What is the story about?
Amazon Pay has launched Fixed Deposits (FDs) in India, expanding its financial services portfolio beyond payments and credit solutions. The service is offered through partnerships with two NBFCs—Shriram Finance and Bajaj Finance—and five banks: Shivalik Small Finance Bank, Suryoday Small Finance Bank, South Indian Bank, Slice, and Utkarsh Small Finance Bank.
Customers can start fixed deposits with as little as ₹1,000 and access multiple partner institutions without opening separate savings accounts. Interest rates go up to 8% per annum, with senior citizens receiving an additional 0.5% and Shriram Finance offering up to 0.5% extra for women investors.
Deposits are insured up to ₹5 lakh per depositor per bank under the Deposit Insurance and Credit Guarantee Corporation (DICGC).
How to open an FD on Amazon Pay:
The launch follows Amazon Pay’s broader expansion into financial services, which already includes UPI payments, credit solutions, bill payments, and travel bookings. The company positions fixed deposits as a low-risk, fixed-income option for customers looking to grow savings.
Vikas Bansal, CEO of Amazon Pay, noted that the move aims to provide customers with better returns on savings and strengthen the platform’s role as a financial services provider in India.
Customers can start fixed deposits with as little as ₹1,000 and access multiple partner institutions without opening separate savings accounts. Interest rates go up to 8% per annum, with senior citizens receiving an additional 0.5% and Shriram Finance offering up to 0.5% extra for women investors.
Deposits are insured up to ₹5 lakh per depositor per bank under the Deposit Insurance and Credit Guarantee Corporation (DICGC).
How to open an FD on Amazon Pay:
- Access the Fixed Deposit feature directly through the Amazon Pay app.
- Compare offerings from partner banks and NBFCs.
- Select the preferred institution and deposit tenure.
- Complete the account opening process digitally through the app.
The launch follows Amazon Pay’s broader expansion into financial services, which already includes UPI payments, credit solutions, bill payments, and travel bookings. The company positions fixed deposits as a low-risk, fixed-income option for customers looking to grow savings.
Vikas Bansal, CEO of Amazon Pay, noted that the move aims to provide customers with better returns on savings and strengthen the platform’s role as a financial services provider in India.
