PRNewswire
Mumbai (Maharashtra) [India], June 3: 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. Enables investments without a linked savings account, with options from top banks and NBFCs. Offers up to 9.1% interest and smart features like FD laddering, early access, and seamless switching.
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. Besides, the digital FD will offer customizable tenures from one to five years with investments as low as INR 1,000.
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 prioritizing disciplined saving and long-term planning.
Fixed deposits remain a trusted investment, especially amid market volatility. A Digital FD provides a secure and accessible solution tailored to both short- and long-term financial objectives, demonstrating Fibe’s commitment to empowering the next generation of investors.
This announcement also earmarks the company’s first strategic step toward evolving into a comprehensive financial services platform. Its entry into the investment space signifies a pivotal milestone in this journey, with plans to introduce a broader suite of offerings in the coming years.
Akshay Mehrotra, Cofounder & CEO, Fibe, said, “The launch of our Digital Fixed Deposit addresses the evolving needs of the tech-savvy generation by modernizing 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.”
To enhance user experience and maximize returns, Fibe’s digital FD comes with a range of smart features:
* Dashboard: Allows users to monitor all their fixed deposits and accumulated interests in one consolidated view.
* Break FD: Allows users to access funds before maturity without compromising returns.
* FD Laddering: Helps maintain a balanced portfolio by investing across multiple tenures, optimizing both liquidity and earnings.
The platform supports quick digital KYC, requires no existing bank account, and offers added benefits like DICGC-insured deposits up to Rs5 lakhs for 5 years with special tax-saving options under Section 80C.
About Fibe
Fibe is one of India’s leading consumer lending apps focused on young, aspirational, and tech-savvy Indian consumers. It is building a financial ecosystem that enables the mid-income group and the underserved segments to fulfil their financial aspirations. Fibe offers a range of financial products, including cash loans, long-term personal Loans, and Impact loans for sectors like healthcare and education, making affordability more accessible.
Fibe offers instant approvals and quick disbursals. Fibe’s Tech Arm Social Worth Technologies Private Limited has partnered with Axis Bank to offer a secure, numberless credit card ensuring a seamless user experience.
Fibe has grown multifold over the years and emerged as a market leader in providing financial assistance to young middle-income and underserved groups in India. Due to its scalable business model, Fibe has recently been upgraded to A- by CARE Ratings and has access to debt lines from leading banks, NBFCs and wholesale debt markets. It has been certified with ISO/IEC 27001 for its Information Security Management System (ISMS). Fibe has disbursed more than 8 million+ loans worth Rs. 33,000 Cr+ since inception through its lending partners. The company has tied up with more than 8,000 partners to expand its impact and the app has recorded over 34 million all-time downloads.
* Winner of BW Festival of Fintech Lending Platform of the Year (Gold) and Fintech Brand of the Year (Silver)
* ET Healthcare Awards 2024 – Excellence in Affordable Healthcare Financing
* Entrepreneur 2024 Founder Of The Year & Best Innovation in Financial Services
* Winner of G20 Digital Innovation Alliance – Best Startup in Fintech
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