Fibe, one of India’s leading digital lending platforms, has forayed into the investment space with the launch of its next-generation Digital Fixed Deposit (FD) offering. Designed with enhanced convenience and accessibility, this product will allow individuals to open fixed deposit accounts through Fibe’s app. Customers can book an FD from the bank or NBFC of their choosing without the need for having a savings account in the same bank.
Fibe’s newest offering aggregates options from multiple partner banks and NBFCs, allowing financially-savvy individuals to easily compare interest rates and choose an option tailored to their financial goals. It will provide them with high-yield deposit options, with interest rates of up to 9.1% for senior citizens, all via the Fibe app.
This product offering comes after the Fibe’s Millennial Upgrade Index study indicated that 39% millennials aim to achieve long-term goals such as home ownership and entrepreneurship through savings, while 26% prefer to save before making major purchases, signifying that millennials are increasingly prioritising disciplined saving and long-term planning.
Akshay Mehrotra, Co-founder and CEO, Fibe, said, “The launch of our Digital Fixed Deposit addresses the evolving needs of the tech-savvy generation by modernising a traditional investment instrument, making it more accessible, flexible and aligned with contemporary financial goals. This initiative reflects our long-term vision of shaping the financial journeys of individuals during various stages of their life, especially India’s young, digitally connected population.”
