Stable Money is a one-stop solution for finding reliable investments with a guaranteed return. They compare fixed deposit (FD) rates from over 200 banks all in one place. That’s what Stable Money offers, with big names like Utkarsh Small Finance Bank, Fincare Small Finance Bank, and Shivalik Small Finance Bank.
They’ve even partnered with NBFCs like Bajaj Finance and Shriram Finance to give you even more options. Plus, everything is digital, so you can invest from the comfort of your couch. Stable Money seems to be working with these banks and NBFCs to make FDs more accessible, and they might even benefit from each new investment you make.
Table of Contents
How does Stable Money work?
Tired of long bank queues and paperwork for fixed deposits (FDs)? Stable Money can help! This handy app lets you create FDs with partner banks from the comfort of your couch, all in just a few minutes. Here’s how it works:
1. Pick your bank and FD term: Browse Stable Money’s options and choose the bank and FD term that suits you best.
2. Fast verification: No need to visit a branch! Simply provide your PAN card and Aadhaar details for identity verification.
3. Link your bank account: Make sure the bank account where you want to receive the FD maturity amount is linked within the app.
4. Easy payment: Pay conveniently using UPI or Netbanking directly through the app.
That’s it! Stable Money will do the rest and your FD will be created with the chosen bank. You’ll receive confirmation via email or directly on the app, with all the details of your FD.
Stable Money Provides Best Returns on FD
Stable Money, started by Saurabh Jain and Harish Reddy, lets you invest in FDs from several different banks and financial institutions. Right now, they offer FDs from places like Axis Bank and Bajaj Finance. But they’re not stopping there! They plan to add many more options in the next year, including corporate bonds and even gold investments. This week, they even launched some cool new features that make managing your FDs easier.
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!
Benefits of Using Stable Money
Here are some key benefits to consider if you’re thinking about investing in a Fixed Deposit (FD) through Stable Money:
1. Easy to operate: Opening an FD is now easier than ever. Many banks and NBFCs offer online applications, minimizing paperwork and streamlining the process.
2. 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. Benefits 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 a loan against your FD instead of withdrawing prematurely and incurring penalties.
8. RBI Affiliation: While Stable Money itself is not directly regulated by the RBI, all the banks that have partnered with Stable Money are regulated by the Reserve Bank of India (RBI).
These features make FDs a secure and convenient investment and provide guaranteed returns.
FAQs
Is Stable Money Safe?
Stable Money is completely safe. They act like a middleman, connecting you directly with the banks. When you invest in an FD through Stable Money, your money goes straight to the bank you choose. Stable Money does not hold your money for any point of time.
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.
Who are the founders of Stable Money?
Stable Money was started by Saurabh Jain and Harish Reddy back in 2022. Their app launched in September 2023 and is available on Android and iOS.