- PhonePe has launched Fixed Deposit (FD) distribution in partnership with banks and NBFCs.
- The fintech platform has also introduced a Daily Recurring Deposit (Daily RD) with investments starting from ₹100 per day.
- FDs booked through partner banks are insured up to ₹5 lakh under DICGC guidelines.
MUMBAI: PhonePe on Thursday announced the launch of Fixed Deposit (FD) Distribution on its platform, allowing users to open and manage fixed deposits digitally through its app. The company has also partnered with Shivalik Small Finance Bank to introduce a Daily Recurring Deposit (Daily RD), a micro-savings product designed to help users build disciplined saving habits with investments starting from just ₹100 per day.
The new offerings expand PhonePe’s financial services portfolio by providing customers with convenient access to low-risk savings products.
PhonePe Fixed Deposit Service Goes Live
With the new feature, users can discover, compare and book fixed deposits from partner banks and NBFCs directly within the PhonePe app.
The company said customers can:
- Compare FD options from multiple financial institutions.
- Invest using any bank account through UPI.
- Manage all their fixed deposits from a single dashboard.
According to PhonePe, deposits booked with partner banks are insured up to ₹5 lakh by the Deposit Insurance and Credit Guarantee Corporation (DICGC), in line with Reserve Bank of India (RBI) guidelines.
Daily RD Lets Users Save From ₹100 Per Day
PhonePe has also launched a Daily Recurring Deposit (Daily RD) in partnership with Shivalik Small Finance Bank.
The product allows users to automate daily savings ranging from ₹100 to ₹1,000 through UPI Autopay.
Key features include:
- Daily investments starting at ₹100.
- Automated savings through UPI Autopay.
- Option to withdraw funds after seven days.
- Facility to stop the mandate at any time.
- No penalty for missed contributions within a 15-day grace period.
The company said the product is designed for mainstream consumers, young investors and underbanked users looking to develop regular saving habits.
How to Book an FD on PhonePe
Users can access the new services by opening the PhonePe app and selecting Fixed Deposits or Daily RD under the “Mutual Funds & Deposit” section.
The booking process includes:
- Selecting a partner bank or NBFC.
- Choosing a tenure ranging from 7 days to 10 years.
- Entering the investment amount.
- Completing digital KYC using PAN and Aadhaar.
- Adding nominee details.
- Making payment through PhonePe UPI or Net Banking.
For the Daily RD, users are required to authorise a UPI Autopay mandate.
Commenting on the launch, Deep Agrawal, Vice President and Head of Payments at PhonePe, said the initiative aims to make trusted savings instruments more accessible by offering a completely digital investment experience with convenience, security and flexibility.
You May Like
Trending Searches Today |
- West Bengal to Recruit 14,454 Government Post, To Provide Rs 50,000 For Unmarried Women
- OnePlus, boAt and realme Gain Ground in Amazon India’s Earbuds Market, Sale Starts
- Sensex, Nifty Recover as FMCG, Energy and Banks Lead Gains
- Odisha CM Launches Jeevan Jindabad 2.0 Campaign, Addiction-Free Odisha
- Next-Gen GST Reforms to Focus on Registration, Refunds and ITC: FM
Amazon Online Shopping
