ETMoney launches 'SmartDeposit' to help consumers earn 7-8% interest on their savings account

NEW DELHI: Close on the heels of launching a hassle-free tax-saving solution, ETMoney, the Times Internet-backed personal finance app, has launched 'SmartDeposit'. It will help consumers earn up to 7-8 per cent interest on their savings account balance without taking much risk.

With falling interest rates post demonetisation, this is a much-needed product for retail consumers. Many consumers have surplus money in their savings accounts and they usually do not know what to do with it. SmartDeposit provides them with a seamless way to park their surplus balance in money market funds. Such funds are the safest option available if you want to protect your money from downside and get stable returns.

"The relevance for such product further increases with the government'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, ETMoney.


Powered by Reliance Mutual Fund, SmartDeposit is completely paperless, and takes less than two minutes to set-up on one's mobile. Its most unique feature is that the users can withdraw their money anytime with a single click, and the money will be back in their bank account, usually within seconds.

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 for transactions. With paperless OTM, the money can be transferred securely with a single click.

"This kind of solution was earlier restricted to only wealthy HNIs (high net worth individuals). It has never been available to the common Indian citizens easily as it doesn't earn much commission for agents. By combining the power of mobile, data and deep domain expertise, we are democratising 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.

The app can be downloaded here.