This Mumbai-based start-up is attempting to disrupt the traditional FD segment

Did you know that deposits with banks grew a little over 10 per cent in 2022-23 (FY23) with senior citizens contributing nearly one-fifth of the total deposits with their share pegged at over 22 per cent in the term deposit segment? This assumes significance as a bulk of India’s household savings still goes into banks and more specifically, fixed deposits that have remained the favourite investment instrument for decades. Incidentally, while much disruption and digitisation has happened with respect to other investment avenues like direct equity investments and mutual funds, not much has happened in the realm of FDs which are often looked upon as a plain vanilla investment avenue. A Mumbai-based start-up is now attempting to bring some amount of digitisation and disruption in the FD space by creating a platform where one can compare and invest in FDs across banks without the usual hassle of going through every bank’s website or branch.

News Source:- https://www.businesstoday.in/entrepreneurship/start-up/story/this-mumbai-based-start-up-is-attempting-to-disrupt-the-traditional-fd-segment-398679-2023-09-17