Invest in FDs with Amazon Pay, no bank account required
Amazon Pay Fixed Deposit Investment Service: After UPI and bill payments, Amazon Pay has now ventured into investment services. The company has launched a Fixed Deposit (FD) investment service, allowing users to invest in FDs directly through the Amazon Pay app. This facility is offered in partnership with NBFCs, Small Finance Banks, and one other bank. Importantly, a separate savings account is not required to open an FD. The minimum investment starts at ₹1,000, and interest rates can go up to 8 percent per annum.
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What's special about the Amazon Pay FD service?
This new Amazon Pay service is for users who want safe and guaranteed returns. With this facility, users will not need to open a separate savings account with any NBFC, Small Finance Bank, or other bank. The entire process is digital and completed within the Amazon app. The company says that fixed-income products are quite popular in India, and this service has been launched keeping in mind the financial goals of 2026.
Banks and NBFCs are offering this option
According to Amazon Pay, the banks offering FD investments include Shivalik Small Finance Bank, Suryoday Small Finance Bank, Slice Small Finance Bank, Utkarsh Small Finance Bank, and South Indian Bank. NBFC partners include Shriram Finance and Bajaj Finance. These institutions offer FD options with varying tenures and interest rates, allowing investors to choose according to their needs.
Interest Rate, Security, and DICGC Cover
Investors can earn up to 8 percent per annum interest on Amazon Pay FDs. Shriram Finance also offers an additional 0.5 percent interest to women. The company has also clarified that deposits made with partner banks are insured up to ₹5 lakh under DICGC. This insurance is provided by the Deposit Insurance and Credit Guarantee Corporation, a subsidiary of the RBI. This provides additional security to investors.
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How to invest in FD through the Amazon Pay app
The process of investing in an FD through the Amazon Pay app has been kept quite simple. The user has to open the Amazon app and go to the Amazon Pay section, where they will find the Fixed Deposit option. After accepting the terms and conditions, they have to choose their preferred bank or NBFC. After that, the process can be completed digitally by entering the FD tenure and investment amount.
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