New Delhi, May 11 -- Just as online brokers have made stock investing possible with a click, several applications now allow users to invest in fixed deposits (FDs) from multiple banks online without needing savings accounts with those banks.

In April, low-cost broker Zerodha joined the bandwagon by launching such digital FDs on its investment platform Coin. Other apps that facilitate digital FD investments include Stable Money, SuperMoney, Jiraaf, and GoldenPi

The main advertising pitch for digital FDs is higher interest rates than those offered by traditional banks and the convenience of a one-stop shop. Some apps also offer credit cards against FDs, which attracts younger people who don't have a credit score yet. But like any investme...