Amazon Pay has launched fixed deposit (FD) offerings in India, expanding its financial services ecosystem through partnerships with two non-banking financial companies, Shriram Finance and Bajaj Finance, and five banks: Shivalik Small Finance Bank, Suryoday Small Finance Bank, South Indian Bank, Slice, and Utkarsh Small Finance Bank.
Customers can open fixed deposits starting from Rs 1,000 directly on Amazon Pay without the need to open separate savings accounts with partner institutions. The partner entities offer interest rates of up to 8 per cent per annum, with all providing an additional 0.5 per cent interest for senior citizens. Shriram Finance also offers up to 0.5 per cent additional interest for women investors.
Commenting on the launch, Vikas Bansal, CEO, Amazon Pay, said fixed income instruments continue to remain popular in India due to their simplicity, guaranteed returns, and low-risk profile. He added that the introduction of fixed deposits marks another step in Amazon Pay’s journey towards building a comprehensive financial solutions ecosystem for Indian customers.
The launch builds on Amazon Pay’s evolution from a payments platform into a broader financial services provider, which currently offers UPI payments, credit solutions, bill payments, and travel bookings, alongside investment products.
Fixed deposits with partner banks are insured up to Rs 5 lakh per depositor per bank under the Deposit Insurance and Credit Guarantee Corporation (DICGC), a subsidiary of the Reserve Bank of India. Customers can access the fixed deposit feature within Amazon Pay to compare offerings, choose a preferred bank or NBFC, select a tenure, and complete the process digitally.
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