PhonePe Launches Fixed Deposit Platform With Leading Banks And NBFCs
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PhonePe has announced the launch of Fixed Deposit (FD) Distribution on its platform, partnering with prominent banks and NBFCs. Experts believe this will ensure users build a disciplined approach towards saving as investments can start at just Rs 100 per day. Users will be able to browse and book FDs directly on the app with tenures ranging from 7 days to 10 years, partnering with multiple banks and NBFCs. The Fixed Deposit Distribution launch is likely to ensure users can invest across multiple banks and use facilitates seamlessly within the PhonePe app. Experts believe this launch will also make use of the scale of UPI offering instant liquidity, and allowing users to withdraw their funds after just 7 days or be able to stop the mandate whenever they wish to. Speaking on the launch, Deep Agrawal, VP and Head of Payments at PhonePe said, "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 per cent digital journey, with the ability to interoperably invest using any bank account on the UPI rails, we are...
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