So you are looking for Best Fixed Deposits available in India. Despite inroads by Mutual Fund, there is still large population is investing in Fixed Deposits. But is there any app that is available for this? Yes.
Please note I am referring to Corporate Fixed Deposits here. Most of the investors who invest in Fixed Deposits have to do lot of paper work for deposit, renewal and withdrawal. So it was just matter of time in this digital world that an app comes out to address the problem.
Let us see how this app works. Once you download and register with the app, you can navigate to FD section and get answers to your common questions.
What are current FD (Fixed Deposit) interest rates?
This is the most common question investors have. On FD dashboard, you can see categories to short list FD. You can then click on any of the options based on your needs (Cumulative or regular payout options).
Which company FD is best?
This is generally next question. There are two things one needs to consider before investing in FD. Credit Rating and Rate of interest. You can see summary of all FDs in your selected category to decide which one you want to explore more.
You can see almost 184 various options(not companies) available here. So plenty of choice to chose from. I could see most of reputed companies available like –
- Bajaj Finance FD
- HDFC Limited FD
- Mahindra Finance FD
- ICICI Home Finance FD
- LIC Housing Finance FD
- Shriram Transport Finance FD
- PNB Housing Finance FD
- Shriram City Union Finance FD
So based on rating, interest rate, tenure and type (cumulative or regular payout), you can chose appropriate FD for you.
How to search for right FD based on your needs?
With so many choices, it will not be easy to short list few FDs. That’s what I thought but app proved me wrong.
It has very simple filter and sort feature. You can filter based on tenure and frequency of payout. Then sort as per interest rate or rating as per your needs.
What is risk and minimum amount to invest?
Once you more or less decided on few FDs then you will need more information about risk rating as well as other criteria’s like minimum amount accepted by company.
Just click on that FD and you can see short and precise summary.
What is Tax treatment on FD?
When you ask this question to your agent, generally you will get a generic reply on tax rules. But we are interested to know exactly how much tax would be levied and what would be post tax effective returns for our specific FD.
Well. Just scroll little down. You can see pre and post tax amount as well as post tax returns based on your tax bracket. Isn’t is simple and straightforward?
Want to know about company and other FDs?
Just scroll down little and you can see information about company and other FDs with similar characteristics. Again app shows just minimalistic details that are needed.
How to invest in FD online or via App?
So far so good. Now if you wish to go ahead with investment, all you need to do is click on “Deposit Now” button. It will provide you screen for review to do any final adjustments before proceeding with payment.
It also shows details of how you will get payouts.
If all is good, click on button to complete process and pay via your registered bank account. You are done in less than 5 minutes.
What if I am not comfortable with online booking?
If you feel its risky to book it online then I would suggest just download the app and use it till actual booking. Finalize FD you would like to book and then reach out to your agent for actual investment.
You will still need to go through paper work in that case but at least you can find appropriate FD from your comfort of home with details like post tax returns, payout details etc. without any support from agent.
I feel this is a very good app for people interested in investing in corporate FD. Even if you do not want to use it for actual investing, you should at least have it for selecting particular FD.
App could tie up with more companies so people have even more options. Currently I see most of reputed companies there but market does have more choice.
Overall its a no nonsense, simple and very user friendly app. Do give it a try.
Enough of suspense. App name is INDwealth. If you want to know other features of this app, you can also read my mini review of INDwealth.
That’s all for today. Happy reading and happy investing.