PhonePe has launched a new fixed deposit distribution platform, offering users a seamless way to compare, book, and manage deposits across partner banks and NBFCs, including an innovative micro-savings product with Shivalik Small Finance Bank.
PhonePe has widened its financial-services push with the launch of fixed deposit distribution on its app, giving users a way to discover, compare and book deposits from partner banks and non-banking finance companies. The platform said the service is intended to offer a low-risk savings option that can be managed in one place, alongside its broader payments and lending products.
The company has also tied up with Shivalik Small Finance Bank on a daily recurring deposit product, which it describes as a first-of-its-kind digital micro-savings plan. The scheme lets customers start with as little as ₹100 a day and go up to ₹1,000, using UPI Autopay to automate contributions. PhonePe said users can withdraw money after 7 days and pause the mandate at any time, with no penalty for missed deposits during a 15-day grace period.
According to PhonePe, fixed deposits booked through partner banks will be covered by deposit insurance of up to ₹5 lakh under Reserve Bank of India rules. The app will also allow customers to spread deposits across multiple banks and keep track of them without moving between separate platforms. The company’s terms say the booking process is handled through Upswing, a software platform that connects users to the underlying financial institutions.
The launch comes as other digital finance platforms race to bundle savings products into their apps. Amazon Pay recently added fixed deposits through partnerships with banks and NBFCs, while JioFinance has also rolled out an FD platform with multiple lenders. PhonePe, meanwhile, has been building out adjacent credit products too, including secured lending categories such as gold loans, bike loans, car loans, home loans and education loans.
Disclaimer: This article is intended to inform and educate, not to recommend or endorse any financial product, investment or strategy. Please consider your own financial circumstances and seek professional advice where appropriate before making financial decisions.
