(Completed) Lab test #11 - Fixed Deposits on Jupiter 💰

This should be fixed in a few days, we’ll let everyone know once it’s done.
Thanks for checking!

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I’m trying to maintain my nrv to become a pro member in March, I have the amount saved in a saving pot rn. Does the FD get counted in the NRV? If so, I’ll shift the amount to the FD.
hustle

@Kevin_Roy FD isn’t considered at the moment but we’re thinking about adding FD’s as part of the NRV calculation soon though!

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if you are considering about fd s as Nrv .Then considering mf(mutual funds) invested with jupiter as nrv can also incentivise people to invest in mf s with jupiter.

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yeah, that’s what I thought initially but in the case of mutual funds the money is held by the AMC not Jupiter

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I destroyed my super pot to create FD on Jupiter. You guys still haven’t solved the FD problem. arrggghh

Hi folks,

Quick update - the access / verification issue for FD has been fixed on v2.0.10. Can you all check once you have the latest release and inform us if you still face any issues?

The rollout of v2.0.10 is happening and all users should have it in a day or two.

Thanks much!

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How did you like the UX?

“The UX of the FD option is easy to navigate, as it is displayed in a banner on the home page. The overall look is amazing and it is more attractive compared to Paytm. The app’s response was also normal and there were no problems.”

Is the interaction intuitive and smooth?

“Personally, I don’t like the FD option because I prefer flexibility and control over my money. I prefer flexible FD options that don’t have lock-in periods.”

Any issues/bugs/challenges along the way?

“No, I did not face or experience any issues or bugs.”

Comparing to other apps and sharing what can be done better gets preferred here?

“Compared to Paytm, Paytm offers flexible FD options with no lock-in periods. Jupiter could consider bringing this option, where one can split the FD interest according to the days or periods invested, as Paytm has done. Paytm also gives the option to break the FD and pay from it, which is a useful feature. Jupiter could consider giving a lower interest rate compared to locked FD.”

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In my opinion most people who are going to create an FD will create the 7.25% 1.5 year tenure one.

Because the remaining two options overlap with existing feature of super pots. The only difference I can think of is auto renewal function in FD but again if you are going to auto renew the FD getting the longer tenure one with higher interest rate makes sense.

The existing options make sense in technicality that it would give users a choice.
But we could have something extra in FD to attract more users, like a feature where they can see their amount/interest grow every day, like an increasing counter and/or number of days to maturity going down like a decreasing counter. Kind of similar to the suggestion by @yagnesh01 (point 7). Some software magic to make creating FDs and watching them grow more fun.

Although I would agree that, I am kind of biased towards super pots :moneybag: .

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@Aastha waiting for the app update to be released.

I got the update(IOS) this morning and tested out creating FDs:

  1. The KYC page is out and slide to book FD is in
  2. It took a few seconds to book FD.
  3. After having a look I did see countdown for days and count-up for interest, but I don’t know if its on day to day basis for interest, will see in a day or two.
  4. All crucial details regarding FDs are highlighted.
  5. Lastly the FDs amount is added to networth.
  6. Glad to see my previous days notes already being implemented in the feature.

Great work team :rocket:

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@Abhishek_Ulayil Did u find any major difference between superpots vs FD. Both give 6.75% interest p.a. Also can u give early destroy charges of FD if possible.

The only major differences which I can see are :

  1. Super pot allows you to add money to existing amount which will continue to earn interest at the same rate. While in FD i don’t think that is possible.
  2. You get auto renewal in FD which is lacking in super pots
  3. Both have the same rate of interest and penalty is also kind of similar.
  4. You get a FD certificate by mail which I am yet to receive.
  5. Currently FD amount is not included in NRV, it will be included in a future update.
  6. Minimum funds required to open a FD is ₹1000 while super pots can be created with just ₹100.
  7. FD has an count up indicator for interest amount, I am yet to see if its day to day basis or not.

Hope it helps and clears up idea about FDs.

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You get auto renewal in FD which is lacking in super pots
This is not a problem. After superpot gets matured we can create new one immediately. I prefer superpot instead of FD as we can keep on adding funds to it.
You get a FD certificate by mail which I am yet to receive
Can we use this for income tax exemption?

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Also regarding the penalty here is a structured chart in app regarding that

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Hello, lab testers.

We are extending the testing period by a week. We noticed there more use cases that need additional testing.

Many testers from this thread helped us realize a few things. Hence, more testing is required.

The new dates are as follows:

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@niranjan_kumar You should receive FD certificate from Federal bank in 1 - 2 days.
Interest earned on FDs are fully taxable as per your tax slabs. You’ll get a Form 16 on email from the bank every 3 months, that contains information on the interest income for your FDs.

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@Aastha I was able to complete one FD booking. The experience was straight forward. No issues encountered upto the screen where the user gets the confirmation of the FD booking.

On the FD booking confirmation screen, where the the user see the option of the FD amount and there is option to click the amount (circled in the screenshot) takes about 2 taps for it to go to the next screen where the user the see the FD booking details.

While there is a dependency on Federal Bank to confirm the FD booking, an interim confirmation e-mail that gets sent to the user confirming the receipt of the FD is recommended.

While, this request will come up at the financial year end, the question of requesting the interest certificate and TDS certificate will have to be accounted for.

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Hi @yagnesh01 ,

Thanks for your feedback.

  1. We are planning to send out the FD details over a mail after booking is processed. We’ll take it live hopefully within this week itself.
  2. The interest certificate generation is currently entirely dependent on Federal Bank. We will discuss with them to decouple the process and allow users to download the same from Jupiter app itself.

Regards,
Barun

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Hey @Omkar18 @Sreeharimkl @Devansh_Bartwal @hemanthchandra62 @Chadpitt!

The ‘get verified’ has been fixed in v2.0.10 and this is live for all users on App and Playstore. You can go ahead and update your app, we’re all ears for your feedback. :slight_smile:

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