the issuer's terms. Upon booking, users receive a confirmation via SMS or email along with a receipt from the FD partner.

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