This is one investment that is super simple!
You park your money with a bank for a fixed period of time and you get paid a fixed return for it. We’ve partnered with Federal Bank to bring you fixed deposits with returns up to 7.25% annually.
Navigation for Fixed Deposits
Launch the app > Home page > Investments tab > Fixed Deposits icon
This will be available for FKYC users only, with an early access period for our Jupiter Labs members. The product is available from app version 2.0.8 onwards.
If you can’t see it yet, let us know in the comments below.
Review FDs and get rewarded!
From this lab test onwards, we would like to reward Jupiter lab testers for their hard work. We like to shape the product with our Community folks.
The Investments & Community team will pick 5 value adding reviews in the comment section below. The 5 reviewers will be rewarded with 200j each.
Note:
You will need to be part of the Jupiter labs group in the Community.
Your review should be in the comments below.
Test duration
Users registered for Jupiter labs on or before Feb 17th, 2023 Feb 23rd, 2023, will be eligible to test FDs.
The team will announce the results of chosen reviews on February 24th, 2023
From UX perspective The FD option is hidden as a small tab under investments. Can be difficult to find. Suggest it be moved to the Money tab like pots. Makes it easy for anyone to find it as the money tab is more frequently used.
While creating the FD, while it is convenient to see the interest rate that will be applied, what can be concerning is the statement that says actual maturity amount will be available after booking the FD. This statement comes up when the user clicks on the additional information icon. Either it be placed more prominently without the need to click on information icon along with the conditions that affect the maturity value or those conditions be placed inside the information box.
The first step towards creating the FD is verification. This step is redundant for full KYC accounts.
The next page that comes up states the KYC details are being checked and will take 72 hours to get updated. Again, redundant for a full KYC user.
The the close page icon on the top left hand corner does not work. To go back to the previous screen the on screen back button needs to be used
The display within the information box needs more work. It looks unfinished.
When compared to the Paytm Payments Bank (comparison with large banks will not be correct), what works is 3 different tenures are displayed right at the beginning making the choice easier. What can adopted is the interest earning chart where the user is clearly shown at what life cycle stage of the FD what interest is he earning. This gives the user a better idea of the interest earned at any given point in time.
I am curious about the interest rates are they floating or fixed. For example in 2 years of FD suppose the interest rate increases or decreases. What will happen to the interest rate of FD or even a superpot in general.
Thanks.
Can you check if you are able to see this card on the Accounts homepage? You can use this to access the product. This will also be visible on Money tab by next week.
@Aastha , once i choose the FD to create, I see “get verified to create FD” at the bottom centre of the screen. When I click on it, the next page i see is "Your details are being verified ". Unable to share screenshots due to app restrictions. If you want, i can take video from another phone and share it here.
Rates are fixed once you book your FD. For example, if you invest in the 7.25% p.a. FD for 1.5 years, you will get 7.25% per annum for 1.5 years, doesn’t matter if interest rates go up or down.
If your FD is on auto-renewal, it will get booked at the new rate on renewal only.
I am not able to create. The button is displayed as “Get verified to create FD” and after clicking that, some page is displaying with heading as “Your details are being verified”
@hemanthchandra62@Chadpitt@yagnesh01 we’ve identified a bug that’s causing a ‘get verified’ CTA to come up for Pro users. Fixing this and it might take a few days, will keep you guys posted.
A smooth experience is the most important thing for any consumer. You guys need to remove that verification page for customers who are already verified because see it says come after 72 hours which will result in a low conversion rate of customers. I hope you are getting what I am saying.
