Smallcase, a portfolio investing platform, 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 ₹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 ₹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.
Vasanth Kamanth, CEO & Founder, Smallcase said, “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.”
