Investors can use the WhatsApp chat platform to find and invest in FDs with higher returns without having to open a savings account.
Mumbai: Fixed Invest, an upcoming fintech platform for fixed-income assets, has launched a one-of-its-kind fixed deposit (FD) marketplace available over 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 are a safe and reliable bet for retail investors.
Launched in 2023 by seasoned banker and fintech evangelist Akshar Shah, invest-tech platform Fixed Invest has developed BetterFDTM, 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.
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 BetterFDTM 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 of Fixed Invest.
BetterFDTM is India’s first FD bazaar that operates on WhatsApp. Investors can browse for FDs at the ease of their smartphones and begin a new investment without any paperwork.
BetterFDTM 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.
There is no need to open a savings account with the bank/corporate to start 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.
Currently, the marketplace provides options in three private banks, three corporates and two small finance banks.
BetterFDTM, which is a curated marketplace, is one of the first solutions to be introduced by Fixed Invest since its launch in March.
Shah launched Fixed Invest as an online platform offering access to safe fixed-income investments. The platform aims to be a home for retail investors looking for low-risk and safe investment options.
About Fixed Invest
An investech platform that provides safe and secure investments on the go with an easy-to-use interface, its mission is to simplify trading and investments across various asset classes while meeting the needs of both seasoned traders and novice investors. The platform will be launched shortly in order to establish a new standard in the financial services industry. Fixed Invest utilises technology to benefit all stakeholders in order to seek excellence in investment management and assist investors in achieving their long-term goals.