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Business EconomyPosted at: Apr 2 2024 11:17PM


InCred Money launches fixed deposits product

Hyderabad, Apr 2 (UNI) InCred Money (ICM) on Tuesday announced the launch of fixed deposits (FDs) product on its InCred Money app, providing investors with a streamlined approach to investing in FDs of banks and non-banking financial companies (NBFCs).
This launch aims to simplify the investment process for investors and offer high interest rates and enhanced convenience, the company said in a release here.
India’s FDs is more than Rs 108 lakh crore invested in FDs of Scheduled Commercial Banks as of March 2023.
Despite FD interest rates plunging to around 5.5 per cent in 2021 and 2022, investors continued their faith in FDs with investment in FDs growing each year.
InCred Money’s newest offering of FDs on its platform is in collaboration with RBI-regulated Scheduled
Commercial Banks, including small finance banks (SFBs) and NBFCs.
Investors will be able to invest easily in multiple fixed deposits via the InCred Money app, which is available for download on the Android and iOS app stores.
In terms of safety, it is to be noted that bank and NBFC FDs are regulated by RBI.
Further, there is an insurance of up to Rs five lakh by the Deposit Insurance and Credit Guarantee Corporation (a 100 per cent RBI subsidiary) on bank deposits per PAN per bank.
FDs on InCred Money platform will provide interest rates of up to 9.25 per cent per annum for senior citizens and up to 9.01 per cent per annum for regular investors.
InCred Money offers high convenience by allowing investors to compare FDs from various banks and NBFCs on their platform and invest in the FDs that align best with their return and maturity expectations.
The entire process can be completed in under five minutes, requiring no new savings bank account to be opened and with a minimum investment of just Rs 5,000.
On the occasion, Vijay Kuppa, chief executive officer of InCred Money, said, “... Our new offering enables investors to bypass traditional limitations and invest in competitive FDs from a range of institutions, all within a single, user-friendly app...”
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