9.5% interest on FD- This online payment company started this scheme to compete with banks like SBI, HDFC

Amidst the increasing competition in the banking sector, many SFBs are giving tough competition to the big banks of the country. But now an online payment company has also entered this competition, due to which banks will start getting 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 introduction of FD in partnership with financial service companies – Mahindra Finance, Shriram Finance, and Bajaj Finserv.

MobiKwik will give 9.5 percent interest to users on FD.

Mobikwik has announced to give 9.5 percent interest on FD to its users. The special thing is that you will not even need to open a new bank account to start FD in Mobikwik. FD can be started on the online payment platform with just Rs 1000. In this, users will get the facility to make FD for a period of a minimum of 7 days to a maximum of 60 months i.e. 5 years. Mobikwik said in a statement that the purpose of this financial product is to make savings easy for its users. 

Customers will get more than 2% extra interest as compared to big banks.

Let us tell you that all the big banks of the country – State Bank of India, Punjab National Bank, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, IndusInd Bank, etc. are not giving 9.5 percent interest on FDs to their customers. SBI is offering a maximum of 7.25 percent on FDs of 444 days, PNB is offering 7.30 percent on FDs of 400 days, HDFC Bank is offering 7.40 percent on FDs from 4 years 7 months to 55 months, ICICI Bank is offering a maximum of 7.25 percent on FDs of 15 to 18 months. In such a situation, Mobikwik hopes that common people will make FDs through their platform for higher returns on FDs.