super.money, today announced the launch of super FD. It is a fully digital savings product that brings the ease of UPI to fixed deposits. The company aims to redefine FDs by making the process fully digital (less than 2mins), flexible and highly rewarding. Users on super.money can choose from five banks currently that are approved by the RBI. All the FDs on super.money will be insured up to ₹5,00,000 by the DICGC.
An industry first, superFD is a product that aims at promoting savings amongst young Indians. With superFD, users can book FDs as low as Rs. 1000 and also earn interest of up to 9.5%. The product has been designed with the new-age Indian investor in mind, who is a digital native and financially savvy. This product will help users to balance their portfolios and/or start their investment journey.
Prakash Sikaria, Founder & CEO of super.money, said, “We are excited to launch the first ever FD on UPI. Our product will disrupt the way young Indians save and invest. By offering attractive interest rates, flexibility, and seamless access, superFD makes it easier for individuals to invest in a low risk, high return product. This aligns with the Reserve Bank of India’s vision of making deposits appealing to the new-age investor. ”
According to recent data from the Ministry of Statistics and Programme Implementation, there has been a significant fall in net financial savings of households by over ₹9 lakh crore between 2020-21 and 2022-23. superFD aims to address the challenges posed by the widening gap between credit and deposit growth in the banking sector by providing a low-risk savings tool. This product will also help individuals offset inflation and achieve steady returns on their investment.
With superFD, super.money has launched its first investment product for all of its 7 million users. The onboarding experience is straightforward, allowing users to complete a simple eKYC process with just a few taps.
| How to save and invest money through superFD in 4 simple steps: Download the super.money App, Choose your choice of Bank FD Offering Do the eKYC, Set up Deposit, and vKYC (optional in some cases) |
As part of its commitment to expand financial offerings on UPI, super.money has thus far launched superUPI, superCard and now superFD. super.money is also slated to launch many more such innovative products on UPI.