FD: PhonePe has recently introduced a fixed deposit (FD) distribution service. A standout feature of this service is the ability to compare offers from partner banks and non-banking financial companies (NBFCs) before finalizing an FD through the mobile app. Additionally, the online payment aggregator has rolled out a Daily Recurring Deposit (SIP) micro-savings product in partnership with Shivalik Small Finance Bank. This feature aims to encourage users to cultivate a consistent savings habit by investing just Rs 100 each day.

What makes opening an FD on the PhonePe app unique?

 

The company states that users can now set up FDs directly within the PhonePe app, which comes with several important features.

– Offers a secure and low-risk savings alternative.

– Enables users to search, compare, and book FDs instantly from reliable partners.

– FDs booked with partner banks are protected under RBI regulations, with an insurance cover of Rs 5 lakh from DICGC.

– Allows investments across various banks and simplifies the management of all your FDs within the PhonePe app.

Steps to book an FD on the PhonePe app

1. Launch the PhonePe app and select Fixed Deposits or Daily RD in the Mutual Funds and Deposits section on the home screen.

2. Choose your preferred partner bank or NBFC from the dashboard presented.

3. Specify the duration (ranging from 7 days to 10 years) and input the investment amount.

4. You will need to verify your identity using Aadhaar and PAN.

5. Fill in the nominee details and complete the payment via PhonePe or NetBanking to finalize the FD booking.

6. Customers opting for Daily RD will need to authorize the automated UPI Autopay mandate.

You can easily withdraw funds from both FD and Daily RD at any time throughout the day.

During the launch, Deep Agrawal, VP and Head of Payments at PhonePe, stated, “At PhonePe, we aim to empower every Indian to enhance their financial journey by providing seamless access to financial services. The introduction of our fixed deposit distribution, alongside the Daily RD product, represents a major step forward in this mission. Fixed Deposits are a fundamental part of savings for Indian households, ensuring guaranteed returns. By transforming a traditionally offline process into a fully digital experience, allowing investments through any bank account on the UPI platform, we are making these savings tools available to the core of Bharat with complete confidence, safety of capital, and ease of use.”