PhonePe Expands Savings Portfolio With Fixed Deposits and ₹100 Daily RD
Digital payments platform PhonePe has expanded its financial services portfolio with the launch of Fixed Deposit (FD) and Daily Recurring Deposit (RD) products.
The Daily RD has been introduced in partnership with Shivalik Small Finance Bank, allowing users to start saving with as little as ₹100 per day through UPI AutoPay. The initiative is designed to make disciplined saving more accessible through small, regular contributions.
PhonePe is also offering users the ability to book Fixed Deposits digitally through its app, adding another traditional savings product to its growing financial-services ecosystem.
PhonePe’s ₹100 Daily Savings Product
The Daily RD is designed for users who want to build a regular savings habit without committing a large amount at once.
Users can start with a daily contribution of ₹100, with the amount automatically debited through the linked payment setup. According to Shivalik Small Finance Bank, its Daily RD supports instalments between ₹100 and ₹1,000 per day.
The Daily RD has a minimum tenure of six months and a maximum tenure of 12 months.
The product essentially converts small daily contributions into a structured recurring deposit, helping users save consistently while earning interest.
How Does PhonePe Daily RD Work?
The Daily RD is designed around automated contributions.
Once the user sets up the required mandate, the daily amount is automatically debited from the linked bank account and credited toward the RD.
This approach removes the need for users to manually transfer money every day and can make saving more consistent.
The minimum initial booking amount is ₹100, while the maximum initial amount is ₹1,000. Users who meet the applicable KYC requirements can also modify their daily instalment amount within the permitted limits.
PhonePe Also Adds Fixed Deposit Options
Alongside the Daily RD, PhonePe has expanded its platform to allow users to book Fixed Deposits digitally.
The FD offering is being distributed through partnerships with multiple banks and financial institutions, giving users access to deposit products directly through the PhonePe app.
Fixed Deposits remain one of India’s most widely used savings instruments, particularly among consumers looking for predetermined interest-based returns over a selected tenure.
Shivalik Small Finance Bank, for example, offers term deposits with tenures ranging from seven days to 10 years, subject to the applicable product terms and interest rates.
Why Is PhonePe Entering Micro-Savings?
PhonePe’s latest move reflects the broader expansion of digital payment platforms into financial services.
Millions of users already use PhonePe for everyday payments, bills and other financial transactions. Adding savings and investment products allows the platform to offer more financial services within the same digital ecosystem.
The ₹100 daily saving option is particularly aimed at lowering the entry barrier for users who may find conventional investment products difficult to start with.
Instead of waiting to accumulate a larger amount, users can begin with a relatively small daily contribution.
Shivalik Small Finance Bank’s Role
Shivalik Small Finance Bank is the banking partner behind the Daily RD product.
The bank’s Daily RD is specifically designed to encourage customers with irregular saving habits to make smaller deposits regularly while earning interest.
The bank states that Daily RD interest rates follow the applicable term-deposit rates on the date each deposit is booked, subject to its terms and policies.
The Daily RD also supports features such as top-ups and limited changes to the daily contribution amount, subject to eligibility and applicable limits.
What Happens If a Daily Payment Fails?
Because the Daily RD relies on automated payments, users need to maintain sufficient balance in their linked account.
According to Shivalik Small Finance Bank, if daily instalments fail for 15 consecutive days, the automated payment arrangement can be suspended. The accumulated balance continues to remain subject to the applicable maturity and withdrawal rules.
This makes maintaining sufficient balance important for users who want to continue their daily savings plan without interruption.
PhonePe’s Growing Financial Services Business
The Daily RD and FD offerings are part of PhonePe’s broader expansion beyond digital payments.
The company already provides users with access to several financial services, including investments, insurance, lending and savings-related products.
By adding deposit products, PhonePe is moving further into everyday personal finance and giving users more options to manage their money from a single platform.
What Does the ₹100 RD Mean for Users?
The biggest attraction of the Daily RD is its relatively low starting amount.
Saving ₹100 per day works out to approximately ₹3,000 in a 30-day month, although the actual number of daily instalments depends on the product’s terms and the user’s setup.
For users who struggle to maintain a regular monthly savings habit, an automated daily contribution can provide a simple way to build consistency.
However, users should check the applicable interest rate, tenure, premature withdrawal rules, KYC requirements and other terms before opening any deposit product.
What Happens Next?
PhonePe’s expansion into FDs and Daily RDs strengthens its position as a broader digital financial-services platform.
The success of these products will depend on how effectively PhonePe can convert its large payments user base into regular savers and investors.
The ₹100 entry point could help the company reach users looking for simple and accessible ways to begin structured saving.
Final Thoughts
PhonePe’s launch of Fixed Deposits and a ₹100 Daily Recurring Deposit marks another step in the company’s expansion beyond digital payments.
Through its partnership with Shivalik Small Finance Bank, the platform is making daily saving possible with contributions starting at just ₹100, while automated payments can help users maintain a disciplined savings habit.
The addition of digital FD options further expands PhonePe’s financial-services portfolio.
As digital platforms increasingly become one-stop destinations for payments, savings and investments, PhonePe’s latest move could help bring structured deposit products to a wider base of Indian consumers.
Frequently Asked Questions
What is PhonePe Daily RD?
PhonePe Daily RD is a recurring deposit product offered in partnership with Shivalik Small Finance Bank, allowing eligible users to make regular daily deposits through an automated payment setup.
What is the minimum amount for PhonePe Daily RD?
Users can start the Daily RD with a minimum initial amount of ₹100. The permitted daily instalment range is ₹100 to ₹1,000, subject to applicable terms.
What is the tenure of Shivalik Bank’s Daily RD?
The Daily RD has a minimum tenure of six months and a maximum tenure of 12 months.
Can users book Fixed Deposits through PhonePe?
Yes. PhonePe has introduced digital Fixed Deposit booking through partnerships with multiple banks and financial institutions.
How are PhonePe Daily RD payments made?
The Daily RD uses an automated payment mandate, allowing the daily instalment to be debited from the user’s linked bank account and credited to the RD.
Can the Daily RD amount be changed?
Yes. Eligible customers can modify the daily instalment amount up to five times during the tenure, within the permitted ₹100 to ₹1,000 range and subject to applicable conditions.
What happens if a Daily RD payment fails?
If daily instalments fail for 15 consecutive days, the automated payment arrangement may be suspended. The accumulated balance remains subject to the bank’s applicable maturity and withdrawal rules.
