There’s now an online platform that enables investors to compare fixed deposits and invest in one within three minutes without having to open a savings account.
Fintech startup Fixed today launched Fixed Invest, a dedicated platform for hassle-free investment in fixed deposits (FDs)for Indian investors.
Prospective investors can log onto the Fixed Invest platform to browse through a range of FD options by banks and corporates. They can choose an FD and even compare with their existing bank deposits. Once chosen, investors can quickly complete the online KYC process on the platform and start an investment right away.
“Fixed deposits are one of the safest and most popular avenues of investment. Yet access to it is limited to one’s own bank only. We have unlocked and simplified the process so that investors can search, compare, invest and track on a single platform across banks and corporates,” said Akshar Shah, founder, Fixed.
To open an FD account through Fixed Invest, one need not create a traditional savings bank account. Not only can investors keep track of their gains, but the platform will also offer tailored investment plans basis the goals of investor.
Fixed Invest allows investors to invest up to Rs 2 crore for any tenure from seven days to 60 months. Only those FD options that are regulated by the Reserve Bank of India are available on the platform.
While Fixed Invest facilitates the user to book the FD across any issuer, without the need to open a new bank account with the issuer, the money flows directly to the issuer from the user’s bank account.
All this at zero convenience fee and no paperwork hassle. Along with this, Fixed Invest is the first and only platform to give back to users when they book a FD through the platform, up to 0.30% of the amount invested on select deposits.
Currently, FD options from five issuers are available on the platform— AU Small Finance Bank, Fincare Small Finance Bank, Bajaj Finserv, Shriram Finance and Mahindra Finance.
In May 2023, the invest-tech platform launched BetterFDTM on WhatsApp where investors could find options for FDs with higher interest rates than their own banks and invest in them directly on the issuer’s websites. It is a WhatsApp marketplace where investors can find options for FDs with the highest interest rates and invest without having to open a savings account. For instance, an investor in the age group of 18-40 who has the account in HDFC Bank could be looking for a short-term FD for two years.The investor can open the interactive BetterFD interface on WhatsApp, enter the required 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 will be taken to the official FD booking portal of the chosen bank or non-banking finance company.
BetterFD is India’s first FD bazaar that operates on WhatsApp wherein investors can browse for FDs at the ease of their smartphones and begin a new investment without any paperwork.
Shah launched Fixed in 2023 as a reliable online platform that provides investors with access to fixed-income options. The platform aims to be a one-stop shop for retail investors looking for low-risk investment options.
“We plan to onboard three more issuers, including two banks, in the next three months to further provide a holistic marketplace for our customers,” Shah added.