PhonePe Launches FD Distribution Platform, Daily RD Savings Product
Bengaluru, Aug. 6 (TNT): Digital payments platform PhonePe on Thursday launched a Fixed Deposit (FD) distribution service in partnership with leading banks and non-banking financial companies (NBFCs), enabling users to compare and book fixed deposits through a fully digital process.
The company also introduced a Daily Recurring Deposit (RD) micro-savings product in partnership with Shivalik Small Finance Bank, allowing users to invest from Rs. 100 to Rs. 1,000 per day through UPI Autopay.
According to the company, the FD platform enables customers to discover, compare and book deposits from multiple partner banks and NBFCs within the PhonePe app.
Deposits with partner banks are insured up to Rs. 5 lakh by the Deposit Insurance and Credit Guarantee Corporation (DICGC), in line with Reserve Bank of India guidelines.
The Daily RD product offers instant liquidity, allowing users to withdraw funds after seven days or discontinue the mandate without penalty during a 15-day grace period.
PhonePe Vice President and Head of Payments Deep Agrawal said the initiative aims to make fixed deposits and other savings instruments more accessible through a seamless digital platform while encouraging disciplined savings.
The company said users can open fixed deposits with tenures ranging from seven days to 10 years after completing digital PAN and Aadhaar verification, with payments made through UPI or net banking.
PhonePe, launched in 2016, has over 70 crore registered users and a merchant acceptance network of more than five crore across India.
TNT KS
