PhonePe Launches Fixed Deposit Marketplace, Introduces Daily Recurring Deposit With Shivalik SFB

PhonePe has entered the fixed deposit distribution business, partnering with banks and non-banking financial companies (NBFCs) to allow users to compare and book fixed deposits through its app, as the Walmart-backed fintech expands its financial services offerings.

The company also launched a digital Daily Recurring Deposit (RD) product in partnership with Shivalik Small Finance Bank, allowing users to invest between ₹100 and ₹1,000 a day through UPI Autopay, it said in a statement.

The fixed deposit marketplace enables users to discover, compare and book deposits from partner banks and NBFCs through a fully digital, paperless process within the PhonePe app. Users can invest across multiple partner institutions and manage their deposits on a single platform.

PhonePe said fixed deposits booked with partner banks are insured up to ₹5 lakh by the Deposit Insurance and Credit Guarantee Corporation (DICGC), in line with Reserve Bank of India regulations.

The Daily RD product is designed to encourage small-ticket, automated savings by combining recurring daily contributions with the security of a bank deposit. Users can withdraw funds after seven days or stop the UPI Autopay mandate at any time. The product also provides a 15-day grace period without penalties for missed daily contributions.

"At PhonePe, our vision is to empower every Indian to accelerate their financial progress by unlocking seamless access to financial services. The launch of our Fixed Deposit distribution, along with the Daily RD product, marks a significant milestone in that direction. Fixed Deposits remain a cornerstone of Indian household savings, offering guaranteed returns. By turning a traditionally offline process into a seamless, 100% digital journey, with the ability to interoperably invest using any bank account on the UPI rails, we are making these savings instruments accessible to the heart of Bharat with absolute confidence, capital safety, and convenience," said Deep Agrawal, Vice President and Head of Payments at PhonePe.

Users can access the products through the "Mutual Funds & Deposits" section of the PhonePe app, select a partner bank or NBFC, choose an investment tenure ranging from seven days to 10 years, complete digital PAN and Aadhaar verification, and make payments using UPI or net banking. Daily RD customers are required to authorise a UPI Autopay mandate.

PhonePe, founded in 2016, said it had more than 700 million registered users and a merchant acceptance network of over 50 million as of April 2026. The company also offers payments, lending and insurance distribution services, as well as stockbroking and mutual fund distribution through Share.Market and the Indus Appstore for Android.