For investors looking for safer and better returns, Fixed Invest, a fintech platform for fixed income assets, has introduced a fixed deposit (FD) marketplace that is accessible using WhatsApp.
BetterFD, a WhatsApp marketplace created by Fixed Invest, allows investors to identify options for fixed-rate debt securities with the highest interest rates and make investments without first opening a savings account.
Additionally, investors can instantly start new investments through the marketplace online.
For instance, a customer of HDFC Bank who is between the ages of 18 and 40 might be seeking a two-year short-term fixed-rate deposit.
The investor can use the interactive BetterFD interface on WhatsApp, fill out the necessary information, and browse all of the fixed-rate deposits that provide a higher interest rate than their current bank.
The investor would be sent to the official FD booking page of the selected bank or non-banking financing firm by selecting the 'Invest Now' option.
This gains relevance since ordinary investors are seeking higher yields on secure investments like fixed deposits as a result of the recent modifications to the tax treatment of debt mutual funds.
Veteran banker and proponent of fintech Akshar Shah introduced Fixed Invest at the beginning of the year.
“At Fixed, we are on a mission to democratise fixed deposit investments in India. Our latest solution, BetterFD, 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 Shah.
BetterFD is the first WhatsApp-based FD marketplace in India, allowing investors to browse FDs from the convenience of their cellphones and start a new investment without any paperwork.
More crucially, BetterFD exclusively offers FD solutions through banks and corporations that are under RBI regulation. Investors will receive a cashback on a few FDs in addition to the FD rates.
It's interesting that creating a new FD doesn't require opening a savings account with the bank or company. The money will transfer back to the original account after the FD matures. There are currently three private banks, three corporate banks, and two small financing banks available on the market.