HT Bureau
GUWAHATI, Feb 11: Axis Bank, announced the introduction of a first-of-its-kind feature that enables customers to open Fixed Deposits (FDs) with its mobile application, using funds from their non-Axis Bank accounts via UPI and Net Banking payment options on Tuesday.
“Axis Bank is the first private sector bank to introduce this new-age banking feature by leveraging the Account Aggregator ecosystem, thus creating a seamless banking experience for its customers” An official statement said.
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“With this feature, Axis Bank’s ETB (Existing-To-Bank) customers with valid KYC can open a Fixed Deposit with funds from their other bank accounts through UPI or Net Banking payment options. This new feature highlights Axis Bank’s adoption of open banking principles, eliminating barriers like payee addition, fund transfers between accounts, and separate FD opening steps,” it further said.
“This process enables customers to digitally invest in Fixed Deposits with Axis Bank at attractive interest rates and higher returns, where availability of funds in their Axis Bank Savings account is no longer a constraint,” it added.
Speaking on this launch, Sameer Shetty, president & head of digital business & transformation, Axis Bank, said, ”Axis Bank believes in the power of ‘OPEN’ Banking and we have been continuously investing in digital-first products that reimagine customer propositions. In this endeavour, we are excited to introduce this new feature that empowers customers to seamlessly invest in Axis Bank Fixed Deposits directly with funds from other banks. This proposition offers a hassle-free banking experience and provides convenience to customers by eliminating the step of transferring funds from one account to another before opening an FD.”
