The Reserve Bank of India (RBI) approved Fino Payments Bank to offer Fixed Deposit (FD) & Recurring Deposit (RD) services of the partner bank. Fino Bank will carry out referral services as a business correspondent of Suryoday Small Finance Bank.
This is the second partnership between Fino Bank and Suryoday Bank. Earlier, Fino partnered with Suryoday to offer a sweep account facility to its customers to address the Rs 1 lakh end of the day deposit limit, the limit was later revised to Rs 2 lakh.
Fino Bank will offer the referral services of FD and RD to its over 3.9 million customers. Fintech expects the service to be launched in the second quarter of FY23.
“Fino’s objective is to be a one stop shop for all banking related products and services. Continuous product innovation, either own or through partnerships, is one of the core pillars of our model. Term deposits are great financial planning and security instruments. We believe the addition of fixed and recurring deposits to our existing range of offerings will further enhance customer engagement and experience. We are pleased to partner with Suryoday SFB to offer these products and further strengthen our already existing association,” said Major Ashish Ahuja, the Chief Operating Officer of Fino Payments Bank.
Fino Bank also plans to commence international remittance services with a partner as it has already received RBI’s approval for the same in January 2022.
