If you want more interest on fixed deposits, then a digital platform is offering you 9.5 percent interest on FD. Financial digital platform Mobikwik has announced to offer instant fixed deposit (FD) products on its mobile app in partnership with financial services companies. Mobikwik said in a statement that the aim of this financial product is to simplify the savings process for its users. The company has offered fixed deposit users to start investing from Rs 1,000 and get a return of up to 9.5 percent annually without opening a new bank account. Users can choose a deposit period from seven days to 60 months.

Partnership with these NBFCs

MobiKwik said in a statement that the aim of this financial product is to simplify the savings process for its users. According to the MobiKwik website, it has partnered with Mahindra Finance, Shriram Finance and Bajaj Finserv to offer its FD. Apart from this, MobiKwik has also partnered with Suryoday Small Finance Bank, Bajaj Finance and other NBFCs.

Benefits of online FD

• No need for a new bank account: You don’t need to go through the hassle of opening a new bank account to start investing.
• High interest rates: Interest rates on FDs are up to 9.5%, which is much higher than most banks.
• Option to choose tenure: There is also an option to choose the tenure of the FD as per your financial needs.

Fixed deposit is an investment in which a person invests a lump sum amount in a bank for a fixed period. The amount deposited in FD earns interest at a fixed rate which is decided at the time of opening the account.

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