Cashaa Personal Account: Fixed interest rate on deposit of 24%, Flex Earnings up to 13% advertised interest rate. Should you invest?
After serving business users, crypto-friendly neo-bank Cashaa has announced the launch of personal accounts with a yield program for individuals. In a statement, Cashaa said personal accounts will allow users to store, buy, sell and earn interest without risking assets for unknown Defi projects.
Cashaa provides banking services to crypto businesses globally, as well as physical banking services in India through UNICAS. After offering essential banking services to businesses, the brand launched the personal wallet for individuals.
The statement says that with the new wallet, users can earn the “best return” on crypto, stablecoin and fiat deposits in over 22 supported currencies. Interest will be paid daily to investors with no risk of losing their funds to Defi projects.
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“We are the largest enterprise banking platform providing services to the crypto industry. Today, over 400 crypto brands use Cashaa, including industry leaders from around the world. Cashaa is a preferred banking platform for businesses in the crypto industry. Launching personal accounts with the best interest rates is an important step for us. We are taking another step forward in terms of researching a balance between regulation and providing benefits to the crypto community, and we expect Cashaa to succeed as a consumer brand as well,” said Kumar Gaurav, Founder and CEO of Cashaa.
Cashaa personal account features
Cashaa said that with the new user-friendly account, he removed the dependency of all Web3 wallets.
The Cashaa personal account will include two modules:
- Flex Earnings up to 13% interest rate with no lock, user will start earning interest as soon as they deposit supported crypto into Cashaa personal wallet, and
- Income on fixed deposit up to 24% interest rate with a lock-in period of funds between 1 month and 12 months. Fixed deposits will be available for business and personal users. Users will also get a bonus interest rate of up to 4% by opting into the interest earning mode in CAS tokens.
Cashaa aims to revolutionize the fintech space by banking the global crypto economy. More than 400 crypto brands including industry leaders like Binance, Kucoin, Elrond, Polygon, Bitbns, CoinDCX, Unocoin, CoinSwitch and many more use Cashaa services, according to the release. In addition to Unicas in India, Cashaa will roll out its services for personal users across the globe.
It is proposed that crypto income in India will be taxed at a fixed rate of 30% from the following financial year. (Read details here)
(Cryptos are unregulated assets in India. Investing in them could result in losses. Please consult your financial advisor before making any investment decision.)
