Tata Digital enters retail investment with fixed deposits marketplace

Tata Digital on Tuesday announced its foray into the retail investment space with the launch of its fixed deposits marketplace on the superapp Tata Neu.

Customers can invest in fixed deposits through the marketplace with leading financial institutions at interest rates of up to 9.1 per cent without the need for a savings bank account, the company said in a statement.

"With our fixed deposit marketplace, we aim to democratise access to high-yield, fixed-return instruments from multiple trusted providers.

"This simple and secure platform is designed to offer competitive interest rates, empowering both seasoned investors and newcomers to grow their wealth confidently and effortlessly," Tata Digital Chief Business Officer, Financial Services, Gaurav Hazrati said.

The company said customers invest as little as Rs 1,000. With bank investments insured up to Rs 5 lakh by the Deposit Insurance and Credit Guarantee Corporation (DICGC), they get safety and complete peace of mind.

Customers can choose from both banks and Non-Banking Financial Companies (NBFCs) like Suryoday Small Finance Bank, Shriram Finance, Bajaj Finance, for a wide range of investment options, it added.