India's leading portfolio investing platform smallcase today Forays Into Fixed Income space
FinTech BizNews Service
Mumbai, 28 October, 2024: smallcase, India's leading portfolio investing platform, today announced the launch of high interest fixed deposits (FDs) offered by banks on the smallcase app. smallcase has partnered with Shivalik Bank, Suryoday Small Finance Bank, Utkarsh Small Finance Bank, South Indian Bank, North East Small Finance Bank to offer FDs. The fixed deposit schemes with a maximum interest rate of 9.5% and tenure of 60 months can be availed on deposits of up to INR 10 lakhs.
All FDs on smallcase are RBI regulated and DICGC insured, providing insurance coverage for FD amounts up to ₹5 lakh per bank. The process from booking to withdrawal is conducted digitally, eliminating the need for paperwork or physical visits to the bank. The minimum limit for availing FD is INR 1000, and maximum is up to INR 10 lakh, subject to the partner banks.
The Cumulative FDs entail quarterly compounded interest added to the principal and paid out at maturity. Special Senior Citizen interest rate FDs of 7-9.5% and tenure of up to 60 months with premiums ranging from 0.2% to 0.7%, varying across banks and schemes are also available.
On the addition of this new product on the smallcase platform, Vasanth Kamanth, CEO & Founder, smallcase stated “With the introduction of Fixed Deposits, smallcase continues to expand its range of investment options, aligning with its vision of creating a comprehensive multi-product platform. Fixed Deposits on smallcase provide a secure and straight forward investment choice, offering competitive interest rates and digital convenience. FDs on smallcase will help our customers who are looking for stable returns while diversifying their portfolio.”
The addition of Fixed Deposit scheme on smallcase will benefit customers looking to keep their funds for an extended term with high returns. FDs enable investors to access one of the most reliable and secure financial instruments, providing stable returns in volatile market conditions.
Fixed Deposits on smallcase offer several compelling benefits, offering some of the best interest rates in the category, ensuring competitive returns on investments without the need for a savings account with the bank of choice for an FD. The entire digital process ensures customers only need to choose a bank and scheme on the smallcase platform, complete KYC verification digitally, and make the payment via UPI or net banking.
