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Deposits

Zrika presents a cohesive Software Development Kit (SDK), providing developers with streamlined access to fixed deposit products offered by various banks. The Deposit SDK by Zrika serves as a facilitator, bridging financial institutions such as banks, Non-Banking Financial Companies (NBFCs), and Asset Management Companies (AMCs) with distribution channels like PhonePe and Google Pay.

The Zrika Deposit SDK boasts several advantages, including the provision for Standalone Fixed Deposits. Customers can fund their fixed deposits seamlessly from their existing bank accounts using either UPI or net-banking, eliminating the need to open a new bank account. Additionally, the platform secures the most attractive interest rates from bank and NBFC partners, enhancing its appeal as a lucrative investment option.

Furthermore, the Fixed Deposits facilitated through Zrika are insured up to 5 Lakhs, courtesy of the RBI's wholly-owned subsidiary, DICGC (Deposit Insurance and Credit Guarantee Corporation). With the Zrika platform, users gain access to a diverse array of fixed deposit options from multiple banks and NBFCs, enhancing flexibility and choice within the platform.

Here is a standard sequence of steps involved in a retail investor booking a Fixed Deposit (FD). In this scenario, the distributor app has partnered with a banking institution using Zrika’s Deposit SDK.

  • The customer launches the distributor partner's app and selects any of the available supply partners for investment,
  • The customer specifies the investment amount and chosen tenure, reviewing the expected return on FD maturity,
  • KYC details and personal information are filled out by the customer,
  • The customer proceeds to make the payment using their preferred payment method, such as UPI or Netbanking,
  • The payment is directly processed to the chosen supply partner, possibly routed through Zrika’s payment gateway infrastructure.
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