We’ve included answers below to a short list of questions most commonly asked by our community of Fixed Depositors. These answers will help you clear most doubts about how Fipbox works but please contact us if you have any other questions.
The individual questions and answers under the FAQs section:
The following points will inform a Bank or Finance Company on how they can offer Fixed Deposits through the Fipbox platform, how they can make the most of their FD product offering, and the benefits they will receive at each stage.
• As a Bank or Finance Company, you are required to choose the Fixed Deposit products that you would like to offer potential investors through Fipbox. * the tenor and quantum of borrowing have to be specified for each.
• After an investor has chosen a specific product and is keen to open a Fixed Deposit at the specified rate, or to negotiate on the rate, a notification will be sent to you.
• As the issuing Bank or Finance Company, you have the option to either accepted the rate the investor has offered or you can offer a counter offer.
• Once the the issuer and the investor have agreed on the terms of the transaction, the investor will deposit the funds to open the desired Fixed Deposit.
• At this point, all necessary documentation will be generated automatically through the Fipbox system and these letters will be forwarded to, both, the issuer and the investor.
• A weekly invoice will be sent to the issuer, with a placement fee for all such transactions that have taken place within the week.
• With the approach of the maturity date, the issuer will be notified by Fipbox on the necessary details of the settlements to be made to the investor.
• An authorized individual will have to be chosen by the issuer, and he/she will need to have a pre-issued pin number before changing the FD rate offered by their Bank or Finance Company.
• The rates need to be updated by the issuer to reflect the latest Fixed Deposit rates offered by the Bank or Finance company. * the CRM officer will be responsible for making sure that the issuer updates the FD rates on a regular basis.
• It is advisable for the issuing Bank or Finance Company to offer the highest rates possible to investors, through the Fipbox portal.
• Automatic emails will be sent to issuers who have not updated their rates/quantum etc. information for a predetermined time period.
The steps below will guide you on how to open Fixed Deposits through Fipbox, as well as the many conveniences you will enjoy.
• As an investor, you will have to first select a potential Fixed Deposit investment based on your preference of rate, period, and other investment criteria.
• If you would like to negotiate the rate stated on our platform, the ‘negotiate’ feature can be used to communicate this to the Bank or Finance Company. When a rate that is agreeable to you is arrived at, you can click on the ‘invest’ tab.
• The necessary documentation will be generated automatically, thereafter, through the Fipbox portal, and these letters will be sent to both you and the Bank or Finance Company.
• As an FD investor on Fipbox, you will be notified on the particulars of the maturity as the maturity date approaches.
• As an FD investor on Fipbox, you will only be allowed to invest in and open a Fixed Deposit by entering the pre-issued authorization pin number.
Of the many reasons why you should list your FD products on Fipbox, a few of the most important ones follow.
• As an issuing Bank or Finance Company, Fipbox allows you to transact easily and quickly without time wasted on disbursing preliminary information.
• You will have the ability to list Fixed Deposit rates, remain transparent, and negotiate on the final rate offered without a mediator.
• You will be able to, more easily, identify the rates offered by other Banks and Finance Companies within a single platform, allowing you to offer more competitive interest rates to potential investors.
• Fipbox will allow you to broaden your investor base for Fixed Deposit products considerably.
We’ve listed a few of the most compelling reasons why opening an FD through Fipbox will help you invest smarter.
• Fipbox allows you to open a Fixed Deposit completely online in a simple way, and with minimal human interference.
• With Fipbox, you will be able to compare the FD rates offered by different Banks and Finance Companies and invest, accordingly, based on what you are most comfortable with.
• The ability to negotiate directly with Banks and Finance Companies and obtain the highest rate possible, while remaining completely online, is one of the biggest advantages you will enjoy.
• An investor can choose only to invest with the issuers that match their preferences, e.g.: Specific credit quality, specific tenor, specific industries etc.
The ‘Watch List’ option allows you, as an investor in FDs, to closely watch the Banks and Finance Companies that are most popular and stay in the know about the rates offered by them.
Fact sheets on the performance of Banks and Finance Companies issuing Fixed Deposits will be available to you within the Fipbox portal. This will allow you to make a better-informed decision when investing on a Fixed Deposit.
The subscribe option will allow, both, Fixed Depositors as well as Banks and Finance Companies to receive email updates covering the following areas: Live Deals, My Transactions, and Transaction Reports.
The issuers who have offered rates with large fluctuations.
This option provides a concise view of all transactions carried out, to date, through the Fipbox portal.
At Fipbox, we adopt a system where both issuers and investors are rated to ensure our platform provides the highest utility possible for all users. Banks and Finance Companies as well as Fixed Depositors are assigned a rating based on transaction execution efficiency and the volume of transactions. This allows both parties to gain a clear understanding of the credibility and strength of a rate quoted during the negotiation phase.