Stable Money Review
An independent, sourced look at Stable Money for Indian retail bond investors — registration, what it really costs, payout track record and the risks the platform doesn’t lead with.
Stable Money is a genuinely SEBI-registered platform (bonds via Stable Broking, INZ000314637) built around a well-designed FD-comparison app, and for booking bank FDs or listed bonds it is a real, regulated option — your FD principal sits with the partner bank under DICGC cover (up to Rs 5 lakh per bank; NBFC FDs are not DICGC-covered), not with the app. The big caveat: it is a young, loss-making startup whose mutual-fund distribution arm was suspended by AMFI for six months (21 May-20 Nov 2026, with no reason publicly disclosed), whose FD shelf leans heavily on small finance banks and (uninsured) NBFCs, and whose bonds are effectively hold-to-maturity. It suits rate-shoppers comfortable with small-bank/NBFC credit risk and buy-and-hold fixed income — not someone who needs easy liquidity or wants only large-bank safety.
What you actually pay
Stable Money markets FDs and mutual funds as "zero fee" to the investor, and at the point of purchase you are not charged a separate fee — the platform is a distributor that earns commission from the partner bank/NBFC on FDs and trail commission from AMCs on mutual funds. On FDs this cost is genuinely borne by the manufacturer: the bank/NBFC pays the commission and it does not reduce your contracted FD rate. On mutual funds it is different — Stable Money distributes REGULAR (not direct) plans, and the AMC pays its trail commission out of the fund's expense ratio (TER), which is higher than the direct plan of the same fund you could buy elsewhere; so on the MF side you do indirectly bear that cost. It is registered as an AMFI mutual-fund distributor with commission disclosure (that arm is under a six-month AMFI suspension in 2026 — see controversies). Either way, its incentives are tied to which products it earns most on.
For bonds via the OBPP, "zero brokerage" is more nuanced. Indian OBPPs typically buy the bond and re-offer it to you at a price that embeds a markup/spread; the YTM you see is net of that spread, but the platform's per-bond margin is generally not itemized on the trade. FY25 accounts show roughly Rs 100 crore of "bond purchase and trading costs" against about Rs 104 crore of gross revenue — consistent with a buy-and-resell (principal) model rather than pure agency broking. Bottom line: the platform makes money on distribution commissions (FDs/MFs) and on bond price spreads. "No fee" does not mean "no cost" — for bonds the cost is baked into the price/yield and is not disclosed per-bond to the retail buyer.
What it offers
Three main shelves. (1) Fixed deposits: 200+ FD products aggregated from roughly 9 partner banks and 3 NBFCs, skewed toward small finance banks (e.g., Suryoday SFB, Unity SFB) and NBFCs that offer higher headline rates than large banks. (2) Bonds via the SEBI-registered OBPP: listed government bonds, T-bills and listed corporate bonds/NCDs only — no unlisted NCDs, SDIs or MLDs. The bond shelf skews investment-grade, but yield-chasing retail can reach lower-rated NBFC/corporate paper; higher advertised yields (~11-12% YTM, issuer- and rating-dependent, as of Jul 2026) generally map to lower credit quality. (3) Gold & silver mutual funds plus a secured credit card. Key credit-profile point: FD "safety" holds only up to DICGC's Rs 5 lakh per-bank cover on bank/SFB FDs — NBFC FDs (such as large-NBFC deposits like Bajaj Finance or Shriram Finance) are NOT DICGC-insured and depend entirely on the issuer's rating and solvency.
Returns: advertised vs reality
Advertised: Headline FD rates run up to roughly 8.25-8.5% depending on bank and tenure (as of Jul 2026); the company's own home page currently shows 'up to ~8.30%'. A 9.10% figure has been advertised in the app's rotating App Store promo titles (e.g., 'Earn 9.10% on FD'), but it is a marketing headline tied to specific small-finance-bank/senior-citizen/promotional tenures — or a prior period — not a broadly-available standard rate. On bonds, the app's marketing/description copy advertises 'up to 9-12%' / 'up to 12%' YTM; this is issuer- and rating-dependent, appears in the app description rather than as a confirmed title line, and is not a fixed rate. Separately, 'assured returns' language appears on the company's website homepage.
The reality: These are pre-tax, gross figures. FD interest is fully taxable at your slab and subject to TDS, and the top rates come from small finance banks/NBFCs, not large banks. Bond YTM is realized only if you hold to maturity AND the issuer does not default; it is quoted net of the platform's embedded price spread, and higher yields correspond to lower credit ratings. The "assured/fixed returns" framing is directly contradicted by the platform's own disclaimer that it does not guarantee returns — or even return of principal — on bonds. SEBI registration guarantees neither performance nor returns.
