Airtel Payments Bank-IndusInd Bank FD: Check interest rates and other fixed deposit details

In an attempt to strengthen its digital banking portfolio, Airtel Payments Bank in partnership with IndusInd Bank launched the fixed deposit (FD) facility on Tuesday. The payments bank offers interest rates of 6.5 per cent and above, also an option of premature withdrawal without any penalty. 

According to a PTI report, IndusInd Bank in a release said that the customers can deposit any amount starting from Rs 500 to Rs 1,90,000 through the Airtel Thanks app and earn interest up to 6.5 per cent per annum, while senior citizens will get an additional 0.5 per cent on all fixed deposits. 

"Customers can dissolve an FD before the maturity date through the Airtel Thanks app, and no penalty or processing fee will be charged on premature withdrawals. The invested amount will be credited back to linked account within minutes," the release further said. 

The FD facility will be available for fixed periods of one, two or three years, and customers can book multiple FDs, IndusInd Bank also noted. 

Ganesh Ananthanarayanan, Chief Operating Officer, Airtel Payments Bank, said, "A key ask from our customers was the need for a FD solution to go with our convenient payments bank proposition. Fixed deposits are a great option for users who look for secure and risk-free investment options and an important addition to our growing bouquet of simple, secure, and rewarding digital solutions."  

Charu Mathur, Head - Digital Banking & Strategy, IndusInd Bank, said the bank is constantly focussing on capitalising on its technological prowess to interact with customers across multiple touchpoints. 

"With this collaboration, we will now offer a third benefit which is of a seamless application journey. We believe, this proposition will witness substantial traction among customers across the country and provide them with a comprehensive solution to their investment needs," Mathur added. 

(With PTI inputs)