Yes, absolutely! Your Fixed Deposit is placed with RBI-approved SBM Bank. You will receive an FD certificate from the bank, and your deposit will enjoy the same protection as any bank FD.

A Fixed Deposit (FD) is a safe investment option to grow your money at a higher rate of interest than a regular savings account, until the deposit matures or you close the FD. When you book an FD, you set aside an amount of your choice for a fixed tenure at a fixed rate. Once booked, you start earning interest at a certain rate will not change even if the market fluctuates. 
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By booking an FD with us, you get a credit limit of the same amount as your deposit, along with a lifetime free LazyCard. The deposit simply acts as a security for the credit given to you. If you already have a credit limit, your limit will be increased. You also earn interest at an attractive rate, set by SBM bank (See: https://www.sbmbank.co.in/pdf/Fixed-Deposits.pdf).
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For example, if you book an FD of ?10,000, you will get a credit limit of ?10,000. Use this limit by swiping your LazyCard, and earn rewards and cash back. At the same time, your deposit of ?10,000 will earn interest.

You can book your FD by transferring money via UPI. Make sure your UPI ID is linked to a bank account that is in your name.

No, there are no extra charges or fees for creating a Fixed Deposit.

Yes, you can close your FD any time. When you close, you will get the full deposit back, and also get the interest earned till that date, after adjusting any outstanding LazyPay dues. You can see the exact interest rate you will get, during closure, on the app.
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If you don’t close your FD after 12 months, it will be automatically renewed.

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