Launched in 2022, Stable Money is like a one-stop shop for your fixed deposit (FD) needs. Think of it as your personal FD assistant. It compares interest rates offered by over 200 banks and NBFCs to make sure that you get the best deal. You can book your FD with any bank you want within 3 minutes. Moreover, you can track your investment through your mobile screen. The app is available on both Android and iPhone.
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How to book FDs in Stable Money?
Stable Money makes booking an FD a cakewalk, so you can invest your money and relax. Here’s how it works:
1. Download the App & Register: First things first, download the Stable Money app. It’s available on both Google Play and Apple Store. Signing up is easy – just use your mobile number linked to your Aadhaar Card for quick verification. No long forms or visits to the bank are needed!
2. Explore Your Options: Stable Money brings together FDs from over 200 banks and NBFCs, all in one place. You’ll find familiar names like Utkarsh Small Finance Bank and Axis Bank, alongside other great options. Compare interest rates, investment durations (tenures), and features to find the FD that perfectly matches your needs.
3. Pick Your FD: Found an FD that looks good? Great! Just click “Proceed” and choose how long you want to invest your money.
4. Invest Your Money: Now decide how much money you want to invest and calculate your interest according to your tenure.
5. Quick Verification: Stable Money will ask for some basic details from you and complete a hassle-free online KYC (Know Your Customer) process. This is a standard step to ensure everything is secure.
6. Finalize Your Investment: Choose your preferred payment method and complete the investment with a few clicks. Once the payment is processed, your FD is all booked!
That’s it! You can relax knowing your money is growing steadily with a trusted platform like Stable Money.
Stable Money Returns on FD
Stable Money is like a one-stop shop for FDs, comparing rates across all the top banks and NBFCs in India. No more wasting time visiting a bunch of different websites – you can find the best rate for your needs with just a few clicks.
And that’s not all! Stable Money lets you open a new FD in just 3 minutes. Those time-consuming processes and paperwork are gone now. Plus, you can even save on taxes by choosing a tax-saving FD. That way, you can pocket up to ₹1.5 lakhs every year! On top of that, their current FD rates go up to a whopping 9.21%, which is one of the highest you’ll find anywhere. That’s a great way to grow your money!
Why to Invest through Stable Money?
Here are some key benefits to consider if you’re thinking about investing in a Fixed Deposit (FD) through Stable Money:
1. Hassle-free application: Opening an FD is now easier than ever. Many banks and NBFCs offer online applications, minimizing paperwork and streamlining the process.
2. Fixed and guaranteed returns: Unlike market-linked investments, FDs offer a fixed interest rate throughout the chosen tenure. This rate is determined at the time of investment and is unaffected by market fluctuations, guaranteeing your returns.
3. Attractive rates for senior citizens: Many institutions offer higher interest rates for senior citizens, often ranging from 0.25% to 0.5% more than the standard rate. This can provide a reliable source of income post-retirement.
4. Affordable minimum deposit: You can start investing in FDs with a low minimum deposit, often as low as ₹1,000 in some cases. This makes it accessible to a wider range of investors, even those with limited funds.
5. Flexible tenures: FDs offer flexible tenure options, ranging from a few days to as long as 10 years. This allows you to choose a timeframe that aligns with your financial goals.
6. Additional options: You can further customize your FD by opting for periodic deposits or choosing between monthly maturity plans (receiving interest regularly) or single maturity plans (receiving a lump sum at the end).
7. Loan against FD: In case of emergencies, you can avail of a loan against your FD instead of withdrawing prematurely and incurring penalties.
8. Auto-renewal: Many FDs now come with the option of automatic renewal, which renews your investment for the original tenure upon maturity. This eliminates the need to manually reinvest your funds.
These features make FDs a secure and convenient investment and provide guaranteed returns.
Referral Program in Stable Money App
You can refer your friends to Stable Money using your unique link. When they sign up and book a fixed deposit (FD) through your link, you’ll get a reward. There’s no limit to how many friends you can refer, but the total amount you can earn is capped at ₹1,50,000. Just keep in mind that you’ll only get rewarded once per friend, and it takes 90 days to receive your payout. Anyone can be your referral except people who already have a Stable Money account. Remember, if a referred friend withdraws their FD early, you won’t get the reward for them and any future benefits from their activity.
FAQs
What is the interest rate on FDs in Stable Money?
They offer rates up to 9.21%, potentially higher than traditional banks.
Can I withdraw my FD prematurely?
Yes, but early withdrawals usually incur penalties. It reduces your overall returns. The penalty amount varies (usually 1-2% on the principal amount) based on the bank and how long you’ve kept the FD open.
To get a referral reward, is it necessary to book an FD?
Yes, to qualify for referral rewards, you must have an active FD booked on the Stable Money platform.
Is it necessary to be 18 to operate FD in Stable Money?
Yes, it is mandatory to be at least 18 to open an FD in Stable Money. However, kids can also open FD here with parental concerns.