Axis Bank has rolled out a new feature that enables customers to seamlessly open a fixed deposit (FD) account using UPI. Notably, this feature is also available for individuals who do not hold an account with Axis Bank, making it a convenient investment option for a wider audience.
With this innovative feature, customers can initiate FD accounts by transferring funds from their existing accounts in other banks through UPI or net banking payment modes.
Simplified Process for Investors
The entire procedure is designed to be swift and user-friendly, easily accessible via the Axis Bank app. This initiative by Axis Bank is set to revolutionize FD investments, especially for investors seeking a straightforward and hassle-free method of securing their savings.
UPI, being one of the most widely adopted digital payment systems in India, plays a crucial role in enhancing the banking experience. Axis Bank, leveraging this robust ecosystem, strengthens its digital banking framework. As an early adopter of this technology, the bank ensures customers have effortless access to financial products like fixed deposits.
Enhancing the Convenience of FD Investments
Previously, customers had to transfer funds to their Axis Bank accounts before opening an FD, leading to delays and additional steps. The newly introduced feature eliminates these barriers, making the process seamless. Customers no longer need to add beneficiaries, initiate interbank transfers, or wait for fund clearance. The FD is processed automatically as soon as the payment is completed via UPI or net banking.
Axis Bank’s Commitment to Digital Banking
The President of Axis Bank emphasized, “At Axis Bank, we believe in the potential of open banking and continuously invest in digital-first products. We are thrilled to introduce this new functionality, which enables our customers to invest in Axis Bank Fixed Deposits using funds from any bank. This marks a significant step towards the future of banking, offering greater convenience, efficiency, and a hassle-free experience.”