PhonePe launches fixed deposit platform with leading banks and NBFCs

• Sunny Goel
• 08 Aug 2026
• 17 Views

PhonePe, a leading Indian digital payments and financial services company, has announced the launch of Fixed Deposit (FD) Distribution. It has collaborated with various prominent banks as well as NBFCs. According to experts, this will ensure PhonePe users build a disciplined approach towards saving as investments can start at as little as Rs. 100 per day. Using the PhonePe app, the users will be able to browse and book FDs directly. The tenures range from 7 to 10 years. 

Multiple FDs Through a Single Platform 

It is expected that the launch of FD distribution will allow users to invest in FDs offered by multiple banks through a single platform. It will also provide a smooth and convenient experience within the PhonePe app. 

By leveraging the UPI network, the service may offer greater liquidity and allow users to withdraw their money after just seven days or stop the mandate whenever they want. 

PhonePe’s Vision for Digital Savings 

While speaking on the launch, VP and Head of Payments at PhonePe, Deep Agrawal stated, “At PhonePe, our vision is to empower every Indian to accelerate their financial progress by unlocking seamless access to financial services. The launch of our fixed deposit distribution, along with the Daily RD product, marks a significant milestone in that direction. Fixed Deposits remain a cornerstone of Indian household savings, offering guaranteed returns. By turning a traditionally offline process into a seamless, 100 per cent 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."

Analysts Highlight Benefits for First-Time Savers 

According to the Analysts, it is believed that PhonePe’s distribution of FDs could deepen digital access to fixed income products by bringing several banks and NBFCs together on a single platform. The Daily RD, which allows users to start investing with just Rs. 100 per day, could encourage people to develop a regular and disciplined savings habit. 

Key Factors Investors Should Consider 

At the same time, UPI-based registration could make transactions easier and broaden participation among first time savers. With that being said, the investors must compare the interest rates, rules for premature withdrawal and applicable charges.

Source: MSN