PhonePe launches fixed deposit distribution: Here's how to book FDs across banks, NBFCs using app — Stepwise guide

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”.

Open FDs directly within PhonePe app

According to the statement, users can now open FDs directly within the PhonePe app. Key features include:

• Providing a stable, low-risk savings option.
• Discover, compare, and instantly book FDs from trusted partners.
• FDs booked with the partner banks are insured up to ₹5 Lakh by the Deposit Insurance and Credit Guarantee Corporation (DICGC), as per Reserve Bank of India (RBI) guidelines.
• Enables users to invest across multiple banks and facilitates seamless management of all their FDs within the PhonePe app.

“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.

Daily Recurring Deposit (SIP): Key highlights

• The Daily RD (SIP) combines automated SIPs with the security and familiarity of a bank deposit.
• Users can automate small-ticket investments ranging from ₹100-1,000 per day.
• It is backed by the simplicity and scale of UPI Autopay,
• It offers instant liquidity, allowing users to withdraw funds after just seven days or stop the mandate anytime with no penalties on missing investments during a consecutive 15-day grace period.

How to access and book FDs on PhonePe app

• Open the PhonePe app and tap Fixed Deposits or Daily RD under the “Mutual Funds & Deposit” section on the home screen.
• Select the preferred partner bank or NBFC from the aggregated dashboard.
• Select the tenure (7 days up to 10 years) and enter the investment amount.
• You will have to verify ID using Aadhaar and PAN.
• Add nominee details and complete the payment using PhonePe or netbanking to complete booking the FD.
• For customer's choosing the Daily RD option, authorise the automated UPI Autopay mandate.
• You have flexibility to withdraw FDs and Daily RDs seamlessly at any time of the day.

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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