super.money has announced the launch of superFD. 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 2 mins), 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.
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.” 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.
