Now Reading: PhonePe launches fixed deposit, daily RD on app
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PhonePe launches fixed deposit, daily RD on app
PhonePe has launched a fixed deposit distribution platform on its app, letting users compare and book FDs from multiple banks and NBFCs. It also introduced a Daily Recurring Deposit (RD) with Shivalik…
The Story in Brief
PhonePe has launched a fixed deposit distribution platform on its app, letting users compare and book FDs from multiple banks and NBFCs. It also introduced a Daily Recurring Deposit (RD) with Shivalik Small Finance Bank, starting at Rs 100 per day via UPI AutoPay. Deposits are insured up to Rs 5 lakh under the DICGC scheme.
Users can choose tenures from 7 days to 10 years, withdraw funds after 7 days, and manage all deposits from a single dashboard. The feature aims to bring digital convenience to traditional savings, especially for first-time investors.
The Indian Opinion
The launch of PhonePe’s FD and daily RD is being hailed as a breakthrough for financial inclusion. The digital ease is welcome, but the real test is whether users will actually maintain daily savings discipline. The interest rates from Shivalik Small Finance Bank are competitive, yet must be weighed against other options. The 15-day grace period for missed investments raises a question: will it encourage consistent saving or breed complacency? The key metric to watch is whether this creates new savings habits or merely shifts existing deposits.
Sources (3): economictimes.indiatimes.com, timesnownews.com, livemint.com
This story was synthesised by AI from the 3 sources linked above.
Updated: this story now draws on 3 sources.
