Fixed Deposit on WhatsApp: Fixed Invest, an upcoming fintech platform for fixed-income assets, today said it has launched a one-of-its-kind fixed deposit (FD) marketplace on WhatsApp for investors looking for safer and better returns.
After debt mutual fund tax changes, retail investors are looking for better returns on safe investments. Fixed deposits offer a safe and reliable bet for retail investors.
Launched in 2023 by Akshar Shah, invest-tech platform Fixed Invest has developed “BetterFD”, a WhatsApp marketplace where investors can find options for FDs with the highest interest rates, without having to open a savings account. The rate of interest depends on the investor’s current bank account, tenor and age group. Investors can directly begin new investments online through the marketplace at the click of a button.
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For instance, an investor within the age group of 18-40 has an account in HDFC Bank and is looking to make a short-term FD for two years. The investor can open the interactive BetterFD interface on WhatsApp, enter the above details and browse through all the FDs that provide a higher rate of interest than their existing bank. By clicking on the ‘Invest Now’ option, the investor is taken to the official FD booking portal of the chosen bank or non-banking finance company.
“At Fixed, we are on a mission to democratise fixed deposit investments in India. Our latest solution, BetterFDTM, helps you get better FD options and higher returns than your existing bank. These FDs are tailored for you so you can make a smarter choice,” said Akshar Shah, founder, Fixed Invest.
BetterFD is India’s first FD bazaar that operates on WhatsApp. Investors can browse for FDs with their smartphones and begin a new investment without any paperwork.
The company said that BetterFD is reliable because it only provides FD options with RBI-regulated banks and corporates. On select FDs, investors will also get a cashback over and above the FD rates.
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“There is no need to open a savings account with the bank/corporate for starting a new FD. Upon maturity of the FD, funds flow back to the source account. The chat option is available in Hindi and English. The idea is to expand into more regional languages in the coming months to enable investors across the country to make the most of high FD rates today,” it said.
Currently, the marketplace provides options in three private banks, three corporates and two small finance banks.
Disclaimer: The above content is based on a press release issued by Fixed Invest on May 24, 2023 and it is intended for information purposes only.