Instant Fixed Deposit (FD) product on its mobile app, in partnership with Small Finance Banks.
GURUGRAM, Oct 23 (The CONNECT) – Digital financial services platform MobiKwik  has rolled out an Instant Fixed Deposit (FD) product on its mobile app, in partnership with Small Finance Banks (SFB). The product aims to simplify the savings process for its users.
MobiKwik Fixed Deposits allows users to start investing with as little as Rs 1000 and earn up to 9.5% returns p.a. without opening a new bank account. Users can choose a tenure ranging from 7 days to 60 months depending on their convenience. Premature withdrawals are allowed subject to variations in interest rates as outlined in the terms and conditions of the issuer.
Through its partnership with RBI-regulated SFBs and NBFCs such as Suryoday Small Finance Bank, Bajaj Finance, and others along with technology service provider Blostem, MobiKwik aims to provide security of fixed deposit bookings made on its platform. Upon booking, users receive a confirmation SMS/email and a receipt from the FD issuing partner.
Bipin Preet Singh, Co-founder & CEO, MobiKwik, said, the platform has  made the fixed deposit product simple and accessible, intended for users across India to easily benefit.
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