Fintech company super.money, backed by Flipkart, has introduced ‘superFD’, a fresh fixed deposit (FD) offering that includes Unified Payments Interface (UPI) payments and offers interest rates of up to 9.5%. The platform has joined forces with small finance banks approved by the RBI to provide these FDs, which are backed by insurance of up to Rs 5,00,000 from the Deposit Insurance and Credit Guarantee Corporation.
In a recent statement, the company announced that with the introduction of superFD, they are rolling out their inaugural investment product to all 7 million of their users.
Users can easily book fixed deposits (FDs) starting from Rs 1000 with superFD and earn interest rates of up to 9.5%. Currently, on super.money, users have the option to select from five RBI-approved banks. Additionally, all FDs on super.money are insured for up to Rs 5 lakh by the Deposit Insurance and Credit Guarantee Corporation (DICGC).
super.money is planning to launch a systematic investment plan (SIP) for fixed deposits (FDs), enabling users to set up recurring deposits via UPI. This initiative is aimed at fostering a steady saving routine among the youth in India and establishing a savings portfolio gradually.
“Our aim is to bring the convenience of UPI to traditional banking products,” said Prakash Sikaria, Founder & CEO of super.money. He said the fully digital and paperless nature of superFD will allow users to book an FD in under two minutes.
“This product is targeted towards young Indians, encouraging them to start their investment journey with a low-risk, high-return product,” he added.
To open a superFD account, users can follow these four steps recommended by the company:
> Download the super.money App: Access the app on your device.
> Select your preferred Bank FD Offering: Choose the Bank FD option that best suits your needs.
> Complete the eKYC: Verify your identity through electronic Know Your Customer process.
> Set up Deposit: Deposit the required amount.
> Optional vKYC: Verify your identity, if necessary in certain cases.