Zerodha brings FDs to Coin app: How to invest

Zerodha brings FDs to Coin app: How to invest

Zerodha, a Bengaluru-based discount broker, has expanded its investment platform by adding fixed deposits (FDs) to the Coin app.

The new feature allows users to invest their savings in debt instruments alongside mutual funds.

Zerodha's move comes after it invested in New Delhi-based start-up Blostem to power FDs on the Coin app.

Coin app offers dedicated platform for long-term investments

The Coin app, which is separate from Zerodha's trading app Kite, is a dedicated platform for long-term investments.

These include mutual funds, insurance products, and the National Pension Scheme (NPS).

With the addition of FDs, Zerodha hopes to provide a comprehensive investment solution on this platform.

Users can book FDs across multiple banks, compare rates

Zerodha's new FD feature allows users to book FDs across multiple banks, compare rates, and track their investments.

The company has partnered with small finance banks (SFBs) that offer higher interest rates for these FDs.

This way, Zerodha is providing its customers an opportunity to earn more on their savings than what traditional bank FDs offer.

Fully digital process for opening FDs

The Coin app also offers a fully digital process for opening FDs.

This means users don't have to open a savings bank account with the same financial institution where they want to invest in an FD.

For first-time investors, a one-time KYC process including PAN, Aadhaar verification, basic details and nominee information is required.