banking Amid increasing competition in the sector, many SFBs compete fiercely with the country’s big banks. But now an online payment company has also entered this competition, so banks will begin to have more competition than before. Yes, online payment company Mobikwik has started a fixed deposit (FD) scheme through its mobile app. The competition on Wednesday announced the launch of FD in association with financial services companies Mahindra Finance, Shriram Finance and Bajaj Finserv.
Mobikwik to give users 9.5 percent interest on FD
Mobikwik has announced that it will give its users 9.5 percent interest on FD. The special thing is that to start FD on Mobikwik, you will not need to open a new bank account. FD can be started with just Rs 1000 on the online payment platform. In this way, users will be able to obtain FD for a minimum period of 7 days up to a maximum of 60 months, i.e. 5 years. MobiKwik said in a statement that the objective of this financial product is to facilitate savings for its users.
Compared to big banks, customers will earn an additional 2 percent interest.
Let us tell you that all the big banks in the country (State Bank of India, Punjab National Bank, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, IndusInd Bank, etc.) are not giving 9.5 per cent interest on FDs to their customers. SBI offers maximum interest of 7.25 percent on FD of 444 days, PNB 7.30 percent on FD of 400 days, HDFC Bank 7.40 percent on FD of 4 years, 7 months to 55 months, offer of ICICI Bank maximum interest of 7.25 percent on FDs of 15 to 18 months making. In such a situation, Mobikwik hopes that common people will do FD through its platform to earn higher returns on FD.
Latest business news
