MobiKwik Takes a Leap in Simplifying Savings with New Instant FD Feature

MobiKwik, a digital financial platform, introduces an Instant Fixed Deposit feature in collaboration with financial firms. The new product offers users interest rates up to 9.5% per annum with a minimum deposit of Rs 1,000. Users can choose their deposit tenure and opt for early withdrawals under certain conditions.

MobiKwik has unveiled a new financial product aimed at revolutionizing the savings process for digital users. The Instant Fixed Deposit (FD) feature, available on its mobile app, seeks to simplify investing through strategic partnerships with established financial institutions.

This initiative allows users to start investing with a minimum amount of Rs 1,000 while offering lucrative annual returns of up to 9.5%, all without the hassle of opening a new bank account. Users are provided with flexible tenure options ranging from 7 days to 60 months, catering to different savings needs.

Moreover, premature withdrawals are permitted, subject to interest rate changes specified in the terms. This new financial product is in collaboration with RBI-regulated institutions such as Suryoday Small Finance Bank and Bajaj Finance, enhancing both security and reliability for customers.

(With inputs from agencies.)