Tejas Joshi's Hack for High FD Returns with Full Safety

Are you looking for a safe way to maximize returns on your Fixed Deposits (FDs)? Tejas Joshi, a renowned finance influencer, shares a smart hack that uses Small Finance Banks (SFBs) to get higher returns while ensuring the safety of your investment. In today's financial landscape, many investors wonder how they can safely increase their FD interest rates. Tejas reveals a practical and secure method that anyone can follow from the comfort of their home.

Understanding Small Finance Banks (SFBs)

Small Finance Banks in India were introduced by the Reserve Bank of India (RBI) with the aim of promoting financial inclusion. Their primary goal is to provide basic banking services to unserved and underserved sectors such as small farmers, micro and small industries, and unorganized entities. These banks offer higher interest rates on FDs compared to commercial banks, making them an attractive option for maximizing returns.

What is DICGC Insurance?

One of the key safety nets for depositors in Indian banks is DICGC Insurance (Deposit Insurance and Credit Guarantee Corporation). Each depositor's account in a bank is insured up to ₹5 lakhs, covering both the principal and interest amounts. This coverage applies if the bank goes into liquidation or its license is canceled. Knowing this, Tejas suggests a way to leverage this insurance to secure your investments.

Hack to Get High FD Returns with Full Safety

Tejas Joshi's hack is simple yet effective:

Leverage DICGC Insurance: Since Small Finance Banks are insured by DICGC up to ₹5 lakhs, you can make use of this coverage to ensure the safety of your deposits.

Multiple FDs in Different SFBs: Instead of placing a large sum in a single FD, create multiple FDs with amounts under ₹5 lakhs across different SFBs. By doing so, each FD will be insured under DICGC, providing both safety and higher interest rates.

Higher Returns: Small Finance Banks typically offer higher interest rates on FDs than commercial banks, allowing you to maximize your returns without increasing risk.

Convenience with Technology: InCred Money App

You don't need to physically visit each bank to set up these FDs. Tejas recommends using the InCred Money app, which allows you to compare interest rates across various Small Finance Banks and create multiple FDs online within minutes. This app simplifies the process, ensuring that you get the best rate and complete safety without leaving your home.

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By following Tejas Joshi's advice, you can safely invest in Fixed Deposits while earning higher interest. Small Finance Banks offer a great opportunity to boost your returns while ensuring your deposits are fully protected under DICGC insurance. With tools like the InCred Money app, managing multiple FDs has never been easier, making this hack accessible to all investors looking for smart, safe financial growth.