Flipkart-backed super.money has introduced a new way for users to invest in Fixed Deposit (FD) schemes through the Unified Payments Interface (UPI). This recently launched product, called superFD, allows investors to earn interest rates of up to 9.5%, providing a convenient and accessible option for those looking to invest in low-risk, high-return products.
About superFD on UPI
Unlike traditional FD products, superFD enables users to set up fixed deposits with different banks through UPI payments. These deposits are insured by the Deposit Insurance and Credit Guarantee Corporation (DICGC) for up to ₹5,00,000. According to Prakash Sikaria, the Founder & CEO of super.money, the superFD product is designed to appeal to tech-savvy young investors by providing them with a simple, digital platform to save and invest in safe, high-return schemes.
How to Invest in superFD
- Download and install the super.money app from the Google Play Store.
- Register your bank account linked mobile number.
- Link the bank account you wish to use with the super.money app.
- Once your account is set up, select the FD option.
- You will be presented with multiple FD schemes offering interest rates of up to 9.5%. Many of these schemes offer higher rates for senior citizens (above 9.2%).
- Choose the FD scheme you prefer.
- Complete the eKYC process.
SuperFD Interest Rates vs. Other Small Finance Banks
The superFD product offers competitive FD rates in comparison to several small finance banks. Users can invest in FDs with banks like North East Small Finance Bank, Suryoday Small Finance Bank, Utkarsh Small Finance Bank, Shivalik Small Finance Bank, and South Indian Bank, many of which offer some of the highest returns available in the market. Here’s how the interest rates of superFD compare with other popular small finance banks:
| Bank | 1 Year Interest Rate (%) | 3 Year Interest Rate (%) |
|---|---|---|
| North East SFB (superFD) | 7.0 (Regular), 7.5 (Senior Citizen) | 9.0 (Regular), 9.5 (Senior Citizen) |
| Suryoday SFB (superFD) | 7.25 (Regular), 7.75 (Senior Citizen) | 8.6 (Regular), 9.1 (Senior Citizen) |
| Utkarsh SFB (superFD) | 8.0 (Regular), 8.6 (Senior Citizen) | 8.5 (Regular), 9.1 (Senior Citizen) |
| Shivalik SFB (superFD) | 6.0 (Regular), 6.5 (Senior Citizen) | 7.5 (Regular), 8.0 (Senior Citizen) |
| Shriram Unnati FD | 7.85 (Regular), 8.85 (Senior Citizen) | 9.49 (Regular), 10.49 (Senior Citizen) |
| Equitas SFB | 8.35 (Regular) | 8.24 (Regular) |
| Unity SFB | 7.85 (Regular), 8.35 (Senior Citizen) | 9.0 (Regular), 9.5 (1001 days) |
Also Read- This Small Finance Bank Provides the Highest Interest Rate on Short-Term FDs
While the superFD offers attractive interest rates, some banks like Shriram Unnati and Equitas also provide competitive returns, especially for senior citizens. Unity SFB offers higher rates for longer-term deposits (1001 days), which may also appeal to investors seeking long-term growth.
Conclusion
super.money’s superFD product offers an easy, UPI-based method for investing in Fixed Deposits with high interest rates of up to 9.5%. It provides a simple and secure way for young, tech-savvy investors to access fixed deposit schemes, with insurance on deposits up to ₹5,00,000. Although there are other small finance banks offering competitive FD rates, superFD’s integration with UPI and high returns make it an appealing option for those looking to grow their savings in a secure, low-risk environment.