Is Stable Money app safe for investment?

Should you trust Stable Money with your hard-earned cash?

This new app lets you invest in fixed deposits (FDs) from your phone, but is it safe and worth the hype? Stable Money is a new online platform in India that helps people invest in fixed-income options like Fixed Deposits (FDs).

They partner with several banks (like Axis Bank and Bajaj Finance) to offer these FDs. Right now, they have 5 banks on board, but they’re planning to add many more soon. They also want to offer other investment options in the future, like corporate bonds and gold bonds.

They have recently launched some new features to make it easier for people to manage their investments, like tools for “FD Breaking”, “FD laddering” and “FD switching”.

Stable Money App – How the platform functions

The CEO Saurabh Jain clarified that the money invested by you goes straight to the bank or financial institution you choose, not to Stable Money. It’s like putting money directly in a savings account, but with better interest rates. After maturity, the money goes straight back to your bank account, not through Stable Money. They’re like a middleman who connects you with banks and handles the paperwork, but your money never touches their hands. Basically, Stable Money acts as a platform for you to access better deals on fixed deposits and other investments, without your money ever leaving the secure environment of banks and financial institutions.

Funding and Expansion

Imagine a platform that simplifies fixed-income investments like fixed deposits (FDs). That’s what Stable Money aims to be. They recently got funding from big names like Matrix and Lightspeed, and they’ve partnered with several banks and financial institutions like Utkarsh Small Finance Bank and Shriram Finance to offer their FD products.

Since launching, over 50,000 people have signed up! This shows that there’s a real need for what Stable Money offers. They’re committed to making financial products accessible to everyone, and they’re planning a tour across 15+ cities in India to spread the word and help people understand their options.

So, if you’re looking for an easier way to invest in FDs and potentially earn some steady returns, Stable Money might be worth checking out. And who knows, you might even catch them in your city during their upcoming tour!

Potential Concerns and Risks – Stable Money

Since Stable Money launched in September 2023, they have a relatively short track record compared to established financial institutions. But within this short period, which is less than even 6 months, they have crossed over 50000+ happy customers. They are registered with RBI, so the customers will get a safety net of Rs 5 lakhs in case of insolvency. For the time being, the company seems to be a very good investment prospect. They claim to offer:

High FD interest rates: Currently, they are providing rates up to 9.21%. However, it’s important to compare these rates with other platforms and banks directly.

Wide range of options: They claim to partner with over 200 banks and NBFCs, offering various FD options.

Convenient and paperless: You can book FDs online and manage them through the app.

Free platform: They claim not to charge any convenience fees.

Compared to traditional banks, Stable Money offers higher FD rates and also proves its credibility in the market. So from the point of view of an investor (risk neutral or risk lover), one can invest in this company.

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