Payout & default track record
No public record of Stable Money failing to deliver FD or bond payouts. FDs are booked directly with the partner bank/NBFC in the investor's own name, so maturity proceeds come from the bank, not the app, and there is no reported instance of a partner-bank FD default via the platform. On bonds, the platform self-reports "zero defaults till date," but its OBPP has only operated since 2024, so the track record is short and untested across a full credit cycle — treat "zero defaults" as self-reported and time-limited. The May 2026 AMFI action affects only NEW mutual-fund distribution; it does not impair payout of existing FDs, bonds, or mutual-fund folios (which remain with the AMCs).
Can you exit early?
Limited, and this is the honest weak spot. FDs: premature withdrawal is allowed but incurs the bank's penalty; "instant" withdrawal works only with two partner banks (Suryoday SFB, Unity SFB) — for all others it takes 1-2 working days. Bonds: like every Indian OBPP, secondary-market liquidity in retail corporate bonds is thin — you can place a sell request but there is no assurance of a timely buyer at a fair price, so bonds are effectively buy-and-hold-to-maturity. Gold/silver mutual funds are normally redeemable, but note that fresh MF transactions (including gold/silver MF SIPs and lump-sums) are currently blocked by the AMFI suspension running 21 May-20 Nov 2026 (see controversies). Treat everything except large-bank FDs as low-liquidity.
Pros & cons
- Genuinely SEBI-registered OBPP (Stable Broking, INZ000314637) active on both NSE (90363) and BSE (6829); bonds sold are listed-only, avoiding the unlisted-NCD grey area SEBI has cracked down on.
- Bank FDs are booked in the investor's own name directly with the bank and carry DICGC cover up to Rs 5 lakh per bank — the app is a distributor, not a custodian of your principal.
- Clean, simple app that aggregates 200+ FDs, making it easy to rate-shop small-finance-bank and NBFC deposits in one place.
- Well-funded by top-tier investors (Peak XV, Lightspeed, Fundamentum, Z47, Aditya Birla Ventures), lowering near-term shut-down risk despite losses.
- Founders come from regulated finance (ex-Navi Mutual Fund), and the platform takes some "skin in the game" on selected bond deals.
- AMFI suspended its mutual-fund distribution arm (Stable Finserv) for six months (21 May-20 Nov 2026) — a regulatory action to be aware of; AMFI did not publicly disclose a reason, and new MF/SIP transactions (including gold/silver MF SIPs and lump-sums) are blocked during that window.
- FD shelf skews to small finance banks and NBFCs; NBFC FDs carry NO DICGC cover, so the marketed "safe" is conditional on issuer strength.
- Secondary-market exit for bonds is thin — realistically hold-to-maturity.
- "Instant" withdrawal is limited to two banks (others 1-2 days), and reviews cite recurring video-KYC failures and weak customer support.
- Loss-making and young: FY25 net loss ~Rs 44.8 crore on ~Rs 4.3 crore operating revenue (gross revenue ~Rs 104 crore driven by bond trading).
Regulatory & material events
AMFI barred Stable Money's mutual-fund distribution arm from onboarding investors or processing fresh MF transactions (including SIPs, and gold/silver MF SIPs and lump-sums) for six months, effective 21 May 2026 to 20 Nov 2026. Some users reported SIP/transaction failures citing a restricted distributor code. Neither AMFI, Entrackr nor Inc42 disclosed any specific violation or reason for the action; the company said certain aspects of its MF operations were "under review" and that it is engaging with regulatory stakeholders. Existing MF holdings remain safe with the AMCs (held in the investor's own folio); existing FD and bond business is unaffected.
In November 2024 SEBI issued cease-and-desist orders against platforms selling unlisted NCDs to retail investors — including one branded "Stable Investments," operated by Berkelium Technologies (alongside altGraaf and Tap Invest). "Stable Investments" is a DIFFERENT, unrelated company; it is not Stable Money / Stable Broking. Researchers should not attribute that SEBI action to Stable Money.
For the year to March 2025, Stable-Alpha Technologies reported gross revenue of ~Rs 104.4 crore (up from Rs 1.3 crore) but only ~Rs 4.3 crore of operating revenue, with net loss widening to ~Rs 44.8 crore (from Rs 12.8 crore in FY24). Largest costs were ~Rs 100 crore bond purchase/trading costs, ~Rs 25 crore marketing and ~Rs 22 crore employee expense. Not a scandal, but a material solvency-runway consideration for a platform holding customer trust.
Common user complaints
Reviewers report agents dropping calls when they cannot resolve an issue, and poor escalation, even when the underlying product works.
High failure rate on video-KYC, with bank executives ending calls abruptly and no easy re-attempt path.
"Instant" withdrawal is available with only two partner banks (Suryoday SFB, Unity SFB); for others it takes 1-2 working days, and premature FD exit carries the bank's penalty.
FD options are dominated by small finance banks and NBFCs; NBFC FDs are not DICGC-insured, which some users feel is understated versus the 'safety' branding.
During the 2026 AMFI suspension, users reported failed SIP and lump-sum mutual-fund transactions with messages about a restricted distributor code, causing confusion about whether existing money was at risk.
