Zerodha Expands Investment Options with Fixed Deposits on Coin Platform
You can now invest in fixed deposits on Zerodha's Coin: Rates, banks and how it works
The Economic TimesImage: The Economic Times
Zerodha has introduced fixed deposit investments on its Coin platform, allowing users to invest across multiple banks with interest rates up to 8% per annum. This move aims to simplify retail investing by providing a unified interface for tracking deposits and maturity timelines.
- 01Zerodha's Coin platform now offers fixed deposits from three small finance banks.
- 02Interest rates for these fixed deposits can go up to 8% per annum.
- 03Tenures range from 7 days to 60 months, with options for premature withdrawal.
- 04Deposits up to ₹5 lakh are insured under the Deposit Insurance and Credit Guarantee Corporation.
- 05This expansion aligns with India's trend of household wealth being invested in fixed deposits.
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Zerodha has launched fixed deposit (FD) investments on its Coin platform, allowing users to invest in FDs from three small finance banks: Suryoday Small Finance Bank, Utkarsh Small Finance Bank, and Unity Small Finance Bank. These banks offer interest rates of up to 8% per annum, with deposit tenures ranging from 7 days to 60 months. Users can manage their investments through a single interface, which simplifies tracking interest and maturity timelines. Notably, deposits of up to ₹5 lakh (approximately $6,000 USD) are insured by the Deposit Insurance and Credit Guarantee Corporation (DICGC), enhancing security for retail investors. This initiative reflects Zerodha's strategy to create a comprehensive investment platform that includes both market-linked and low-risk savings products, catering to the needs of cost-conscious investors. As many households in India prefer fixed deposits for their predictability, Zerodha's integration of FDs into its platform aims to modernize traditional savings behavior while providing a seamless investment experience.
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This development allows retail investors to manage their fixed deposits more efficiently, potentially increasing their savings returns.
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