PhonePe adds in-app fixed deposits and daily recurring deposits
PhonePe has launched fixed-deposit distribution across partner banks and NBFCs, alongside a Daily RD with Shivalik Small Finance Bank. Users can compare, book and manage deposits in the app using UPI-linked payments and Autopay.
What happened
PhonePe launched in-app fixed-deposit distribution across partner banks and NBFCs, plus a Daily RD product with Shivalik Small Finance Bank. Users can compare,
Key facts
- FD tenures: 7 days to 10 years
- DICGC insurance: up to ₹5 lakh
- Daily RD investments: ₹100-₹1,000 per day
- Daily RD withdrawal eligibility: after 7 days
- Missed-investment grace period: 15 consecutive days
- PhonePe registered users: over 70 crore
- PhonePe merchant network: over 5 crore
Why this matters
Banks, NBFCs and wealth platforms should view PhonePe as a scaled distribution partner—and a potential channel competitor—for digitally acquired retail savings products.
What to watch
- Number of partner banks and NBFCs, advertised interest-rate range, and availability of deposit insurance disclosures.
- Daily RD ticket sizes, repeat contribution rates, Autopay mandate activation and missed-payment rates.
- PhonePe disclosures on FD/RD assets distributed, active savers, revenue contribution or cross-sell conversion.
- Competitor launches from payments apps, neobanks, brokerages and incumbent banks.
- RBI or consumer-protection guidance on fintech deposit distribution, product labeling, KYC and grievance handling.
- Reports of maturity, withdrawal, failed Autopay or customer-support issues.
- Add goal-based savings journeys, deposit ladders, maturity reminders and one-click reinvestment.
- Bundle deposits with mutual funds, gold, insurance and credit-score or financial-health tools to build a broader wealth marketplace.
- Use transaction data to target users with recurring surplus cash, while emphasizing consent, privacy and suitability controls.
- Expand the partner roster across banks and NBFCs, competing on rates, tenors, liquidity and service-level reliability.
- Introduce merchant and self-employed savings products that automate daily or weekly deposits from UPI collections.