Smart Deposits are a fixed-income product, offered by Koshex, to help investors reach their short-term goals by providing fixed returns. Smart Deposits offer returns ranging from 8.25% to up to 12%, which are often higher than the returns provided by bank fixed deposits.
We have compiled a list of situations where you can use Smart Deposits to invest your money.
What Are Smart Deposits?
Smart Deposits are new-age investment avenues that are gaining popularity among investors. They are a fixed-income product offered by Koshex. Just as the name suggests, this fixed-income product offers fixed returns ranging from 8.25% to up to 12%. These deposits are designed to provide investors with the flexibility to withdraw funds without any charges and ensure that they have access to their money when needed.
Here’s an explanation of how Smart Deposits work: Smart Deposit, which is offered by Koshex, is a peer-to-peer (P2P) lending product. P2P lending uses online platforms to connect people who want to borrow money with people who want to lend money.
When you invest in Smart Deposit through Koshex, Faircent, our RBI-registered partner, will distribute your funds to borrowers at a certain interest rate and you receive the returns at the right time.
We have written a detailed blog on Smart Deposits and why you should be investing in them. Please read it to get a complete understanding of the topic.
When Should You Invest In Smart Deposits?
We have compiled a list of situations where you can invest your money in Smart Deposits.
Bonus Money
When you receive a bonus from your company, it is good to put that money in Smart Deposits. Instead of spending this amount, you can put it in Smart Deposits, as the latter will offer you a higher interest rate than the bank savings accounts and fixed deposits and you can withdraw it without any hassle.
Gift Money
As Indians, we receive money as gifts from our elders on special occasions. We receive cash from our elders on our birthdays, weddings, or any other special occasion. This money should be put in Smart Deposits and in this way, you will be able to save a significant amount of money in a few birthdays.
Fixed Deposits
Let’s accept the fact that Indians really love fixed deposits. We like putting our money in traditional instruments like fixed deposits and recurring deposits, as they are considered to be completely risk-free. There is nothing wrong with putting your money in FDs and RDs.
However, once they mature, it is a good idea to invest the maturity amount in Smart Deposits, as the latter will give you higher returns than a bank account. Unlike FDs, where you will have to pay a penalty for premature withdrawal, you can withdraw your money anytime you want from Smart Deposits, without any withdrawal charge.
Awards Or Inheritance
If you receive awards or get any prize money, you can put that in Smart Deposits too. It is a good idea to not spend this money on any impulse purchases. Since you received this amount suddenly and don’t have a plan for it yet, you can put it in Smart Deposits so that your money will be safe and will continue to make more money for you in the future.
If you inherited any money from your parents or relatives, you can put some portion of it in Smart Deposits. Apart from earning higher returns on your inheritance money, you can also withdraw them whenever you want and wherever you want. When you withdraw your money from Smart Deposits, you will be able to receive that amount within 24 hours in your bank account, provided you give the request for withdrawal on a working day.
Piggy Bank Cash
We have been taught to save money in our small piggy banks ever since we were kids.
Some continue that habit well into adulthood and if you are someone like that who has been saving in your piggy banks for a while, it is time to transfer that cash from the piggy bank to Smart Deposits.
Unlike piggy banks, Smart Deposits will offer you interest for your idle cash.
In The End…
There is never an excuse to not invest in smart investment options. Smart Deposits are truly smart in helping you earn higher returns and achieve your goals.
If you are looking to invest in Smart Deposits, you should visit Koshex right away and create an account with our platform. With Koshex, you can invest in Smart Deposits in just a few clicks. Create an account today!
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