PhonePe has launched Fixed Deposit (FD) distribution on its platform in partnership with leading banks and NBFCs, expanding its financial services portfolio with a fully digital investment experience.
The company has also partnered with Shivalik Small Finance Bank to introduce a Daily Recurring Deposit (Daily RD) product that enables users to invest from Rs 100 to Rs 1,000 per day through UPI Autopay.
The new FD service allows users to discover, compare and instantly book fixed deposits from partner financial institutions through the PhonePe app. Deposits booked with partner banks are insured up to Rs 5 lakh by the Deposit Insurance and Credit Guarantee Corporation (DICGC), as per Reserve Bank of India guidelines. Users can also invest across multiple banks and manage their fixed deposits within the app.
The Daily RD combines automated daily savings with the security of a bank deposit. The product offers instant liquidity, allowing users to withdraw funds after seven days or discontinue the mandate at any time, with no penalty for missing investments during a 15-day grace period.
Deep Agrawal, Vice President and Head of Payments at PhonePe, said, “The launch of our Fixed Deposit distribution, along with the Daily RD product, marks a significant milestone. By turning a traditionally offline process into a seamless, 100 per cent digital journey, we are making these savings instruments more accessible with convenience and capital safety.”
Users can open fixed deposits by selecting a partner bank or NBFC within the PhonePe app, choosing the deposit tenure and investment amount, completing PAN and Aadhaar verification, adding nominee details and making payment through UPI or net banking. Daily RD users can also authorise an automated UPI Autopay mandate.
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