I’ve been following Stable Money since April ’23, well before the actual product launched. When they went live, I was keen to try them out.
Here’s how it went:
First attempt – December 5, 2023:
I booked my first FD with a minimal amount, targeting Shivalik Small Finance Bank for its high interest rate. However, I couldn’t complete the payment because only PayTM UPI was available. So, I switched to Utkarsh Small Finance Bank using a different payment method.
(Side note: I received an SMS saying I’d get an INR 200 Amazon Voucher after 45 days, but it never arrived—and I lost track of it.)
Fast forward 10 months to October 2024:
I tried booking another FD, but once again, I faced the same payment issue—only PayTM UPI or Cred UPI options were available. It made me wonder why the assumption is that users primarily rely on third-party apps for UPI, when many of us use in-built banking app features, which I prefer.
KYC challenges:
The video KYC process failed multiple times on Safari browser, forcing me to switch to another browser to complete it. I found it odd that I had to install another browser just for this. Additionally, when I initially tried using my laptop, the bank agent informed me that KYC must be done on a phone with both front and back cameras, which seemed a bit unreasonable.
The good part:
Stable Money has definitely built a solid product for comparing FD rates, finding the best tenures, and redeeming FDs. However, there are still some areas for improvement to make the process smoother and more user-friendly.
Looking forward to seeing how they evolve!
Saurabh Jain
This post was originally shared by Raghunandan Hj on Linkedin.