Now open Axis Bank FDs using funds from other banks
What's the story
In a major move, Axis Bank has introduced a new feature on its mobile app, allowing customers to open fixed deposits (FDs) using money from non-Axis Bank accounts. The innovative service, which enhances the digital banking experience, has been made possible through the Account Aggregator (AA) ecosystem. With this update, the bank hopes to remove traditional hurdles like payee addition before opening FDs.
Simplification
New feature simplifies FD creation process
With the new feature, customers with valid KYC can open FDs using UPI and net banking payment options. This means you won't have to first transfer money into an Axis Bank account. The FD booking is processed once the payment is finished and money is received from the payment gateway, making the process even more seamless for users.
Shift
A digital 'transformation' in banking
Sameer Shetty, the President and Head - Digital Business & Transformation at Axis Bank, said the lender is committed to open banking as well as digital-first solutions. He called this new feature a "transformational move in banking" that makes the process of creating an FD easier by removing additional steps. The bank has also highlighted the contribution of UPI and the AA framework in simplifying FD booking.