Fixed Invest, a fintech platform for fixed income assets, has launched a fixed deposit (FD) marketplace that is available over WhatsApp for investors looking for safer and better returns.
Fixed Invest has developed BetterFD, a WhatsApp marketplace where investors can find options for FDs with highest interest rates and invest without having to open a savings account. further, investors can directly begin new investments online through the marketplace at the click of a button.For instance, an investor in the age group of 18-40 who has an 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. This assumes significance as after the recent changes in the tax treatment of debt mutual funds, retail investors are looking for better returns on safe investments like fixed deposits.
Fixed Invest was launched early this year by seasoned banker and fintech evangelist Akshar Shah. 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 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.
More importantly, BetterFD provides FD options with only RBI-regulated banks and corporates. On select FDs, investors will also get a cashback over and above the FD rates.Interestingly, there is no need to open a savings account with the bank/corporate for starting a new FD. Upon maturity of the FD, funds will flow back to the source account.