Airtel Payments Bank, a leader in digital banking solutions, offers fixed deposit (FD) schemes designed for hassle-free investments and attractive returns. Fixed deposits are widely regarded as one of the safest ways to grow your savings, offering guaranteed returns with virtually no risk. What makes Airtel Payments Bank stand out is its focus on combining convenience with high interest rates.
With Airtel’s FD services, you can enjoy flexible tenure options ranging from a few days to several years, ensuring there’s a plan suited to your needs. The bank also provides competitive interest rates, making it an excellent choice for those who want to earn more than a traditional savings account. Additionally, the process to open an FD is simple, whether you prefer using the Airtel Payments Bank app or visiting a nearby branch.
For anyone seeking a secure and easy way to invest, Airtel Fixed Deposits offers the perfect balance of safety, flexibility, and returns. This blog will guide you through the benefits, rates, and process of opening an Airtel Fixed Deposit.
| Bharti Airtel’s digital finance arm now offers a Fixed Deposit marketplace on the Airtel Thanks app, allowing customers to invest with a minimum of ₹1,000 and earn up to 9.1% annual interest. Currently available on Android, iOS support is coming soon. |
Understanding Airtel Fixed Deposit
The Way It Works
Airtel Fixed Deposit allows you to deposit a lump sum for a specified period at a fixed interest rate. The amount grows steadily over the tenure, offering assured returns.
Airtel Fixed Deposit Interest Rates
Airtel Payments Bank partners with other financial institutions to provide FD services. The interest rates vary based on tenure and start at 6.5% for short-term deposits and go up to 8.2% for long-term deposits (as of 2024). These rates are among the most competitive in the market.
| Fixed Deposit Amount | Tenure (Years) | Interest Rate (%) |
| ₹1,00,000 | 1 | 5.50% |
| ₹1,00,000 | 2 | 5.75% |
| ₹1,00,000 | 3 | 6.10% |
| ₹1,00,000 | 4 | 6.25% |
| ₹1,00,000 | 5 | 6.40% |
Tax Implications of Airtel Fixed Deposit
- Interest earned on Airtel FDs is taxable under your income tax slab.
- If your interest exceeds ₹40,000 in a financial year (₹50,000 for senior citizens), TDS (Tax Deducted at Source) will apply.
| The stock price of Bharti Airtel, increased by 0.1% compared to its previous closing price. As a result, the current price of the stock is Rs 1,532 on the National Stock Exchange (NSE). |
Types of FD Schemes Available With Airtel Payment Banks
Airtel Finance provides a range of Fixed Deposit (FD) solutions tailored to suit your financial goals:
1. Regular Fixed Deposit:- Invest a lump sum amount for a fixed tenure at a guaranteed interest rate. This classic FD option is ideal for those seeking secure and predictable returns.
2. Tax-Saving Fixed Deposit:- Secure your savings while reducing your tax liability. This 5-year FD option qualifies for tax benefits under Section 80C of the Income Tax Act, making it a smart choice for tax-conscious investors.
3. Cumulative Fixed Deposit:- Maximize your earnings with compounding interest. With a cumulative FD, the interest is reinvested and paid out at maturity, offering higher returns over time.
4. Non-Cumulative Fixed Deposit:- Enjoy regular income with this flexible option. The interest is disbursed at intervals of your choice—monthly, quarterly, or annually—providing a steady cash flow to meet your needs.
Key Benefits of Airtel Fixed Deposits
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.
| Document Type | Examples |
| Proof of Identity | Aadhaar Card, Passport, Voter ID, Driving License, Ration Card |
| Proof of Address | Recent Utility Bill (Electricity, Water, Gas), Bank Statement, Aadhaar Card, Passport, Ration Card |
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.
- High-Interest Rates: Competitive rates ensure better returns compared to savings accounts.
- Easy Accessibility: Manage your FD through the Airtel Payments Bank app or branch.
- Secure Investment: Your funds are protected, ensuring zero risk of loss.
- Flexible Tenure Options: Choose a duration that suits your financial goals.
- Auto-Renewal Facility: Seamless renewal option to extend your investment.
- 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.
