News Desk, News Nation 360 : The Fixed Deposits (FDs) product, which offers investors a simplified method of investing in FDs of Banks and Non-Banking Financial Companies (NBFCs), has been launched on the InCred Money app, according to a statement from InCred Money (ICM). With this launch, investors can expect high-interest rates, increased convenience, and a simplified investment process. More than Rs. 108 Lakh Crore was invested in FDs of Scheduled Commercial Banks as of March 2023, demonstrating India's well-known fondness for FDs. Even though FD interest rates dropped to roughly 5.5% in 2021 and 2022, investors remained confident in FDs, with FD investment increasing annually. This FD-related affinity is predicted to only grow stronger, with FD rates currently at multi-year highs. InCred Money offers a platform to invest in Fixed Deposits (FDs) from various banks and NBFCs in one place, eliminating the need to open separate savings accounts at each institution for better interest rates. This online approach simplifies FD investing and provides access to competitive rates from RBI-regulated institutions (Scheduled Commercial Banks, Small Finance Banks, and Non-Banking Financial Companies). For added security, bank deposits up to Rs. 5 lakh per PAN per bank are insured by the Deposit Insurance and Credit Guarantee Corporation (DICGC), a subsidiary of RBI. You can easily invest in multiple FDs through the InCred Money app available on Android and iOS. Vijay Kuppa, CEO of InCred Money, shared his thoughts on the launch and stated that they're thrilled to democratise financial opportunities and streamline the route to financial wellness with the introduction of the FD offerings on their platform. With the help of their new product, investors can invest in competitive FDs from a variety of institutions without the usual restrictions—all through a single, easily navigable app. With attractive FD rates becoming a reality and a seamless onboarding process, this launch points to a financial landscape that is becoming simpler.
