Up To 9.1% Interest on FDs? Tata Digital Launches Fixed Deposits Marketplace on Tata Neu - Details

Tata Digital has entered the retail investment market and has launched a Fixed Deposits Marketplace on the Tata Neu app.

Customers can now invest in fixed deposits with leading financial institutions through this platform at interest rates of up to 9.1%, without having a savings account.

Investments can be made with as little as ₹1,000 and this process takes less than ten minutes. Since bank investments are insured up to ₹5 lakh by the Deposit Insurance and Credit Guarantee Corporation (DICGC), consumers can invest safely.

“Fixed deposits have long been a trusted choice for building a safe and stable investment portfolio," said Gaurav Hazrati, Chief Business Officer, Financial Services, Tata Digital. "With our Fixed Deposit Marketplace, we aim to democratize access to high-yield, fixed-return instruments from multiple trusted providers. This simple and secure platform is designed to offer competitive interest rates, empowering both seasoned investors and newcomers to grow their wealth confidently and effortlessly."

Vishal Singh, Head - Digital Banking, Suryoday Small Finance Bank said, "Suryoday has always aimed to offer competitive interest rates for fixed deposits to its customers. Our digital deposit product offers customers the convenience to open, operate and liquidate deposits entirely online. Partnering with Tata Digital expands our reach, allowing us to offer innovative products like this to a wider customer base.”

Parag Sharma, CFO & MD, Shriram Finance added, "Shriram Finance is happy to partner with Tata Digital for our Fixed Deposit offering on Tata Neu. We offer better returns with additional benefits for women customers and senior citizens. This partnership will ensure a seamless and hassle-free FD booking experience for customers."

Since more and more banks are looking to join the platform soon, Tata Neu is also planning to launch recurring deposits.

Tata Digital, which was founded in March 2019 is a company that focuses on consumer-centric digital products. Tata Neu, offers a range of products and services, including groceries, medicines, bill payments, UPI, gift cards, and financial services.