The unprecedented roller coaster ride of 2020 demands much anchoring in 2021. The people and the markets, both took a stumble in the face of the Coronavirus crisis and the multiple lockdowns that ensued. The unparalleled rise in Indian equity markets has the biggest believers in dis-belief. People everywhere are wondering what just happened? Isn’t the world and India going through a pandemic? And more importantly, what next?
For everyone wondering if this is a good time to invest in the equity markets, our suggestion to you is that it is a great time to maybe book some profits, and reallocate your investments between equity and fixed Income (debt). With you and your money’s well being at the core of whatever we do, we decided to bring the safe, secure and predictable comfort of investing in Fixed Deposits to you!
After a successful launch of Sqrrl Prime, team Sqrrl geared up to bring out this much needed financial product. From our grandparents to our parents, FD has been a long-trusted financial partner. One can easily claim that it has rightly stood the test of time with its promising returns and minimal risk mechanism. Although there is no hard and fast rule, where you spend the money you saved in the FD, it has always been considered the perfect avenue to park money when one didn’t know what to do with it.
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Phenomenon of Popularity of FD in Indian Households
Fixed Deposits have always been the most popular investment tool in Indian households. Did you know that Indians have INR 1,31,05,188 Crores invested in FDs as per data made available by RBI? Since it is the most popular investment tool, consequently you would agree that it is also the most popular savings instrument amongst Indians.
We’re sure each one of us can think of a time when our father or grandfather deposited money in an FD. Maybe it was for education, maybe it was for buying a house, or maybe it was for a marriage in the house – truth is that FDs have always played an important role in the financial plans of an Indian household.
The main reason for this popularity of FDs can be attributed to the guaranteed returns they offer. Unlike other investment tools, you don’t need to keep track of the market for your FD to book you profits. By the very concept, the interest rate fixed at the start of the FD will remain constant irrespective of the flux in the market. The safety guaranteed in the whole financial operation is what attracts people to invest in an FD. Very similar to an FD, a Recurring Deposit (RD) is also a very popular product amongst retail investors. Just like SIP, an RD encourages the habit of saving small sums of money at regular intervals.
Open an FD from the Comfort of your Home
Sqrrl’s Fixed Deposit is a sweet, short, simple online process. You don’t need to visit the bank or wait long queues to open your FD now. Simply, give us your details, an address proof, make the payment for the Fixed Deposit and VOILA, it’s done! The end-to-end process won’t take more than 7-8 minutes. What’s brilliant is that it can be easily done while sitting comfortably in the glory of your own room!
Why Invest in an FD with Sqrrl?
If you are looking for the most safe and convenient investment option, then look no more. Just like your parents and grandparents, you can simply invest your money in an FD. You can conveniently use that money to fulfil your dreams and goals.
- Guaranteed Returns – Fixed Deposits offer fixed returns throughout the maturity tenure which makes it a very safe option as compared to other investment tools. The interest rate is not dependent on the state of the markets. Therefore, your money is entirely secure no matter what.
- Flexible Tenure – You can pick the maturity tenure of the money you put in your FD. That means that it is up to you if you want to use FD as a short, medium-or a long term investment option.
- Customized Payout – You can choose the interest payout frequency depending on your financial needs. If you’ve opened FD as a source of regular income you can choose the monthly payout option. In other cases, you can get the interest quarterly or cumulatively at the end of the maturity tenure.
- Higher Interest Rates for Senior Citizens – Senior citizens are especially offered higher rates of interest to encourage them to open an FD. The primary reason for that is the availability of the monthly payout option. They can deposit the sum at the start of the tenure and easily treat it as a source of regular income.
- Online Application Process – The whole process can be done online without the hassle of visiting the bank and manually filing documents. It is especially a good choice at the times of social distancing.
Gear up for our First Big Launch in 2021
Get ready to save your money in a few simple steps with Sqrrl’s FD. Fixed Deposit will be available on the Sqrrl app in the App store and Play store at the start of the next week.