Given the huge success of mutual fund service Yuebao, Small and Micro Financial Service Group, Alibaba’s spin-off which is owned by chairman Jack Ma and a series of investors, released a new online financial product Zhaocaibao to deepen its forays into online financial field by setting eyes on fixed deposits.

Since fixed deposits are less liquid as compared with current deposits, over 50% of users aged around 30 years old has never put their money into fixed deposit accounts, according to data from Yuebao.

In traditional banks, individual users who are in urgent need of cash only can get the interests of current deposits when they want to withdraw the savings before fixed deposit scheme ends.

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Emma Lee

Emma Lee is Shanghai-based tech writer, covering startups and tech happenings in China and Asia in general. We are looking for stories related to tech and China. Reach her at lixin@technode.com.