Alternatives to consider
Sources
- https://entrackr.com/news/stable-moneys-mutual-fund-distribution-biz-suspended-by-amfi-for-6-months-12003427
- https://inc42.com/buzz/amfi-suspends-peak-xv-backed-stable-moneys-mutual-fund-distribution-business/
- https://www.whalesbook.com/news/English/mutual-funds/AMFI-Halts-Stable-Finserv-Mutual-Fund-Operations-Frozen/6a22b6a5775d982ca6c98fda
- https://www.indiahood.com/stable-money-reports-rs-43-crore-operating-revenue-in-fy25-net-loss-widens-to-rs-45-crore/
- https://blog.thealtinvestor.in/company-profile-stable-money-sebi-registered-obpp
- https://www.sebi.gov.in/online-bond-platform-providers.html
- https://obppindia.com/details-of-obpp-members/
- https://www.moneylife.in/article/sebi-asks-altgraaf-tap-invest-and-stable-investments-to-stop-offering-unlisted-debentures-on-their-platforms/75656.html
- https://inc42.com/buzz/sebi-bars-3-unregistered-online-platforms-from-selling-ncds/
- https://play.google.com/store/apps/details?id=in.stablemoney.app&hl=en_IN
- https://blog.vrid.in/2024/10/08/should-you-use-the-stable-money-app-to-invest-in-fixed-deposits-is-it-safe-convenient-and-reliable/
- https://india.entrepreneur.com/news-and-trends/stable-money-raises-usd-20-mn-series-b-to-redefine/492646
- https://www.adityabirla.com/media/stories/aditya-birla-ventures-bets-big-on-wealth-tech-with-investment-in-stable-money/
- https://www.zaubacorp.com/STABLE-BROKING-PRIVATE-LIMITED-U65990KA2023PTC170330
- https://yourstory.com/2026/02/stable-money-raises-25-million-in-pre-series-c-funding-led-by-peak-xv-partners
- https://yourstory.com/2025/12/stable-money-aims-to-triple-fixed-deposit-assets-by-2026
- https://www.policybazaar.com/fd-interest-rates/stable-money-fd-rates/
- https://stablemoney.in/
This review is for information only and is not investment advice. Bond investments carry credit and liquidity risk; verify current details on the platform and check the issuer’s credit rating before investing. Facts last verified July 2026.
Back to the bonds hubFrequently asked
What people ask about Stable Money.
Partly. It is a SEBI-registered platform and your bank FDs are held in your own name with the partner bank (not with the app), covered by DICGC up to Rs 5 lakh per bank. But 'safe' has limits: NBFC FDs on the platform are NOT DICGC-insured, bonds carry issuer default risk and are hard to exit early, and the company is loss-making. It is reasonably safe for large-bank FDs; it is not risk-free for NBFC FDs or bonds.
Yes. Bonds are offered through Stable Broking Pvt Ltd, a SEBI-registered stockbroker in the debt segment / Online Bond Platform Provider (SEBI reg INZ000314637), NSE member 90363 and BSE member 6829 (both shown as active on the OBPP member lists as of Jul 2026). The FD business is distribution (not itself a SEBI product), and mutual funds are distributed via an AMFI-registered arm — which AMFI suspended for six months (21 May-20 Nov 2026).
It is a legitimate, SEBI-registered, VC-backed company (Peak XV, Lightspeed, Fundamentum and others), not a scam. Note a common mix-up: a November 2024 SEBI order against 'Stable Investments' (run by Berkelium Technologies) for selling unlisted NCDs is a DIFFERENT company — not Stable Money. The real concerns with Stable Money are the 2026 AMFI mutual-fund-distribution suspension, its losses, and thin bond liquidity — not legitimacy.
As a distributor. It earns commission from partner banks/NBFCs on FDs (paid by the bank/NBFC, so genuinely free to you and not deducted from your FD rate) and trail commission from AMCs on mutual funds. Important nuance on MFs: it distributes REGULAR (not direct) plans, so the AMC pays that trail out of the fund's expense ratio — which is higher than the direct plan of the same fund — meaning you indirectly bear that cost versus buying direct. On bonds, it typically buys and re-sells at a price that embeds a spread — the platform's margin is inside the bond price/yield and is not itemized per trade. FY25 gross revenue was ~Rs 104 crore, largely bond trading, but it still ran a ~Rs 44.8 crore net loss.
For FDs, yes but with friction: 'instant' withdrawal works only with two banks (Suryoday SFB, Unity SFB); other banks take 1-2 working days, and premature withdrawal incurs the bank's penalty. For bonds, there is no reliable early exit — secondary-market liquidity for retail bonds is thin, so treat them as hold-to-maturity.
No. AMFI's six-month suspension (21 May-20 Nov 2026) stops Stable Finserv from processing NEW mutual-fund transactions and SIPs; it does not touch money you already invested. Existing mutual-fund units stay in your own folio with the AMC, and existing FDs and bonds are unaffected. The practical impact is that you could not start or add to mutual-fund investments on the app during the suspension.