Portfolio investment platform smallcase has partnered with Shivalik Bank, Suryoday Small Finance Bank, Utkarsh Small Finance Bank, South Indian Bank and North East Small Finance Bank to expand its services to include high-interest fixed deposits (FDs) .
Investors on the Smallcase app can now access FDs with interest rates of up to 9.5% for tenors of up to 60 months and can deposit up to Rs 10 million.
All FDs offered in Small Case are regulated by the Reserve Bank of India (RBI) and insured by the Deposit Insurance and Credit Guarantee Corporation (DICGC) with a guarantee of up to ₹50 million per bank.
The platform allows users to book and manage their FDs completely digitally without any paperwork or physical bank visits.
The minimum deposit amount starts from ₹1,000 and goes up to ₹10 lakh depending on bank specific limits.
Special interest rates for senior citizens range from 7% to 9.5% for terms of up to 60 months, with an additional premium of 0.2% to 0.7% depending on the bank and scheme.
Cumulative FD options allow for quarterly compounding, which is paid on maturity.
Vasanth Kamith, CEO and Founder of smallcase, said, “Smallcase fixed deposits offer safe and easy investment options, offering competitive interest rates and digital convenience.” Masu.
Since its founding in 2016, Smallcase has served more than 10 million retail investors.
First Published: October 28, 2024 4:19 PM IST
