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UPI AutoPay: PhonePe has launched FD and Daily RD features on its app. Users can now invest via their mobile phones from the comfort of their homes and start saving with as little as ₹100 per day.

PhonePe FD-RD News: If you wish to grow your savings securely and are considering starting with small amounts, the process is now much easier than before—you no longer need to visit a bank branch. Digital payment platform PhonePe has introduced Fixed Deposit (FD) and Daily Recurring Deposit (Daily RD) facilities on its app. This allows you to invest using your mobile phone from home. A key highlight is that you can start investing with just ₹100 a day.

What is the minimum investment amount?

You can invest between ₹100 and ₹1,000 daily in the Daily RD scheme on PhonePe. This facility has been launched in partnership with Shivalik Small Finance Bank. It is considered a highly beneficial option for cultivating a habit of small savings. A standout feature is that the investment amount is deducted automatically via UPI AutoPay, eliminating the need to make a separate payment every day.

How to book an FD on PhonePe?

You can compare FD schemes from various banks and NBFCs available on the PhonePe app.
Select the FD of your choice after reviewing interest rates, investment tenure, and other features.
The entire process is online and paperless.
You can invest after completing digital verification using Aadhaar and PAN.
Payments can be made via UPI or net banking.

Key features of Daily RD

Option to deposit small amounts daily.
Can be stopped at any time via UPI AutoPay.
Funds can be withdrawn after just 7 days if needed. If an investment installment is missed, you will get a 15-day grace period.
No penalty will be charged for a missed installment.
Users can disable the AutoPay feature at any time.

How to start investing?

Go to the 'Mutual Funds & Deposits' section of the PhonePe app.
Select the FD or Daily RD option.
Choose a bank or NBFC.
Decide on the investment amount and tenure.
Complete digital verification to start investing.

Benefits for investors

FDs opened with partner banks will be covered by insurance of up to ₹5 lakh under DICGC regulations.
FDs from different banks can be easily managed from a single platform.
The investment process can be completed in just a few minutes without visiting a bank.