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.
