Highest FD rates: Flipkart-backed super.money brings FD on UPI, will it give higher return than small finance banks? | Mint

Highest FD rates: For a more accessible investment in Fixed Deposit schemes, Flipkart-backed super.money has enabled its users to invest in FD schemes via the Unified Payments Interface. The recently launched superFD product allows investors to earn up to 9.5% interest rates on FDs.

About superFD on UPI

Unlike other FD scheme products, users can create a fixed deposit in different schemes via UPI payment. According to the financial services company, the DICGC will insure these FDs up to ₹5,00,000. According to Prakash Sikaria, Founder & CEO of super.money, SuperFD will encourage tech-savvy youngsters to save and invest in a low-risk, high-return product.

How to invest in superFD?

-Download and install super.money application from Google PlayStore.

-Register your bank account linked mobile number in the application.

-Select the bank account you want to link with super.money application.

-After your account has been created, select the option of FD.

-You will see multiple bank options for FDs with an interest rates of up to 9.5%. Most of these banks offer interest rates above 9.2% to senior citizens on FDs.

-Select the desired FD scheme.

SuperFD interest rates vs Equitas bank vs Shriram Unnati vs Unity Small Finance Bank

People can invest their money in North East Small Finance bank, Suryoday SF Bank, Utkarsh SF Bank, Shivalik SF Bank, and South Indian Bank, according to super.money application. Most of these banks offer one of the highest FD returns in the market. Apart from these options, users can also invest in other FD schemes by Equitas SFB and Unity SFB. Here’s a comparison between SuperFD options and other banks.