super.money unveils 'superFD' integrating UPI with fixed deposits
The digital savings product allows users to book an FD in under two minutes and provides up to 9.5% interest through partnerships with leading small finance banks.
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 start investing 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 the next month.
The launch of superFD comes amid declining household savings in India, a trend super.money aims to reverse by offering attractive rates and simple investment options.
super.money plans to introduce a systematic investment plan (SIP) for FDs, allowing users to set up recurring deposits through UPI. This aligns with its to encourage a consistent saving habit among young Indians and build a savings portfolio over time.
Competing in a crowded UPI Space
super.money launched its UPI app in June this year, entering a crowded market with over 75 players. Despite being a late entrant, Sikaria is confident of super.money’s unique appeal.
“We might be one of the last entrants, but our focus on user experience, cashback rewards, and a youth-centric interface has driven strong growth so far.”
He pointed to the app’s sleek and modern design as a key differentiator, contrasting it with the more utilitarian look of traditional banking apps.
Cashbacks have been a cornerstone of super.money’s strategy to attract younger users and stand out in the crowded UPI space. Sikaria highlighted the importance of “bringing the joy of cashbacks back”.
This tactic has proven effective in building a dedicated user base, especially among younger demographics.
UPI payment volume on super.money surged from 2.5 million in June to nearly 50 million by October 2024, propelling the app from the 30th to the 12th position in market rankings (as per National Payments Corporation of India). Notably, between September and October, payment volumes jumped by 92.83%.
Edited by Swetha Kannan