PhonePe Adds Fixed Deposits and Daily Recurring Deposits to App

The Story in Brief

PhonePe has launched fixed deposit distribution on its app through partnerships with multiple banks and non-banking financial companies. Users can compare and book deposits digitally, select tenures from seven days to 10 years, and manage deposits from one platform. PhonePe says eligible deposits with partner banks are insured up to Rs 5 lakh under the DICGC scheme.

Its Daily Recurring Deposit feature, offered with Shivalik Small Finance Bank, allows investments of Rs 100 to Rs 1,000 per day through UPI AutoPay. Users can complete digital verification using PAN and Aadhaar. The sources say withdrawals and mandate stopping are available, but applicable premature withdrawal rules and charges should be checked.

The Indian Opinion

The service could make fixed-income products easier to access, especially for people who prefer small, regular savings. However, convenience does not guarantee the best return or suitable terms. Claims about widening access and offering liquidity are broadly presented by the company and analysts, while details on charges and withdrawal conditions remain important. Users should compare partner rates, tenure and rules before investing.

Sources (2): economictimes.indiatimes.com, timesnownews.com

This story was synthesised by AI from the 2 sources linked above.

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