SuperFD scheme launched for investors, will get 9.5 percent return

Flipkart-owned fintech company Super.Money has launched a new product called ‘SuperFD’. It is a new fixed deposit (FD) product that offers Unified Payments Interface (UPI) payments and interest rates up to 9.5 percent. With SuperFD, Super.Money has launched its first investment product for all its 7 million users, the company said in a statement.

Features of SuperFD

• With SuperFD, users can book FDs as low as Rs 1000 and earn up to 9.5% interest.
• On Super.Money, users can currently choose from five RBI approved banks.
• All FDs on Super Money will be insured up to Rs 5 lakh by the Deposit Insurance and Credit Guarantee Corporation (DICGC).

How to book a SuperFD account?

According to the company, users can book a SuperFD account in four steps, which are as follows –

Step 1: Download super.money app.

Step 2: Choose your preferred bank FD offer

step 3: Complete eKYC

step 4: set deposit amount

vKYC is optional in some cases

SuperFD account provides a paperless and digital way to invest in FD, making it hassle-free and faster for users to invest.

Fixed Deposit (FD) is a type of investment in which you can deposit money in the bank for a fixed period. In fixed deposit you get interest at a fixed rate (Fixed Deposit Interest Rate). FD still remains the safest option for many investors. This is because there is no risk of money and returns are guaranteed. Let us tell you that the interest rate on the amount deposited in FD is decided at the time of opening the account.