New Delhi: Most people dream of making money through investments without any hassle. Now, not only banks but also Amazon Pay have launched a fixed deposit facility. Amazon Pay, which was previously known for payments, UPI, bill payments, and credit cards, is now offering direct investment options.

With this new feature, customers can open fixed deposits with various banks and NBFCs without any trouble. This is done entirely digitally through the Amazon Pay app. Users can earn attractive interest rates and access all the relevant details through the app.

Amazon Pay FD Details

Amazon Pay’s FD service has been launched in partnership with two NBFCs – Shriram Finance and Bajaj Finance – and five other institutions: Shivalik Small Finance Bank, Suryoday Finance Bank, South Indian Bank, Slice, and Utkarsh Small Finance Bank. Users can start an FD with a minimum investment of ₹1000.

There is no need to open separate savings accounts with different banks. Currently, the interest rate is 8% per annum. Senior citizens receive an additional 0.5% interest. Shriram Finance also offers an additional 0.5% interest to women. Opening an account on the Amazon Pay app is also easy.

Opening an FD Made Easy

Did you know that opening an FD on the Amazon app is quite easy? Users simply need to go to the Amazon Pay section and select the FD option. They can compare the FD schemes of all the partner banks and NBFCs available on the app.

Customers can choose a bank or NBFC according to their needs and set the tenure and amount. The entire process is completed digitally through the app using digital KYC. There is no need for any paperwork or visiting a bank.

This investment option is also considered reliable in terms of security. FDs made with banks are covered by insurance up to ₹5 lakh under DICGC.