Quick FD- Digital Fixed Deposit Opening for New to Bank customers Qorus-Infosys Finacle Banking Innovation Awards 2025

Revolutionizes FD opening process by offering a 100% digital on-boarding journey, enabling users to invest without the need for an active savings account with South Indian Bank. Through third-party distributors, new to bank customers can open FDs instantly via UPI, Net Banking or any other preferred payment mode. With a fully automated, paper-less process, we have significantly grown our NTB customer base, with minimum operational cost. Quick FD is a Digital Fixed Deposit on-boarding solution for New to Bank customers leveraging the DPI Infrastructure using Aadhaar and PAN validations through UPI Payment.  Fully Digital and paperless end to end process where customers can open Fixed deposits with bank without the need of opening a savings account.  Customers just need to enter valid Aadhaar and PAN, thereby using the Ekyc feature to identify the customer and customer ID is created.  Post successful validations customer can fund the FD using UPI which is an added convenience thereby booking FD instantly.  Management of Fixed deposit is also facilitated through this portal.  One of its kind in India when the product was launched.  Strategic Alliances, Business Solution Group and Information Technology are the departments involved in this innovation.  We had some valuable customers not willing to open a savings account with us but at the same time they were ready to give funds in the form Fixed Deposit. This inspired us to design a flow to on-board such NTB customers.  We have on-boarded 4000+ NTB customers in a short span of 6 months.