Good morning [%first_name |Dear Reader%],

Writing for Ka-Ching! readers is a gift that keeps on giving. Especially because, quite often, it is you who alert us to interesting changes in financial products and features. 

A few days ago, we got one such tip-off from our reader Madhulika Arora, a product manager at a startup, who noticed something curious about six-year-old investment app Groww. 

It’s done away with a feature that allowed users to invest in fixed deposits (FD) on its platform. 

Now, companies roll back features all the time. But this one is pretty strange considering it’s come at a time when banks are fighting over each other to add to their deposit base.

To Groww or not to grow FDs

There’s a war out there between banks to win deposits. Just this week, India’s top public sector bank, State Bank of India, increased deposit rates by 25-50 basis points. The bank now offers 5.75% for deposits with tenors less than one year, 6.75% for deposits maturing in 1-2 years, and 6.25% for deposits in the 3-5 year tenure.