Fintech start-up Fixed Invest launches FD marketplace over WhatsApp
Fixed Invest, a fintech platform for fixed income assets, has launched a fixed deposit (FD) marketplace accessible 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 the highest interest rates and invest without having to open a savings account.
Furthermore, investors can start new investments directly online via the marketplace at the click of a button.
For example, an investor in the age group of 18-40 years who has an account in HDFC Bank can look for a short-term FD for two years.
The investor can open the BetterFD interactive interface on WhatsApp, enter the required details and browse through all the FDs that offer a higher interest rate than their existing bank.
By clicking on the ‘Invest Now’ option, the investor will be taken to the official FD order portal of the selected bank or non-banking finance company.
This assumes significance as following the recent changes in the tax treatment of debt 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 democratize fixed deposit investing 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 that you can make a smarter choice,” said Shah.
BetterFD is India’s first FD bazaar operating on WhatsApp where investors can search for FDs using their smartphones and start a new investment without any paperwork.
More importantly, BetterFD provides FD options with only RBI regulated banks and corporates. On selected FDs, investors will also get cashback over and above the FD rates.
Interestingly, it is not necessary to open a savings account in the bank/company to start a new FD. When the FD matures, funds will flow back to the source account.
Currently, the marketplace offers options with three private banks, three corporates and two small finance banks.
Shah launched Fixed Invest as an online platform offering access to secure fixed income investments. The platform aims to be a home for retail investors looking for low-risk and safe investment options.