The Future of Fixed Deposits: Leveraging technology for better returns and transparency

financialexpress.com:

In today’s rapidly-evolving digital landscape, technology continues to revolutionize the way we manage our finances. One notable area where this transformation is particularly evident is in the accessibility and transparency of fixed deposits (FDs).

Fixed Deposits (FDs) have reigned supreme with most of the household in India having deposits. Deposits contribute ~ 40% to the annual distribution volume of financial products. Traditionally seen as a conservative investment avenue, FDs are now embracing technology to offer investors smart investment choice with greater convenience, multiple options on a single platform, better returns and transparency like never before.

Gone are the days when opening a fixed deposit meant visiting a bank branch and filling out lengthy forms. With the advent of technology, several tech platforms now offer the facility to book FDs seamlessly online. This means customers can initiate and complete the entire process within minutes, all from the comfort of their homes or offices. What’s more, these platforms allow users to book FDs without the necessity of opening a bank account, simplifying the investment process significantly.

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Technology has also democratized access to multiple banking options for FDs. Investors now have the flexibility to choose from a range of banks offering competitive interest rates and terms. This ability to diversify across different banks not only spreads risk but also optimizes returns, as investors can capitalize on the best rates available in the market at any given time. Such diversification was once cumbersome and time-consuming but is now effortlessly achievable through digital platforms.

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