ETMoney App launches ‘SMARTDEPOSIT’ to help Indians earn upto 8% on savings account balance

Close on the heels of launching a hassle free tax saving solution, the Times Internet backed personal finance app, ETMONEY has launched ‘SmartDeposit’. It helps consumers earn upto 7-8% interest on their Savings A/c balance without taking much risk.

With falling interest rates because of demonetization, this is a much-needed product in the market for retail consumers. Most Indians have surplus money in their savings accounts sitting idle. Consumers usually do not know what to do with it. SmartDeposit allows such users to earn 7-8% interest by providing a seamless way to park their surplus balance in money market funds. These funds are the safest option if you want to protect your money from downside and get stable returns.

“Relevance for such product further increases with PM Modi’s vision of cashless society and surge in bank deposits, as this will help users to earn higher interest on their idle deposits” said Ajit Kumar, Head Investments Vertical of ETMONEY.

SmartDeposit by ETMoney is completely paperless, on mobile and takes less than 2 minutes to set-up. The most unique feature is that the user can withdraw the money anytime with a single click and the money will be back in their bank account usually within seconds. SmartDeposit is powered by Reliance Mutual Fund.

Another important feature is its paperless OTM (One-Time-Mandate) facility which removes the need for the users to go through the net banking or debit card flow to do the transaction. With paperless OTM, the money can be transferred securely with a single click.

“This kind of solution was earlier restricted to only wealthy HNIs. It has never been available to the common Indian citizens as it doesn’t earn much commission for agents. By combining the power of mobile, data & deep domain expertise, we are democratizing access to such products through SmartDeposit” said Mukesh P Kalra, COO ETMoney.

Currently available on Android, the app was recently featured by Google as a top personal finance app and is used by more than 10 Lakh users. The company is coming soon with an iOS version of the app by end of this year.