PhonePe this week launched a fixed deposit (FD) distribution, which allows users to compare options on offer by partner banks and non-banking financial companies (NBFCs) before booking FDs on its mobile app, the company said in a release.
Further, the online payment aggregator has also introduced a Daily Recurring Deposit (SIP) micro-savings product with Shivalik Small Finance Bank. “This offering enables users to build a disciplined savings habit with investments starting at just ₹100 per day,” the release added.
Deep Agrawal, VP and Head of Payments at PhonePe said the vision is to “empower every Indian to accelerate their financial progress”.
According to the statement, users can now open FDs directly within the PhonePe app. Key features include:
“FDs remain a cornerstone of Indian household savings, offering guaranteed returns. By turning a traditionally offline process into a seamless, 100% digital journey, with the ability to interoperably invest using any bank account on the UPI rails, we are making these savings instruments accessible to the heart of Bharat with absolute confidence, capital safety, and convenience,” Agrawal added.
Launched in 2016, as of April 2026, PhonePe has more than 70 crore registered users, according to the release. Its digital payments acceptance network is spread across over 5 crore merchants.
The Walmart owned company’s products and services include consumer payments (including digital distribution services), merchant payments, lending and insurance distribution services, and new platforms, which comprise Share.Market (stock broking and mutual funds distribution platform), and Indus Appstore (Android-based mobile app marketplace).
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Jocelyn Fernandes is a journalist and editor with nearly 13 years of experience covering the business, corporate, economy and markets beats in news.<br>
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