Now you can buy bank fixed deposit schemes through WhatsApp, with the launch of BetterFD, a fixed deposit (FD) marketplace launched by fintech platform Fixed Invest. BetterFD allows investors to explore high-interest rate FD options without a savings bank account.
It is because on maturity, the FD amount will be credited into the investor’s source account, ensuring a seamless and convenient experience. Traditionally, people open fixed deposits through their existing savings bank account to facilitate easy transfer upon maturity.
For instance, if you are in the age group of 18-40 years, and hold an account with the HDFC Bank and wishes to open a short-term FD for two years, you can easily do so through BetterFD.
BetterFD’s interactive interface on WhatsApp will ask you to input the relevant details and instantly provides access a full list of FD options offering higher interest rates than banks.
All you need to enter is your current bank account number, tenor, and age for a customised list of investment opportunities. After selecting the “Invest Now” option, the investor seamlessly transitions to the official FD booking portal of the chosen bank or non-banking finance company.
Invest Effortless Through Smartphone
Investors can conveniently explore a diverse range of FD options through WhatsApp on their smartphones. The company claims that the process is completely paperless. The marketplace guarantees safety and reliability as it is regulated by the Reserve Bank of India (RBI).
Additionally, it provides investors cashbacks besides the competitive interest rates for booking FDs on the platform. The platform currently supports two language options, Hindi and English, but it plans to expand to other regional languages.
Fixed Deposits
With recent changes in debt mutual fund tax rules, more and more retail investors are exploring fixed deposit schemes, considered a secure and reliable choice for short-term investments.
By leveraging BetterFD, investors can effortlessly initiate new investments without going through the complexities associated with traditional banking channels.
Says Akshar Shah, the founder of Fixed Invest, “Our latest solution, BetterFDTM, helps you explore superior FD options and achieve higher returns compared to your existing bank. These FDs are carefully tailored to suit your needs, enabling you to make smarter choices in your investment journey.” The company claims that BetterFD is India’s first FD marketplace operating through WhatsApp. Currently, BetterFD offers FD options from three private banks, three corporates, and two small finance banks.
