The company has also introduced a Daily Recurring Deposit (RD) product in partnership with Shivalik Small Finance Bank, enabling users to save through daily investments starting at ₹100.
Under the new FD feature, users can access multiple deposit options, compare interest rates and tenures, and open FDs through a paperless process. Deposits booked with partner banks will be insured up to ₹5 lakh under the Deposit Insurance and Credit Guarantee Corporation (DICGC) framework, subject to applicable rules.
PhonePe said the platform will allow customers to manage FDs across multiple partner banks through a single interface.
How the Daily RD works
The Daily RD product is designed as a small-ticket savings option, allowing users to automate investments ranging from ₹100 to ₹1,000 per day through UPI Autopay.
The product combines features of a recurring deposit with automated digital payments. Users can withdraw funds after seven days and can stop the UPI mandate at any time, according to PhonePe. The company said users will also get a 15-day grace period for missed investments without penalties.
How users can book FDs on PhonePe
Users can access the FD and Daily RD options under the “Mutual Funds & Deposit” section on the PhonePe app. They can select a partner bank or NBFC, choose the tenure and investment amount, complete digital verification through PAN and Aadhaar, and make payments through UPI or net banking.
Fixed deposits remain one of the most popular savings products in India due to their fixed returns and relatively low risk compared with market-linked instruments. Digital platforms have increasingly expanded their role in distributing financial products, including deposits, insurance and mutual funds.
Deep Agrawal, Vice President and Head of Payments at PhonePe, said the launch aims to make fixed deposits more accessible by moving the process online and enabling users to invest through digital channels.
First Published: Aug 6, 2026 10:42 AM IST
