Fino Payments Bank of Wednesday said the Reserve Bank of India has approved its request for offering referral services of fixed deposit and recurring deposit on behalf of a partner bank. The RBI stated in a letter that Fino Payments Bank can carry out referral services of term deposit products in the form of fixed deposit and recurring deposit as a Business Correspondent of Suryoday Small Finance Bank.
The fixed deposit and recurring services will be offered to more than 3.9 million customers of Fino Payments Bank who aspire to access these services to ensure their financial needs are fulfilled.
The bank said this is the second association between Fino Payments Bank and SSFB and the first one as listed entities. Earlier, both the firms have partnered to offer a sweep account facility to its customers addressing the Rs 1 lakh end-of-the-day deposit limit, which was later increased to Rs 2 lakh.
