POOJA METKAR

Flexi Deposits

Jupiter • 2024 • New Feature

Background

We found that 32% of Fixed Deposits are broken prematurely within 2 months of booking. 60% of these deposits were rebooked at 65% of the original amount. Our hypothesis was that users needed money urgently but had no option to withdraw partially. This forced them to break the entire FD and lose earned interest.

To solve this, we introduced Flexi FD, a feature that allows users to withdraw partially from their FDs.

My Role

I designed the entire experience for booking and managing a Flexi FD from scratch, including its discovery on the homepage and within the FD types. I also conceptualised the branding and animations for the 'How It Works' screen.

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Impact

70% of the deposits booked are Flexi FDs. Flexi FD average amount is 60,000 while a regular FD average amount is 30,000

What is a Flexi FD?

When conceptualising this, we wanted to make it clear that a user's total FD amount would be automatically divided into 3 or 5 equal parts. Users can choose to withdraw any part based on amount they need. The remaining parts continue to earn interest until maturity.

Booking a Fixed Deposit

Users can compare different FD options based on interest rates and tenures. To make it clear that any FD can be converted into a Flexi FD, we added a section above the cards.

Once the Flexi FD feature is activated, we inform users that their FD will be divided into 3 or 5 equal parts.

FD Overview and Withdrawal Journey

To break an FD, users can select the parts they wish to withdraw, review a summary and proceed. We guide users by clearly displaying how early withdrawals affect interest rates.

1

The dashboard shows the current value of all FDs vs the total invested amount, interest earned

2

Users can view active and closed FDs and book a new FD easily

3

Clicking on an active FD opens its details, showing the current value, maturity amount, time left, auto-renewal date. For Flexi FDs, we added status of each part - active/withdrawn

4

When breaking a Flexi FD, users can select only the part they want to withdraw

5

We show a withdrawal summary to explain interest calculations and the final amount, helping users make informed decisions

6

The total amount including interest is highlighted at the bottom

7

If users select multiple parts, each part has to be broken separately. I designed a stepper to help users easily withdraw one part at a time without confusion

8

On the withdrawal success screen, we highlight the total amount received and the breakdown from each part

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poojametkar.id@gmail.com