Airtel Fixed Deposits offers a range of benefits that make it an attractive option for savers looking to grow their wealth securely. Understanding the key aspects of these deposits can help you make informed decisions about your investments. Here’s an overview of the essential features and advantages of Airtel Fixed Deposits.

Introduction of FD Service:

– Airtel Payments Bank has launched a Fixed Deposit (FD) service through its Airtel Thanks App.
– Customers can start investing with a minimum amount of ₹1,000.

High Interest Rates:

– The FD service offers attractive interest rates of up to 9.1% per annum.
– This makes it a competitive choice for those looking for safe and high-return investments.

Convenient and Digital Process:

– The entire FD booking and management process is seamless and fully digital.
– Customers can create an FD directly without opening a new bank account.

Available Platforms:- The service is currently available on Android devices and will be launched on iOS soon.

Partnership with Banks and NBFCs:- Airtel Payments Bank has partnered with institutions like Utkarsh Small Finance Bank, Shivalik Bank, Suryoday Small Finance Bank, and Shriram Finance to offer these FDs.

Comprehensive Financial Services:

– The FD service is part of Airtel Finance’s broader offerings, which also include personal loans, credit cards, and gold loans.
-It aims to provide financial solutions to Airtel’s large customer base of over 350 million users in India.

Customer-Centric Approach:

– The Chief Business Officer of Airtel Finance, Anshul Kheterpal, emphasized the transparent and user-friendly nature of the service.
– The focus is on making financial services more accessible and trustworthy for customers.

Steps to Open Airtel Fixed Deposit

Opening an Airtel Fixed Deposit is a straightforward process that offers you the flexibility to choose how you want to invest your savings.

You can opt for the convenience of online banking, allowing you to manage your investment from the comfort of your home. Alternatively, if you prefer a more personal touch, you can visit an Airtel branch to complete the process offline. Both methods ensure that you can secure your funds and enjoy competitive returns with ease.

Here’s a step-by-step method to help you open your Airtel Fixed Deposit through either option.

Online Process:

Here is a hassle-free process that saves time and effort, making it convenient for you to start your fixed deposit.

Step 1. Visit the bank’s net banking page and find the online FD form.
Step 2. Fill out the form digitally and submit it.
Step 3. Transfer the required amount from your savings account to the FD using net banking.
Step 4. The process is simple, and there’s no need for a separate KYC as the bank already has your details.

Offline Process:

This straightforward process lets you open an FD account easily at your preferred bank branch.

Step 1. Visit the nearest branch of your bank.
Step 2. Request an FD application form, fill in the required details, and submit it.
Step 3. Provide necessary documents like identity proof and address proof.
Step 4. Once your account is opened, deposit the desired amount into it.
Step 5. After the transfer is completed, you will receive a fixed deposit receipt as confirmation.

Required Documents

Before you begin the process of opening an Airtel Fixed Deposit, it’s essential to gather the necessary documents. Here’s a list of the required documents to ensure a smooth and efficient experience.

Steps To Calculate The Fixed Deposit Account Interest Rate

Calculating the interest rate on your Fixed Deposit account is crucial for understanding your potential earnings. By knowing how to determine the interest, you can make informed decisions about your investments and maximize your returns.

Here’s a step-by-step guide to help you calculate the interest rate effectively.

Formula

C.I. = P [{(1+r/n)^nt}-1]

 Where:

C.I = Compound Interest
P = Principal amount (initial investment)
r = Annual interest rate (in decimal form, e.g., 8% = 0.08)
t = Tenure of the FD in years
n = Number of times interest is compounded in a year (quarterly = 4, annually = 1, etc.)

Example Using Airtel Fixed Deposit:

Let’s assume: 

– Principal amount (P) = ₹50,000
– Annual interest rate (r) = 8.2% (or 0.082)
– Tenure (t) = 3 years
– Interest compounded quarterly (n) = 4

Now, substitute the values into the formula:

C.I. = 50,000[{(1+0.082/4)^4×3}-1]

After the calculation, the result will be,  ₹13,410 which is the compound interest

Maturity Amount:

To find the total maturity amount, add the principal amount to the compound interest:

Maturity Amount = Principal + Compound Interest = ₹50,000 + ₹13,410 = ₹63,410

Advantages of Investing in Airtel Fixed Deposit

Investing in Airtel Fixed Deposit offers a secure and attractive way to grow your savings while benefiting from competitive interest rates and the reliability of a trusted brand.

1. High-Interest Rates: Competitive rates ensure better returns compared to savings accounts.
2. Easy Accessibility: Manage your FD through the Airtel Payments Bank app or branch.
3. Secure Investment: Your funds are protected, ensuring zero risk of loss.
4. Flexible Tenure Options: Choose a duration that suits your financial goals.
5. Auto-Renewal Facility: Seamless renewal option to extend your investment.
6. Loan Against FD: Borrow funds using your FD as collateral without breaking the deposit.

Conclusion

Airtel Fixed Deposit offers a reliable and straightforward way to grow your savings. With competitive interest rates, flexible tenures, and secure investment options, it’s an excellent choice for both beginners and seasoned investors. Whether you’re saving for short-term goals or planning for long-term financial stability, Airtel Payments Bank FDs are worth considering.

Start your investment journey today and take control of your financial future with Airtel Payments Bank’s Fixed Deposit services!

Download Personal Loan App

Get a loan instantly! Best Personal Loan App for your needs!!

Looking for an instant loan? Buddy Loan helps you get an instant loan from the best verified lenders. Download the Buddy Loan App from the Play Store or App Store and apply for a loan now!

Frequently Asked Question

Q. Is Airtel FD safe?
A. Airtel FD is considered safe as it is managed in collaboration with insured partner banks, regulated by RBI.

Q. Does Airtel Payments Bank give 7% interest?
A. Airtel Payments Bank FDs may offer competitive interest rates, often around 7%, depending on the tenure and partner bank.

Q. What is the interest rate of FD in Airtel payment bank?
A. The interest rate varies but typically ranges from 6% to 7% annually, depending on the tenure.

Q. Can we trust Airtel Finance for FD?
A. Airtel collaborates with reputed banks for FDs, which enhances trust and reliability in the service.

Q. Is Airtel FD insured from DICGC?
A. The FD is insured if placed with DICGC-insured partner banks, offering protection up to ₹5 lakhs per depositor.

Q. Which deposits are not covered under DICGC?
A. Deposits with non-DICGC-insured financial entities and cooperative banks are not covered.

Q. How to open FD in Airtel?
A. Open the Airtel Payments Bank app, navigate to the FD section, choose the desired amount and tenure, and complete the process digitally.

Q. How does a fixed deposit differ from a savings account?
A. FDs lock funds for a fixed term at higher interest rates, while savings accounts offer lower, flexible interest with accessible funds.

Q. Is there a minimum amount required to open a fixed deposit account?
A. The minimum deposit amount varies by partner bank but typically starts at ₹500 or ₹1,000.

Q. What are the benefits of investing in Airtel fixed deposit?
A. Benefits include competitive interest rates, easy digital access, safe investment via insured banks, and flexible tenures.