PhonePe users can now compare and book fixed deposits from partner banks and NBFCs directly in the app, with a micro-savings product starting at ₹100 per day.
PhonePe this week rolled out a fixed deposit distribution service, letting users compare options from partner banks and non-banking financial companies before booking FDs directly in its mobile app, the company said.
The Walmart-owned firm also introduced a Daily Recurring Deposit micro-savings product with Shivalik Small Finance Bank. Investments start at ₹100 per day, the release said.
“We want to empower every Indian to accelerate their financial progress,” Deep Agrawal, VP and Head of Payments at PhonePe, said in a statement.
Users can open FDs within the app, turning a traditionally offline process into a fully digital journey. The product works with any bank account via UPI rails.
PhonePe, launched in 2016, has more than 70 crore registered users as of April 2026, according to the release. Its digital payments acceptance network spans over 5 crore merchants.
The company’s other products include Share.Market, a stock broking and mutual funds distribution platform, and Indus Appstore, an Android-based mobile app marketplace.
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