super.money, a fintech platform from the Flipkart Group, has launched superFD, a digital savings products that brings the convenience of UPI to fixed deposit. The fully digital offering allows users to book an FD in under two minutes and provides up to 9.
5% interest through partnerships with leading small finance banks. “Our aim is to bring the convenience of UPI to traditional banking products,” said Prakash Sikaria, Founder & CEO of super.money.
He emphasised the fully digital and paperless nature of superFD, allowing users to book an FD in under two minutes. “This product is targeted towards young Indians, encouraging them to start their investment journey with a low-risk, high-return product,” Sikaria added. The platform is partnering with RBI-approved small finance banks to offer these FDs, which are insured up to Rs 5,00,000 by the Deposit Insurance and Credit Guarantee Corporation.
Users can with as little as Rs 1,000, making superFD accessible to a broad demographic. “One of our challenges is to transform the perception of FDs from an old-fashioned asset class to an attractive, high-yield investment option,” Sikaria noted. The launch of superFD is a key part of super.
money's strategy to bring a variety of banking products onto the UPI platform. This follows its earlier UPI-based offerings, including the superCard, a credit product, which has gained traction among younger users. The company has distributed over 20,000 cards and aims to reach 1 lakh within t.