Hema Kulkarni
KF Mentor
Someone was mentioning about Stable Money for investing in FDs? Couldn't find a lot of information about them (apart from their recent funding announcement). Has anyone used their platform? Want a genuine review
Has anyone used Stable Money for investing in FDs?
- Thread starter Hema Kulkarni
- Start date
anuragmukherjee28
Moderator
I have not used it personally,but I feel that, as stable money is verified by the RBI, you can invest at least 5 lakhs, as that much is protected by the RBI, so you can invest that much money to try it out at first.
Prince
KF Mentor
Hie Hema,
I have also not used the same, but since the Application has tie up with Banks and Small Finance Banks along with NBFC, you can give it a try.
As far as funds security is concerned, all the Investments (Including Interest) are secured by the bank up to the upper limit of 5,00,000 per Account.
Whereas any amount invested in NBFC is not secured by the Government.
Hope these details help you in making a decision.
I have also not used the same, but since the Application has tie up with Banks and Small Finance Banks along with NBFC, you can give it a try.
As far as funds security is concerned, all the Investments (Including Interest) are secured by the bank up to the upper limit of 5,00,000 per Account.
Whereas any amount invested in NBFC is not secured by the Government.
Hope these details help you in making a decision.
Hema Kulkarni
KF Mentor
Got it. What I wanted to understand was - is there any specific benefit of using that platform? Why not directly invest via Bank?
anuragmukherjee28
Moderator
the specific benefit that I saw is that , they compare a lot of banks to invest their fd and so they provide the best interest rate and it saves our time and also the effort of research, but this is what they are saying , reality can be different.
Prince
KF Mentor
Indeed,
So, to open a Fixed Deposit with a Bank you basically need to be a customer i.e.. you should have a Saving bank account with them and then you can enjoy the benefits of Deposit scheme and other facilities, and now a day, despite it's an easy task to get a bank account open, there is still hassle of going to branch, maintaining MAB, you have to bear Debit card charges and off course, you have the hassle of controlling multiple bank accounts.
Hence Stable gives you relief on all these aspects., and also you get the platform benefits of tracking fixed deposit., their interest and other basic facilities, without bearing any extra charges.
Lastly,
You can have NBFC FD and Bank FD compared and get updated with latest changes of interest rates on a platform, wherein you can make decision as to book and FD in which bank.
Hope the details helped you.
Pahulpreet Kaur
KF Mentor
Hey,
I have invested through stable money just because I was getting an additional amazon voucher of Rs 250 with min investment of 5k. I invested in Utkarsh Small Finance bank @ 8.5%p.a. but its effective interest was 9.16% and including this 250 additional on that it comes to 10.6%p.a.
I would have preferred using stable money because of the ease I am getting like to open FD you need not open a bank account or even go to bank to open FD and definitely it is safe because it is just a middle platform to do so. The FD is done with bank only so even if in future Stable Money gets closed my money is completely safe with the bank and if the bank also goes down which is possible considering past bank events then your money amounting to Rs 5 lakhs will be safe (inclusive of principle + interest)
But I have an account already with Unity Small Finance which is giving me 8.75% currently so I'll go with that and for initial discount of stable money I used it.
If you dont want to go in hassle of opening bank account and going to bank, Stable Money is a good option
Pahulpreet Kaur
KF Mentor
Also, I would suggest always go for a FD with Banks and not NBFCs as they are not insured upto 5 lakhs by DICGC
drsanketmodh
KF Ace
Hi. I want to make my mother's FD in stable money as senior citizen. But her aadhar and pan name are mismatch. Any tips to get fd done?
Also both documents with those names are required for individual purpose. So fear of changing the name in document is there
Also both documents with those names are required for individual purpose. So fear of changing the name in document is there
loknath028
KF Rookie
I have invested in FD via Stable Money. It's a good platform because without opening savings account in a particular bank you can invest in that Bank's FD. Also you get benefits from referral program of Stable Money.
jeenahaiabhiii
KF Ace
I haven't used the Stable Money app, but I have explored it. Currently, you can't invest in FDs with public or private banks like SBI and Axis, but they are working on it. You can invest in small finance banks, and based on my conversation with their experts, I rate them 10 out of 10. Though private bank options aren't available now, if you prefer small finance banks, go for it. Happy investing!
financial12345
KF Mentor
Wint wealth is also good Platform for investing in FDs
jeenahaiabhiii
KF Ace
Platforms like Wint Wealth and Stable Money, being third-party services, excel, but the primary focus should be on maximizing profits. Whether choosing Stable Money, Wint Wealth, or directly investing through a bank, the decision should hinge on the potential returns each option offers.
rohit_20085
KF Ace
I used stablemoney for investment. They're just FD aggregator/facilitator, who earn by arranging funds for banks via your FDs. It's advantage- online process & no paperwork (atleast that was my case). It's limitation- limited options to invest; they show comparison with around 200+ options, but only few of them are supported for investment. If you invest in SFBs, it's protected by DICGC (upto 5 lakh) but not NBFCs like bajaj finance & Shriram finance
anuragmukherjee28
Moderator
So if I invest 5 lakhs and some of it is in RBI backed banks and some of it is in these NBFCs then will I get my entire money back in case of frauds?
rohit_20085
KF Ace
Only that much money, which is in scheduled commercial banks. But as already stated, stablemoney is just the intermediary & you send the money to the organisation directly, be it bank or NBFC, & will receive the receipt of deposit from them(institutions) directly, not stablemoney.
For how long was the FD? Maybe it's a case of FD rollover
Prince
KF Mentor
Thanks for revert,
Forget to update, Got the Text Message the Other Day, that it was Technical Error at Bank end, owing to which customers were send such messages, got the same verified at Bank end also.
Yes, I have used Stable money to book FD. It was a hassle free experience. I booked a small FD with Utkarsh Small Finance Bank. It was also giving some cashback on first FD created on their platform. At that time Utkarsh Small Finance Bank had very limited branches in Kolkata and it was a hassle to go there for higher rate but since it was available online, I opted for the same. Since the money remains with the bank rather than the platform, so not to worry much
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