Amazon Pay Launches Fixed Deposit Service, Expanding Into Investments
Amazon Pay has introduced a new fixed deposit (FD) investment service, moving beyond its traditional bill payments and online shopping offerings. The platform now allows users to invest in FDs directly through the app, marking Amazon Pay’s entry into the investment sector. The service is available in partnership with multiple financial institutions, including five banks and two non-banking finance companies (NBFCs).
The FD service is offered in collaboration withShivalik Small Finance Bank, Suryoday Small Finance Bank, South Indian Bank, Slice, Utkarsh Small Finance Bank, Shriram Finance, and Bajaj Finance. Users can compare FD options, interest rates, and tenures within the app. The process is fully digital, eliminating the need for physical paperwork or in-person visits.
A key feature of Amazon Pay FDs is that usersdo not need to open a separate savings accountwith any partner bank or NBFC. Investors can directly select the FD product, tenure, and deposit amount, making the process seamless and convenient.
FDs on Amazon Pay offerinterest rates of up to 8% per year, depending on the partner and tenure chosen. The minimum deposit isRs 1,000, making it accessible for small investors.
Women investors can earnup to 0.5% additional intereston FDs offered by Shriram Finance. Users can review interest rates and terms for each FD product before investing. The entire account opening and investment process isdigital and user-friendly, all handled within the Amazon Pay section of the app.
Amazon Pay confirms that FDs booked with partner banks areinsured under the Deposit Insurance and Credit Guarantee Corporation (DICGC), ensuring the safety of deposits.
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